|
|
| Re: More Americans renouncing citizenship because of greedy government (1236581) | |||
 |
|||
| Home > OTChat | |||
|
[ Read Responses | Post a New Response | Return to the Index ] |
|
||
|
Re: More Americans renouncing citizenship because of greedy government |
|
|
Posted by subfan on Sun Oct 26 13:02:40 2014, in response to Re: More Americans renouncing citizenship because of greedy government, posted by Charles G on Sun Oct 26 09:14:47 2014. As a finance professional who frequently deals with expatriate US citizens, I can confirm that there are a material number of individuals I've personally dealt with who are either in the process of giving up their US citizenship or are seriously considering doing so on account of FATCA.The one thing the article is not quite correct on is the way the US taxes income vs. how other countries do so. There are, in fact, a large number of countries that Tax worldwide income - the US is not unique in that respect. Where the US stands out is that it taxes worldwide income of both residents and citizens who are not resident, while just about all other countries do not tax non-resident citizens. The effect of the US approach is that there are frequent instances of true double taxation, where the individual has to pay tax on the same income to both the jurisdiction where he is resident and to the US - not to mention the hassle of filing US returns, even when no tax is due. The situation is even worse when the individual is self-employed, where there is very often no offset available for self-employment tax. So, while there are some that do abuse the system, much of what's been going on is a result of a uniquely American overreach into the pockets of US citizens living abroad. subfan |
|
|
|