@GOPIsrael This article IMO “beats around the bush” and does not call it WRONG:
U.S. Double Taxation with zero U.S. resident services in exchange.
Plus with excessive double compliance and threat of potentially bankrupting penalties
Even if one has $0 in the U.S.
The recent reduction of the renunciation fee to $450 makes renunciation a no-brainer for people with few current ties to the country. Word has it that there are now long waiting lists at U.S. consulates around the world for people who want to hand in their U.S. passports.
One of the biggest tragedies of the current American #tax system is that it makes more sense for many people to renounce their U.S citizenship than to stay U.S. citizens. #USABroad#expats#AmericansAbroad#enddoubletaxation
@TaxFairUSAbroad The procedures I am being forced to navigate were not designed for people like me. They were designed to catch billionaires hiding money — not to pursue a Dutch woman who has never earned a dollar, never received an American service!
@SecRubio@JDVance
https://t.co/x1OBepffiX
@deskandchair3@Amy_From_Sydney@repdinatitus You are right, the issue begins and ends with the US exceptionalism of taxing other nations taxpayers. CBT needs to end. Eritrea (an African dictatorship) is not good company to be keeping when it comes to taxation policy, and the results should not be a surprise.
**The only two countries with citizenship-based (passport-bound) worldwide taxation are the United States and Eritrea.**
- **USA**: Full income tax filing and potential tax on global income for citizens, regardless of where you live. Foreign Earned Income Exclusion, tax credits, and treaties help reduce double taxation, but reporting (FBAR, FATCA, etc.) is mandatory.
- **Eritrea**: Flat 2% diaspora tax on income of Eritreans living abroad.
Every other country taxes based on residency, not citizenship. The video in the main post nails the US part perfectly.
You should not support this bill. The issue of how unfair the US tax system is to its citizens who reside outside the US has been studied ENOUGH!
This bill could have been relevant 15 years ago when Washington was less aware, but it’s just a waste of time today.
Supporting this bill gives the illusion Congress is addressing the problem whilst, in fact, all it does is kick the can down the road.
There is only one solution: change to residency based taxation.
@ExpatriationLaw
@loathealllibs@TheJerzWay No, you cannot freely leave the US and live freely elsewhere, you are taxation property and global law has been passed to make sure you do not vanish. #FATCA You should learn more about this, it will rock your world to the core.
@RepLaHood@WaysandMeansGOP The bill delivers on some promises.
This promise has so far been ignored:
Donald J Trump supports:
ENDING double taxation on our citizens overseas
Not delivered!
RBT FATCA @RepOverseas@GOP
https://t.co/FEP9TSDcTP
@unusual_whales Let me guess: The @WSJ article DID NOT mention that if one is a U.S. citizen, that the U.S. federal tax considers them like a resident of the U.S. WHILE they are also tax resident in another country.
Double Taxation!
@SecRubio@SenateFinance
https://t.co/dxTinLTphb
An ALLE. Kennt ihr das Steuergesetz der USA. US-Bürger zahlen (bzw. deklarieren) in beiden Ländern. US-Bürger werden seit über 150 Jahren weltweit besteuert. Zudem wollen die CH-Banken keine US-Kunden mehr. PS: das war schon immer so, dass sich US Bürger ausbürgern um die Sanktionen zu umgehen.
Americans abroad need an end to punitive double taxation. Because of extraterritorial taxation, FATCA, FBAR, complex and expensive annual tax filings snd the constant fear of egregious penalties, thousands sadly renounce their citizenship every year just so that they can lead normal lives. No other country treats it’s own citizens abroad this badly.
It is important that all #Americansabroad support @AARO in their filing an amicus brief to argue that #FBAR penalties (in certain circumstances) violate the 8th Amendment which prohibits the imposition of excessive fines. See below👎
https://t.co/jqgoXnbAaZ
My daughter, the child of an American father, has spent her entire life idolizing the United States. Yet, after earning her Master’s in Data Science, to go along with her first-class degree in Genetics, she has finally discovered the cold horror of being a non-resident American. Now, she is preparing to renounce her citizenship and has abandoned her dream of living in the states.
To any American dreaming of retiring to an exotic location: pay attention. The United States treats its own citizens like criminals, turning our lives into a living hell through relentless oversight and punitive tax burdens. You simply cannot grasp the sheer weight of this cruelty until you are forced to endure it yourself.
We feel betrayed and despised by our own country. If you still believe America is the best nation in the world, try living abroad and see how quickly that illusion shatters.
It is not.