What a great idea. Let's have everyone who has a decent income or a business establish residency elsewhere and try to avoid taxes in the country that made their success possible. While we're at it, let's dump the entire tax burden on those who can't take advantage of such schemes. Oh, and when it comes time to collect social security ore other benefits, let's make sure we are first in line.
Sorry, either you are an American who is part of our country or you are not. If you want to live in another country, that's your right - just don't expect to come back or continue to suck off the place that made your move possible.
We pay taxes for the benefit of all, just not what you can get out of it. Moving to another country to avoid US taxes is absolute hypocrisy.
What about people who moved to another country for reasons unrelated to taxes? People who made their money and careers and lives outside the US and have no plans to move to the US in the future? Why should they be subject to US taxes at all?
You may say, hey, just give up your citizenship then. But:
samclem said:The Heroes Act of 2008 has a little bump in the road for wealthy Americans planning to renounce their US citizenship in order to save some money. Upon renouncing their citizenship, all their assets over $600K will be immediately subject to cap gains taxes as if they'd been sold:
Again, supposing those cap gains were all earned outside the US, why should the US claim a right of taxation on them? The US didn't contribute to making them possible.