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Smart move. Countries are starting to understand you can't just use wealthy people as a cash cow. Overtax them and they will find another country who doesn't.
Marc Rich received a pardon from U.S. President Bill Clinton on January 20, 2001, Clinton's last day in office.[14][22] The pardon became controversial after reports surfaced that Denise Rich had made donations totalling more than one million dollars to the Democratic Party and the William J. Clinton Presidential Center and Park.[14][22] At a congressional hearing into whether the pardon was granted in exchange for her contributions, Rich invoked the Fifth Amendment to the United States Constitution, which denies the government power to compel self-incrimination.[14][22]
In what was widely speculated to be an attempt to avoid paying US taxes,[23][24] Rich renounced her U.S. citizenship in November 2011 and became an Austrian citizen.[25]
In April 2013, as part of the Offshore leaks tax evasion scandal, financial records were released that showed that Denise Rich in April 2006 had USD 144 million protected from scrutiny by the Cook Islands in the South Pacific in the form of a trust including a Learjet 60 and a 157-foot yacht called the "Lady Joy".[
Frankly, you can keep trying to nitpick, but the fact remains, removing all state & local taxes would be a bigger tax savings for almost every American than moving to another country. I'm waiting for Conservatives to lead the way.
Except this thread is discussing the ultra wealthy.
You can't take your personal wealth out of the USA without paying the exit tax I linked to earlier, if you're ultra wealthy. Or even if you're just entry level wealthy.
Last edited by Colorado^; 02-27-2018 at 12:54 PM..
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