T.S. Eliot – Famous Former U.S. Citizens (Tax Rates Then & Now)

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Thomas Stearns Eliot, who was better known as “T.S. Eliot” left the U.S. in the 1920s.  He was recognized as one of the great writers of the early and middle 1900s. He published poetry, wrote plays and literature and was a social critic of his time.TS Eliot

T.S. Eliot received the Nobel Price for Literature.

He follows the lines of many other famous former U.S. citizens, in that he was not born on either the East Coast or West Coast of the U.S. He was born and raised in St. Louis, Missouri. Josephine Baker was also born in St. Louis, Missouri and Tina Turner in Tennessee, both famous individuals who shed their U.S. citizenship.

He either relinquished or renounced his U.S. citizenship as he became a naturalized British citizen in 1927.  At the time, there were no adverse U.S. tax consequences for shedding U.S. citizenship.  The first “expatriation tax” law was not adopted until 1966 as part of the  The Foreign Investors Tax Act of 1966 (“FITA”) – The Origin of U.S. Tax Expatriation Law (Posted on April 6, 2014)

The highest U.S. federal income tax rate in 1927 was 25%. See, Personal Exemptions and Individual Income Tax Rates, 1913-2002. There was no Social Security tax at that time, as the Social Security programs were enacted in the Social Security Act of 1935.

Today’s highest marginal income tax rate is 39.6%, and the combined employer/employee portion of federal social security and medicare tax is 15.3%.

 

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