Re: Backdoor protectionism
It does, but not on earnings that have already been taxed to the same level or greater than the US would. This is why, Bojo was on the hook for paying US taxes when he sold his house a few years back. The UK doesn't charge capital gains on primary residence sales, while the US does, therefore it was untaxed as far as they were concerned. At the same time his income is already taxed in the UK so they don't go after that.