I could be moved.
I
read an article this morning that one of the co-founders of facebook, Eduardo
Saverin, has renounced his U.S. citizenship presumably to lower his tax
obligations. It was interesting, and
even a bit painful, to read comments on this.
People calling him a traitor and for his wealth to be confiscated ex
post facto. While I wouldn’t have done
it myself if I were in his shoes, I can certainly understand and I don’t
begrudge him of his decision.
Unlike
most countries in the world, the United States taxes its citizens that live
abroad. Take for example, John T.
Citizen. If Mr. Citizen were to move to
the United Kingdom, he would pay the UK’s income tax plus the US’s income
tax. To give the American government some
credit, they do allow a certain amount of income to be credited (up to $90
something thousand) but that is chump change to people like Mr. Saverin. So if you’re a high end earner paying one
country say, 40% and then the US another 35%, I can see why you’d want to
consider renouncing citizenship and cutting of the IRS.
I
have thought though about meeting a Canadian or a Brit and maybe falling in
love with that guy. I would emigrate for
love. I’d prefer to stay but given the
absurd state of gay rights in this country I’d leave. I don’t think that makes me a traitor because
I can find happiness elsewhere. So what
if I did find that special guy, would I become a British or Canadian
citizen? I’m honestly torn but I would
lean to yes.
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