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
I thought everybody had to pay.
There is a threshold. You only pay if you have a net worth of $2 million or more or earned around $200k or more per year in the last 5 years.
https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
Correct
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.
US accepts dual citizenship so I doubt he gave 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
who the hell is still filing taxes?