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/v/USNews - For U.S.-central news
/v/WorldNews2 - Our less-moderated anything-goes subverse
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[–] 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.
[–] HoneyNutStallmans [S] ago (edited ago)
Generally the idea should be that:
1) you have the ability to change your citizenship at any time, provided that you obtain a new citizenship and are >18 years old and
2) you have no obligations to your citizenship if you are not living in that country of citizenship
Basically, the US should just end citizenship taxation as well as keep relinquishment free.
Except for the fact that you have to file FATCA, FBAR, an most likely hire an accountant to handle your taxes. So you have to spend quite a bit of time/money to sort out something that is totally retarded and unnecessary. They're essentially taxing you, whether or not you reach the $100K threshold and don't get enough foreign tax creidts, just by forcing you to file those things. It's basically a "remember-who-owns-your-ass" tax.
I think you missed the point. They can't always legally comply with the USG's demands in some cases. In other cases, the burden is ridiculous with US citizen clients so, since US citizens aren't a major part of their clients, they just outright forbid any US citizens from holding accounts.
Why the hell can't US citizens just live when they're abroad?
Their shouldn't be any discrimination against you because you were a citizen at some point in time. You should be treated just like any other foreign national.