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Author: fleg9bo Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19220  
Subject: Re: Expatriates and taxes Date: 6/15/2008 2:38 PM
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Belize promptly sought U.S. permission to open a consulate in Sarasota with Dart as its consul. Foreign diplomats are exempt from U.S. taxes, so the move would have allowed Dart to avoid U.S. taxes while continuing to live here.

Well, that's pretty scummy and obviously a scam. But I don't have a problem with rich people (or any other people) leaving the country and changing citizenship to avoid future US taxes as long as they really do stay out of the country for all but a minimum number of days. After all, if they're rich, they already paid plenty while they were here. And if they continue to earn money inside the US, I believe that continues to be taxable.

I may be wrong on this because it's been a long time since I checked, but I think you're on the hook for 10 years of US taxes on your worldwide income after becoming a citizen of another country, even if you never set foot here again. Imagine moving from CA to WA or NV to avoid state income taxes and having to pay CA for the next ten years anyway. It ain't right.

--fleg
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