I could have become a US citizen long back but I have avoided taking that citizenship for the simple reason that I don't want to expose myself to American Tax Terrorism.
I renounced my US citizenship
21–30 of 83 posts
Re: I renounced my US citizenship
#22https://en.m.wikipedia.org/wiki/Accidental_American
Yep, looks like that's true. Seems like US hospitals need lawyers and accountants on staff to explain the liabilities a new born will have later in life and you guys need to have a law that allows parents to officially reject citizenship on behalf of a new born.
Re: I renounced my US citizenship
#23This is one of those things that should be repealed. I've frankly gotten tired of the punishing of normal people by dumb privacy invading laws[1], or frankly, taxing them when they are not in the US. There are easier ways of going after people and companies (looking at you Monster Cable) that play fast an lose with our tax laws. I am all for only taxing income / revenue earned in the US. 1) we can get rid of all the…
Really FATCA is one of the most excellent laws that has been passed. Prior to this, you had expats who had milked the US and then they wanted to waltz off with their proceeds. Americans gain huge benefits from the taxes paid by prior generations. The entire US system is the envy of much of the world--and how did it get that way? Americans paying their taxes. Whether or not you have kids--you must pay property taxes t…
I am really tired of this pro-pangada. It is so far from truth but one google search away from factcheck.
Majority of the Federal government expenditure goes into Military/Social Security/Medicare. All of which can be substantially reduced. These three components cover more than 70% of total Federal spending.
Out of this Medicare can be seen as taxing current generation to pay for the older generation. Almost all debt can be seen as taxation on future generation.
Also, I totally don't understand "public schools" arguments. Public schools in USA are the worst government institutions ever. Not only I paid taxes for this rubbish but now I have to send my kids to private schools paying full fees because the local public school is not differential from a mental hospital.
Re: I renounced my US citizenship
#24Her biggest complaint is that she has to report her overseas bank accounts. If she had done some basic research, she would have realized that this isn't specific to people residing outside the US, but any US national even within the US has to report foreign bank accounts with balances >$10k. The rest of her post reads like whining about having to fill out forms.
This is part of the reason I moved all my funds from my Indian account to my father and mother's account just because I dont want to feel 10 other forms.
Re: I renounced my US citizenship
#25Congratulations.
I think some small country should negotiate a deal with all other nations and come up with a citizenship program that gives good value for their passport and then allow Americans (or any other highly taxed nationals) to settle there. For example Lala-Land does some background checks and issues passport to its citizens which can then be used to travel almost all the countries in the world. Lala-Land will give passports to anyone who applies if they pay enough money and show some evidence that they arent criminals etc.
Re: I renounced my US citizenship
#26Earlier quoted context omitted.
Really FATCA is one of the most excellent laws that has been passed. Prior to this, you had expats who had milked the US and then they wanted to waltz off with their proceeds. Americans gain huge benefits from the taxes paid by prior generations. The entire US system is the envy of much of the world--and how did it get that way? Americans paying their taxes. Whether or not you have kids--you must pay property taxes t…
I am really tired of this pro-pangada. It is so far from truth but one google search away from factcheck. Majority of the Federal government expenditure goes into Military/Social Security/Medicare. All of which can be substantially reduced. These three components cover more than 70% of total Federal spending. Out of this Medicare can be seen as taxing current generation to pay for the older generation. Almost all deb…
>Public schools in USA are the worst government institutions ever.
They're also funded by state and local governments, so they're not really relevant to discussions about federal taxes.
Re: I renounced my US citizenship
#27As someone living abroad, I agree there is a lot of bull shit now, involving banking.
I only have bank accounts in the US because of the complicated laws. That's not a big deal.
What REALLY pisses me off, is that banks in the US are declining service because you live abroad. For example, holding investment accounts back in the US. If they find out I'm living abroad they will promptly close my accounts. I can't have a retirement accounts because I live abroad!?
What do I do? Maintain a mailing address back in the US, in a state that collects no income tax. Use a VPN to login to retirement accounts. Insane.
Edit: I don't even mind paying taxes over 100k. Why? I can still go home whenever I want. I can go to one of the many embassies around the world and get a new passport. Ask for help, etc. I'll still get social security later. (Huge maybe)
http://thunfinancial.com/us-brokerage-accounts-american-expa... http://blogs.wsj.com/expat/2015/09/20/american-expats-scramb...
Re: I renounced my US citizenship
#28It sounds like she didn't pay US income tax, she just had to file a tax return, which seems reasonable.
The idea that the US government doesn't track US citizens bank accounts if they live in the US is laughable. Of course they do. Banks have to report all kinds of details of large transactions and balances. We don't have to fill out forms because the government can go directly to the banks to get the information.
The way voting works I think is entirely reasonable. How else should it work? Is she suggesting there be senators and representatives just for expats? I would honestly expect the states would not want expats voting in their local elections, so the expats have more rights than I would expect there. For the Presidential election, yeah our voting system is screwed up there, but it is screwed up for everyone.
So it sounds like she left to avoid paperwork that felt intrusive. Meh. Welcome to life.
Re: I renounced my US citizenship
#29Charging for renunciation is the most ridiculous part. You are paying for a process that: is expensive only since they want to investigate you as a presumed criminal or tax dodger (the movie Brazil comes to mind) is a result of their non-compliance with international norms is the result of the US declaring you have a status that was never requested As an expat I consider all US citizens to be indentured servants due…
I'm curious, what is stopping expats with foreign citizenship and an objection to the paperwork from just letting their US passports expire (or for the "accidental americans" not ever establishing one) and just not complying with all the annoying rules?
Re: I renounced my US citizenship
#30Earlier quoted context omitted.
Really FATCA is one of the most excellent laws that has been passed. Prior to this, you had expats who had milked the US and then they wanted to waltz off with their proceeds. Americans gain huge benefits from the taxes paid by prior generations. The entire US system is the envy of much of the world--and how did it get that way? Americans paying their taxes. Whether or not you have kids--you must pay property taxes t…
As someone who lives outside of the US: your political and economic system is at best illogical, and at worst incomprehensibly clueless. Your government spends billions of dollars on wildly unsuccessful defense projects while at the same time arguing the there's no way to deal with poverty, access to education, homelessness, etc. By cutting back on defence spending, the US could still remain the most powerful militar…
I'm sorry, I have to comment.
I don't think your characterization of the US is fair.
It is insulting and doesn't seem topical to the current post, which is about the paperwork burden of living abroad.
Suggesting slavery is "how it got that way" is uniquely tasteless. A lot of people gave their lives to abolish slavery. Many of us have relatives who were slaves or died fighting for its end.