The Hollywood actor is a prominent donor to the Democratic Party in the United States. In recent years, that has regularly led to criticism from President Trump, who has called him a “second-rate movie star,” among other things. According to Clooney, it didn’t bother him much. “It’s not my job to keep the President of the United States happy.”
But he still keeps his US citizenship? Or did he give it up?
Probably not. Wealthy people like him have to pay an exit tax on their unrealized gains when they renounce their US citizenship
Wait, what? He has to pay the US government on potential taxable income he might have made and owed to the government if he were still a citizen? That doesn’t seem fair. Even if we weren’t talking about a movie star. I don’t want to pay the government when I divorce them for my new country.
I thought everybody had to pay.
Correct
US accepts dual citizenship so I doubt he gave it up.
A lot of German banks don’t want to deal with the hassle of a us dual citizen. Don’t know if it’s the same with french banks. But that could be another reason to give it up.
He could have saved a bit of taxes.
Depending on the intricacies of tax treaties you probably won’t pay much US tax after moving to a high taxation country. Relinquishing US citizenship when you are wealthy means paying the capital gains exit tax on your worldwide assets though so if you can afford good accountants, keeping both is probably easier
Yeah: you are correct. My french wife is also a US citizen and he works in hospitality (nor she or I are loaded). Her tax is high enough here that it annuls any taxes she should pay to the IRS.
Tax is not on the bingo card. What is on the bingo card is that France never never extradited it’s own citizens. And if you are sought after by another country’s justice system, no matter how heinous your supposed crimes (like being an influencial democrat supporter in the current US ), you will be 100% safe on french soil if you are french.
who the hell is still filing taxes?