This subverse is for news from all around the world.
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Related Subverses:
/v/WarFollowing - Sub for all things relating to combat, terrorism, battle or war related news, stories, videos, etc. Also contains content related to dealing with war in daily life.
/v/USNews - For U.S.-central news
/v/WorldNews2 - Our less-moderated anything-goes subverse
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[–] DickHertz ago
The tax thing is at least consistent. If you have unrealized capital gains then it's the last chance for the government to collect taxes on them so you're just squaring up before you leave. Despite your assertion that it's the worse citizenship to have there is no shortage of people waiting to get in. Perhaps it is the worse citizenship to have if you are very wealthy and are sick of paying taxes?
[–] HoneyNutStallmans [S] ago
The US should just allow you to keep assets inside the country. It's very complex to think of something that works, but it's much more sane than bullying foreign instutions and Americans abroad. Clearly every other country in the world has figured it out, so the US should be able to, too.
Those people are at least making a concious choice about gaining US citizenship, though perhaps they may not fully understand the consequences. Persons born in the US or persons born to a US national father or mother did not choose to become US citizens and end up with "tax" burdens wherever in the world they choose to live.
To be fair, I believe that those born outside of the US to a US national have the choice to relinquish citizenship consequence-free before age 18 and a half. I have a feeling that many won't realize what they're getting into unless it's too late.
It is the worst citizenship to have if you wanted to live anywhere in the world, except of course in the country of citizenship itself.
It's not a matter of being "sick of paying taxes". There is a slowly growing income exclusion (it's almost up to $100,000/year) which is income that the IRS won't even look at. The tax burden by the foreign country for anything above income exclusion level can be further excluded as tax credits, so that, at the worst, your tax burden to the US is null because the foreign country taxed you more than the US would have.
[–] DickHertz ago (edited ago)
Not sure what the alternative is. If you are born in the US should you have to sign an affirmation of your citizenship or be kicked out by 19 if you don't? Maybe roll it in with selective service registration?
If the IRS excludes the first $100k and allows you to deduct the difference from what you pay elsewhere then what''s the issue anyway? How are Americans abroad being bullied by this? Foreign banks have aided people in dodging their tax burdens in the past so no tears for them I think.
To be honest you should probably be able to renounce your citizenship at any time without any penalty other than never being able to hold it again under any circumstances if you change your mind.