Look for Obama to make a big deal of this and to push for more wealth confiscation from exiting US Citizens (or to stop approving the renunciations alltogether)
Another hypocrit lib who clamors for higher taxes on us ordinary folk sweating and bleeding just to scrape 5 or 6 figures together.
Liberals are fricking satanic.
Heretofore I couldn’t imagine being more repulsed by this character.
Maybe he can live in the International Concourse hallways of Orly Airport in Paris
sounds like a good plan
if you don’t want that money to leave... don’t make it so attractive to leave
He’s half Brazilian, born there, raised in Miami, now he lives in Singapore. If I had his background and cash I’d probably wave bye bye to the US too.
The answer can usually be found by simply following the money.
“tax free now?”
None. The IRS charges an “Exit Tax” when you renounce citizenship. He’ll actually pay more in Exit Tax than he would have in long-term capital gains tax. They treat the stock as though he sold it and as ordinary income rather than long-term capital gains. He is simply looking forward and figuring he hasn’t lived in the US for years, so why continue to pay US taxes as a citizen rather than a foreign investor ?