Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: maceng2 who wrote (21513)	9/25/2000 7:28:18 PM
From: Mama Bear	Read Replies (3) of 436258

"So, if I want to, I can go someplace with NO TAXES.. I pay no taxes while you still have to pay up to Uncle Sam " You are correct, US Citizens are taxed based on citizenship, not on residency. The only way to avoid it is to swear off your citizenship. Of course if you swear off your citizenship in order to avoid taxes you will be required to pay taxes on US based income for the next 10 years regardless, and the IRS assumes that you're swearing off to avoid taxes if you have more than 500k in assets or 100k per year in income. Of course you can go overseas and just not report, but that would be a felony. Make sure the country doesn't have a tax treaty with the US if you decide you want to try. Relevant articles: thestreet.com thestreet.com Regards, Barb

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