Why would anyone with that much money want to come here permanently, and get the IRS all up in their business? The US is the only large country that taxes its citizens on their worldwide income (edit: regardless of residency status)
Yes, I know Republicans are always interested in reducing taxes on the rich, but right now these hypothetical rich people who want to come here have zero tax liability. All that $5m does is subject them to intrusive questions about where they are making their money every year when they file taxes.
Why would anyone with that much money want to come here permanently, and get the IRS all up in their business? The US is the only large country that taxes its citizens on their worldwide income (edit: regardless of residency status)
Yes, I know Republicans are always interested in reducing taxes on the rich, but right now these hypothetical rich people who want to come here have zero tax liability. All that $5m does is subject them to intrusive questions about where they are making their money every year when they file taxes.
That’s untrue. As a Canadian, I know we do, and I believe we’re far from alone. I don’t know why people keep perpetuating this myth.
Good news for rich people, this article says they won’t be taxed like a citizen
Their source is CNBC