Tomorrow morning a bright young 42-year-old and her husband and child, leave on an all-expenses-paid business trip to Dubai to discuss working with people who want her there. She is an excellent maker of wedding cakes and is in high demand. She is being offered very good money to leave for Dubai, where things are tax free.
More and more young entrepreneurs will LEAVE the USA and not pay taxes, retaining the right to return when they are older or if things go bad overseas. In the meantime the ridiculous taxes paid here, will not be paid by them.
But the US taxes foreign income. How could you avoid paying US taxes, if you retain your US citizenship? If you don't retain US citizenship, how do you maintain a right to return?
I believe Americans are supposed to file tax returns on foreign earnings, even when living abroad. Failure to do so might make returning in the future a dicey proposition.
And this is what will happen when some other country implements Boortz’ fairtax before America does.
Businesses and talented individuals will drain out of America.
Conversely, if we implement it first, talent and business will be beating down the doors to come here.
U.S. citizens owe federal taxes on income earned anywhere in the world.
Tomorrow morning a bright young 42-year-old and her husband and child, leave on an all-expenses-paid business trip to Dubai to discuss working with people who want her there. She is an excellent maker of wedding cakes and is in high demand. She is being offered very good money to leave for Dubai, where things are tax free.
More and more young entrepreneurs will LEAVE the USA and not pay taxes, retaining the right to return when they are older or if things go bad overseas. In the meantime the ridiculous taxes paid here, will not be paid by them.
You are badly misinformed. American citizens owe taxes on all income, no matter the source or their place of residence. You can not report your income, but I would not count on a happy welcome when you try to use your "right of return" in the future. Expect IRS agents to sieze you at the aiport and jail you for tax fraud.