Earlier quoted context omitted.
So?
So "so?" is my reaction to wailing about their being taxed.
They're not wailing, they're leaving for better service elsewhere.
Wealthy people are renouncing American citizenship
591–600 of 876 posts
Re: Wealthy people are renouncing American citizenship
#592So long and thanks for all the fish.
Re: Wealthy people are renouncing American citizenship
#593Earlier quoted context omitted.
I agree that you are ethically in the right, but it is still legally "tax evasion", and therefore probably not the best advice to be given to others. I say this as someone who has personal experience with the "accidental American" status. Depending on where you are, the IRS may discover your "American" status, and the penalties could be worse. For example, Canadian banks share information with the IRS under FATCA. ht…
If North Korea passes a law tomorrow saying that every person on the planet owes it $1000 in taxes, if you ignore it are you committing a crime?
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Re: Wealthy people are renouncing American citizenship
#594Re: Wealthy people are renouncing American citizenship
#595Goodbye! Don't let the door hit you in the ass. You pay no taxes and drain our economy. BYE
Re: Wealthy people are renouncing American citizenship
#596Earlier quoted context omitted.
> ...it would seem that the IRS is trying very hard make this process unappealing IANAL, but I believe that all the unpleasantries which you note were decided by the U.S. Congress. (Most probably with the President's sign-off.) Making the IRS out to be the Real Villain(tm) here only helps a bunch of self-serving politicians to evade responsibility.
And what's wrong with this? Personally I'm very happy to see it. The idea that you make tons and tons of money by what America has worked hard to offer you and then you want to skip town because of taxes? Taxes that help pay for all the advantages that got you that wealth in the first place? Good for Congress for trying to prevent this.
Ehhh not sure about that. America doesn't have high taxes compared to many other places to live. This isn't as clear cut as I think you think it is.
Re: Wealthy people are renouncing American citizenship
#597It's so irritating to be an American that has moved overseas. Basically the only country in the world that charges taxes on money you make and spend somewhere else, just because of where you were born. Thanks to IRS regulations, 90% of investment firms will just reject me outright rather than deal with the paperwork. Getting someone to help file my inordinately complex taxes costs thousands of dollars more than I act…
"Basically the only country in the world that charges taxes on money you make and spend somewhere else, just because of where you were born."
It is not about where you are born, it is about where you have citizenship (and possibly also residency).
As long as you maintain your US citizenship you are morally obligated to contribute to the well being of the country, the biggest and easiest to understand of course is national defense.
Likewise, if you own a property in another state that you only use a portion of the year you are not off the hook for paying taxes that contribute to, for example, road maintenance and local schools.
Where I do have sympathy is that they make it extremely difficult for expats to file as well as maintain investment accounts.
Re: Wealthy people are renouncing American citizenship
#598All-in-all, the United States is a great place. But it's an awful look for a country to make it hard to leave. I think shutting the borders to people coming in is bad, but shutting them to people going out is so much worse.
Re: Wealthy people are renouncing American citizenship
#599Earlier quoted context omitted.
Well there are a handful right here on this comment section. I'm a Brit and have known maybe half a dozen US citizens reasonably well here in London over the years, at least two of which renounced US citizenship for tax reasons while I knew them. It's definitely a thing.
According to another post you do not owe tax on income below $108k so that’s probably not going to affect most filers, though I’m sure an anomalously high number of HN users are earning six-figure salaries.
I’m self employed, and had a green card, I paid the accountant 700€ to file the US tax form and paid a couple thousands dollars in taxes because I hit the minimum tax rate.
Re: Wealthy people are renouncing American citizenship
#600Interesting facts about renouncing American citizenship: - There is renunciation fee that has to be paid and currently stands at $2,350 (the highest in the world).[1] - A final tax return will sill need to be filed. [1] - An Expatriation tax is payable if [..] Your net worth is $2 million or more on the date of your expatriation. you will be treated as having disposed of your assets the day before your expatriation a…
It's even more expensive than that since they don't refund you the money you paid into Social Security when you renounce.
lol, as Gen Z I've more-or-less accepted that my Social Security is just setting my money on fire and dancing in a circle.