Taxes and Citizenship Renounciaton
The Wall Street Journal has been running several articles during the past several weeks on citizens who renounce their U.S. Citizenship. According to the articles, the citizens are renouncing the citizenship because of the U.S. tax code. Facebook co-founder, Eduardo Saverin, is the latest to renounce his citizenship when he became a resident of Singapore. According to the article the highest Singapore tax rate is 20%.
Currently, the U.S. tax rates are 15, 25, and 35 percent. Members of Congress like Reed from Rhode Island are currently introducing bills to strengthen the laws against citizens who renounce their citizenship. In these bills are laws to toughen rules on re-entering the country once you have left. Some members of Congress want to ban you for life on re-entering the country,. Another idea is tax you when you leave the country and to take you heavily on the income you continue to earn from investments here in the country.
Do you agree with the proposed changes to the laws?
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