This is completely false. US citizens must file taxes and are liable for income taxes no matter where they live.
Edit: I also know this because I recently filed my US taxes from my full-time residence in Germany.
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.
This is also false. You can’t just renounce your citizenship if you want to. To renounce US citizenship you must submit an application and appear in person for affirmation. They will not approve your application if you don’t have a second passport or citizenship somewhere else. They aren’t going to just make stateless people.
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.
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.
US taxes are insane in that regard.
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.
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.
