Mastodawn

Jennifer Taub Nov 13, 2022

Them: But if we actually tax billionaires fairly, they will leave America.

Me: And your point is?

stux⚡️Nov 13, 2022

@jentaub They won't! 😉

We had a similar issue here in the Netherlands where big corps got tax breaks in the fear they where gonna leave if we taxed them full (like me) but in a reply they all said they won't leave lol..

It''s an excuse, nothing more

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Jennifer Taub

@stux plus in the U.S. unlike other nations, our income tax obligation is linked to our citizenship. And denouncing U.S. citizenship requires payment of an exit fee based on worldwide assets.

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Michele

Nov 13, 2022

@jentaub @stux You don’t have to be a U.S. citizen to pay taxes. My former husband had a green card, was employed, and was required to pay federal taxes, Medicare and Social Security. In order to get anything back out of SS and Medicare, he had to become a citizen, which he did.

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ej 🇨🇦

Nov 13, 2022

@Michele @jentaub @stux This is true that US citizens aren't the only ones who have to pay income taxes to the IRS, but US citizens are taxed on worldwide income. We don't have to pay if we earn less than around $100,000/yr, but we need to file no matter where in the world we earn income.

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Jennifer Taub Nov 13, 2022

@Michele @stux

Yes. I know that you have to pay income tax if you were living in the United States even if you are not a citizen. What I’m saying is that unlike most other countries, were residency is the trigger, in the US you cannot escape paying income tax simply because you move abroad.

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David Lewis Nov 13, 2022

@jentaub @Michele @stux I was an expat for many years. Back in the 90s the first 70K wasn't taxed, but the rest was.

I suspect that limit is higher now.

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Jennifer Taub Nov 13, 2022

@capemaydave @Michele @stux

$122,000 now

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Matt Hias Nov 14, 2022

@capemaydave @jentaub @Michele @stux The real issue is not your regular income, but other sources of financial gains, that are exempt in the country of your residence, e.g. special accounts to save for retirement (like our Roth IRA). #expats don't have access to Roth IRAs and are taxed by the IRS on the foreign equivalent. Many more examples. The US is the only country that taxes based on citizenship instead of residency. This must change #RBT #CBT #FATCA #IRS #accidentalamericans

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David Lewis Nov 14, 2022

@samre @jentaub @Michele @stux Back when I was an #expat I was quite happy to not pay on the first $70k of my regular income.

Almost all of my clearing banks for financial accounts were in the US and I had no issues paying for the privilege of the US banking system.

Obviously you feel differently.

Good luck in your quest to change the US tax code as it relates to foreign accounts.

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Matt Hias Nov 14, 2022

@capemaydave @jentaub @Michele @stux
Thank you. I am glad it didn't affect you. It is getting quite unbearable for many long term expats, who see no way to lead a normal financial life other than renouncing US citizenship.

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