Quote:
Originally Posted by DukeSkywalker
denounce your citizenship. there are a kazzilion nice places to live. problem solved.
duke
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Did you mean "renounce" your citizenship?
In order to do that, you need to become a citizen of another country first. And, you must first pay the IRS 100% of what you owe, and hope that they dont decide to tax you on your future income earning potential as well. If you have a high income, you can be assessed for the next 10 years after you renounce your citizenship and still owe tax on it to the IRS.
Yes, they do that.