The US is one of only two countries in the world to tax the foreign earnings of its expats (the other is Eritrea). They’re so annoying about it on the finance side that many foreign banks refuse to give accounts to US expats. Renunciation is the only way to avoid that mess.
The US also takes a big exit tax on the wealth of anyone renouncing.
Yep. You’re fleeced until your last American breath and the IRS will freeze your passport if you dont hand over your money. It’s kidnap and ransom for not making extortion payments.
It used to be that you have to pay a big fat one-time fee to renounce, as kind of a substitute for all of your future tax payments.
I think they changed the rules on that recently, though.
Edit: since GP made the same point about the exit tax, if you purport to renounce without paying the fee, then you haven’t really renounced. You and your assets can be seized for tax evasion (assuming you stop filing tax returns) if they ever touch US jurisdiction again, or any country that has a tax treaty with US, or countries with extradition to US.
Well, it’s not just that the building is burning. It’s also that about a third of the building residents have joined an absolutely insane cult, and really enjoy the smell of gasoline, and so have left open containers of gasoline around their apartments.
Seriously: as the first guy said, what’s happening now is a symptom of a deeply embedded, long-running progression of societal metastacization that is impossible to ignore at this point.
Yeah I love in maga central. It’s the people who are the problem. I can almost always identify the magats just based on their shitty behavior. Not all people are like that around here but the magats make themselves obvious, and they’re unavoidable.
Renouncing? Won’t that make it harder for the others to vote in better leaders?
The US is one of only two countries in the world to tax the foreign earnings of its expats (the other is Eritrea). They’re so annoying about it on the finance side that many foreign banks refuse to give accounts to US expats. Renunciation is the only way to avoid that mess.
The US also takes a big exit tax on the wealth of anyone renouncing.
Yep. You’re fleeced until your last American breath and the IRS will freeze your passport if you dont hand over your money. It’s kidnap and ransom for not making extortion payments.
But the IRS is like “Sorry. Hands tied :(” going after all those Swiss bank accounts and offshore shells within shells where 0% goes to taxes.
What if I renounce after leaving and taking all my money with me first? How going tax me then?
It used to be that you have to pay a big fat one-time fee to renounce, as kind of a substitute for all of your future tax payments.
I think they changed the rules on that recently, though.
Edit: since GP made the same point about the exit tax, if you purport to renounce without paying the fee, then you haven’t really renounced. You and your assets can be seized for tax evasion (assuming you stop filing tax returns) if they ever touch US jurisdiction again, or any country that has a tax treaty with US, or countries with extradition to US.
Depends. The cost of moving out and renouncing is not cheap so the folks left would be a rather angry working class
“Look at those lousy traitors! They never really loved America anyway.”
That’s how MAGats will play it off.
Honestly, I’m not sure I’m going to correct them.
I can’t help but sympathize with people who think “fuck it, gonna focus on my own happiness.” Life is short.
I think that’s kind of what got us into this mess in the first place.
I don’t sympathize for this reason, but I do understand.
It is, but you can’t blame the scared people running out of the burning building for not saving the children still trapped inside.
Especially not when it’s so clear there are others trying to save them.
When you see yourself as a victim, you become one.
Well, it’s not just that the building is burning. It’s also that about a third of the building residents have joined an absolutely insane cult, and really enjoy the smell of gasoline, and so have left open containers of gasoline around their apartments.
Seriously: as the first guy said, what’s happening now is a symptom of a deeply embedded, long-running progression of societal metastacization that is impossible to ignore at this point.
Yeah I love in maga central. It’s the people who are the problem. I can almost always identify the magats just based on their shitty behavior. Not all people are like that around here but the magats make themselves obvious, and they’re unavoidable.