Comments by "dlukton" (@dlukton) on "How the Rich u0026 Powerful Hide Their Money" video.

  1. This video might have been accurate prior to the passage of FATCA; but FATCA provides for hefty financial penalties against any US citizen who fails to report the ownership of a foreign corporation or bank account. In addition, the US government can use the "SWIFT" payments system to punish banks that refuse to provide information. And the European governments have implemented the CRS (common reporting standard). In addition, the 2017 tax act prohibits US citizens... those who own a foreign corporation.... from retaining corporate earnings as a way of escaping taxation. So tax avoidance... at least for US citizens.... is far more difficult than what is implied by this video. While noting that the FEIE may be an option for a few people, high-income American citizens have few options for tax avoidance.
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