Foreign Taxes

So you are fantastically rich and you hate paying your U.S. taxes, huh? Unlike most people, your job doesn’t require you to stay in America. There are tons of countries in the world that tax income at a lower rate, so why not just move there? It seems like the perfect solution, right? Wrong. The United States is the only county in the world that taxes its citizens on a global basis. Even if you pay foreign tax on your income, you are still going to have to pony up some dough for Uncle Sam. (There is a small deduction/credit for some of those foreign taxes, but because you are rich those amounts are essentially worthless.) Well, there is in fact one sure proof way to (legally) dodge your tax bill. The only catch? You have to renouncing your citizenship. If you do it, your passport will taken away and, in order to shame you, your name will announced in the Federal Register.
- Read more about it here: NYTimes