The only way out of this is forfeiting your US citizenship, which is a mighty big step to take. Not counting cultural and patriotic issues, but only talking finance, an exit also requires that you pay up on any unrealized capital gains as you exit.
It pains me to say this, but the country I grew up in, the land of the free, now has one of the most greedy and grasping tax systems of the civilized world. I've heard that overseas bankers in many countries don't even want your account if you are a US citizen.
I think Eritrea is the only other third-world, socialist sh!t-hole that taxes citizens on their worldwide income.
Not if you get your assets out of the country *before* renouncing your citizenship.Of course such a plan might mean that you'd risk arrest if you ever tried to enter the country again.
They aren’t going to leave, as the British millionaires probably mostly didn’t leave either. All they have to do is fix it so they don’t recognize personal income. Many business owners have the option of declaring dividends or setting the salary they pay themselves out of the business, etc. They will just not declare dividends, pay themselves less, and so forth. There are many other ways.
The higher marginal tax rates go, the more attractive tax shelters are.