top | item 24465533

(no title)

mark212 | 5 years ago

I’ve heard from Canadian friends that this exists for Canadian residents who want to move out of the country. At an almost confiscatory rate too.

But as I note in another comment, AB 2088 didn’t even get a vote in committee so it’s hardly a serious policy proposal at this point. The author is building straw men and knocking them down at a furious rate.

discuss

bonestamp2|5 years ago

> this exists for Canadian residents who want to move out of the country

Not that I'm aware of. We hired a big fancy consulting company to figure out the tax laws when we moved from Canada to the US. We found that it does exist for US Citizens though. If a US citizen leaves the US, they will (basically) never get a lower tax rate because they will always owe the difference back to the US government. This is to prevent people from pretending to move to tax haven countries while still basically living in the US.

mark212|5 years ago

My information is 15+ years old and maybe they changed it. or maybe it’s Canadian citizens and not just residents. And yes the US is only one of two countries in the world that taxes income earned abroad by its citizens. Can be incredibly burdensome in some situations.