The Tax Act creates additional incentives to shift income offshore for purposes of tax avoidance, and what is worse, it creates incentives to shift actual jobs.
Weak governance countries, such as China, are deemed to have limited rules in place to protect shareholders.
By doing so, he says he’ll be able to preserve the write-off for about $50,000 in property taxes he and his wife pay each year on both homes.
Under the tax scheme, clients shuttled millions of dollars offshore through a colourful cast of characters, including a Bahamas-based businessman later accused of stealing $20 million, and his former partner, who was shot outside his office.
It will take more than moving across an ocean to escape the long arm of the IRS. Americans who hold assets in foreign countries are required to report those accounts to the appropriate federal authorities — or else face penalties as high as $100,00