Wealthy people are renouncing American citizenship

Re:Wealthy people are renouncing American citizenship by azinman2 on Thursday August 05, 2021 @04:01PM (#28078861)

Then you’re refuting the basic premise of the article, which is that the ultra wealthy want to avoid taxes.

Why else would Eric Schmidt want to become a citizen of Cyprus, which then also allows him to live elsewhere in the EU? It’s certainly isn’t to end up laying more in taxes than he would in the US.

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Re:Wealthy people are renouncing American citizenship by ucha on Thursday August 05, 2021 @04:26PM (#28079260)

Being a citizen of Cyprus gives him visa free travel and work options in Europe. As he hasn't renounced US citizenship, he certainly isn't taking advantage of that for tax reasons. The article seems to imply otherwise, but that's basically what bad journalism is... strongly suggesting an incorrect interpretation of facts while still "telling the truth".

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Re:Wealthy people are renouncing American citizenship by jleyank on Thursday August 05, 2021 @04:27PM (#28079277)

There is a real problem with the US-expst taxes when moving to a lower-taxed state... The difference is owed to the US and it's now a positive number.

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