Income tax is not really what’s relevant to the rich. It’s pretty easy for them to basically have no taxable income at all. (E.g. that thing Musk did some years ago where he polled Twitter on if he should sell some stock to actually have to pay taxes for once.)
Also, as far as I know, the USA tax your worldwide income even if you live abroad, and there’s an exit tax on your net worth if you renounce citizenship. This is the reason most US billionaires don’t live in e.g. Switzerland.
True. I thought this is what was proposed for some reason. Well, a lot of taxes can still be avoided by leaving the country. I should say, I am in favour of property taxes to reduce real estate speculation, however, other forms of taxation also have problems associated with them that have to be considered.
“If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. You are subject to tax on worldwide income from all sources and must report all taxable income and pay taxes according to the Internal Revenue Code.”
I wouldn’t be so sure. He seems to have(always had, actually) a lot of protectionist sentiments. I think he might feel quite strongly about preventing capital flight.
How so? Income taxes are only paid in the country of residence.
Income tax is not really what’s relevant to the rich. It’s pretty easy for them to basically have no taxable income at all. (E.g. that thing Musk did some years ago where he polled Twitter on if he should sell some stock to actually have to pay taxes for once.)
Also, as far as I know, the USA tax your worldwide income even if you live abroad, and there’s an exit tax on your net worth if you renounce citizenship. This is the reason most US billionaires don’t live in e.g. Switzerland.
True. I thought this is what was proposed for some reason. Well, a lot of taxes can still be avoided by leaving the country. I should say, I am in favour of property taxes to reduce real estate speculation, however, other forms of taxation also have problems associated with them that have to be considered.
Yes, US taxes are insane in that regard. I am not american, but I have heard of that. The american tax system is quite notorious.
I actually think that’s one good decision they made to prevent tax evasion.
I’m sure Trump will eventually get rid of that though.
But they also tax poor people after they leave, as far as I know, which sucks.
Not according to this.
I believe they have to pay other taxes.
“If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. You are subject to tax on worldwide income from all sources and must report all taxable income and pay taxes according to the Internal Revenue Code.”
From the IRS: https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad
Maybe my reading comprehension skills are lacking, but it seems to me I am not wrong.
But that’s the same tax they’d pay at home. There apparently are various tax credits for expats to avoid double taxation too.
Well you should have to pay taxes to the country you do not live in in addition to the one you do. In principle.
I wouldn’t be so sure. He seems to have(always had, actually) a lot of protectionist sentiments. I think he might feel quite strongly about preventing capital flight.
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This is not “completely false”, this is “almost entirely correct”.
I am aware of that fact, but this is just a single country. Also you can renounce your citizenship.
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Well no shit, but you can buy citizenship. It is not difficult.
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We are talking about rich people leaving the country by the way.