I missed this story when it originally ran, but actor Johnny Depp decided to move back to the USA to avoid the socialist government’s planned 75% income tax rate.
The US is no “tax haven” by any stretch of the imagination, but the more important point is that wealthy Hollywood types and business tycoons have the capacity to choose where they want to live. The rest of us don’t. The same goes for US States. Businesses and the wealthy will move to where they can keep more of their money and generate the best returns on their investments. Note the case of Maryland and Virginia, two states that have seen tax and regulatory policies diverge in recent years.
Yeah, this proves liberals are for lower taxes for themselves. They have no problem advocating ever-higher taxes on the rest of us.
The article states that if he lives in France long enough he will have to start paying income taxes there. He doesn’t want to give up US citizenship so he would be paying income taxes in both countries. Therein is the rub.
75% tax rate is just nuts!