Are More Wealthy People Giving Up The U.S. Passport To Avoid Taxes?
Could the wealthiest people in the U.S. really giving be giving up their citizenship to save money on taxes? Wealth Bulletin has a report that says that some wealthy Americans who live abroad are so determined to shed the yoke of American taxation that they are willing to surrender their U.S. passports. The U.S. tax laws require those living outside the U.S. to continue to pay taxes on worldwide income no matter where they live. Those who do choose to leave will be subject to something known as the exit tax. The exit tax affects both US citizens who expatriate and long-term US permanent residents who give up their green cards which they have held for eight of the last 15 years. Those who qualify for the exit tax have a net worth of over $2 million and an average net U.S. income tax liability of greater than $139,000 for the five year period prior to expatriation. Those who want to leave pay a one-time tax on gains over $600,000. Isla Offshore Advisor has more of the salient details inc
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