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| Yes, but which taxes? As usual, the devil is in the details.
Some categories of income are taxed only in the country where the income originates (via exemption or via tax credits), or at a lower rate (via tax deductions). So, your generalization does not hold.
As a simple example, cited in the Technical Explanation (pg 74), capital gains on US real estate earned by a Swiss resident (whether a US or a CH citizen) are exempt from Swiss taxation:
"Gain from real property situated in the United States...[is] exempt from Swiss taxation if U.S. taxation on such gains is demonstrated by the Swiss resident." | |
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Obviously tax rules are not identical in CH and US. Some items are taxable in both but there may be relief from cumulative taxation.
Other items are only taxable in one country. For example, CH has wealth taxes on global assets. I hear that US does not collect wealth taxes but requires declaration of offshore assets above a threshold.