The BIG LIE About Exit Tax
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Top Comments (10)
The new American dream is to leave. It’s miserable here.
My son was born in the USA but left the country when he was 19, and he is now 44 and has no intention of returning, not even to visit. For the last 25 years, he has had to file a tax return, and every year, he owes nothing. Filing became so complicated that he had to hire an international accountancy firm and pay them around $2 K each year. Eventually, he applied to renounce his US citizenship, and that cost a couple of thousand $'s as well and took 4 years because of the backlog. After all that, the rules require him to keep filing for 2 years after he has given up on his US citizenship. The vast number of US citizens living abroad are like my son and didn't look leave to avoid taxes. Rich people will always get around it, and regular citizens pay the price. One more thing, many banks in Europe won't allow someone with a US passport to open an account because of the reporting rules they have to follow to the US government.
"land of the free"
I wish I could expatriate but as a working class American I need access to the US job market. I am grateful that I can work remotely and live in Mexico.
The new trend in the United States is to live in a car. People can’t afford the high rents, and are less likely to buy a house. But many cities prohibit living in cars, even if you’re out of the way in a non residential section of the city.
alot of ountries are worried about losing their tax slaves
Incredible you have to pay the USA to leave. Their crazy.
The foreign tax credits are for amateurs. If all your assets are in a foundation or trust, you take out zero interest loans from your trust. Loans aren't taxable unless forgiven.
Hey Andrew, you've provided lots of valuable tax information your viewers may be able to use!😅😊
Informative as always
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Top Comments (10)
The new American dream is to leave. It’s miserable here.
My son was born in the USA but left the country when he was 19, and he is now 44 and has no intention of returning, not even to visit. For the last 25 years, he has had to file a tax return, and every year, he owes nothing. Filing became so complicated that he had to hire an international accountancy firm and pay them around $2 K each year. Eventually, he applied to renounce his US citizenship, and that cost a couple of thousand $'s as well and took 4 years because of the backlog. After all that, the rules require him to keep filing for 2 years after he has given up on his US citizenship. The vast number of US citizens living abroad are like my son and didn't look leave to avoid taxes. Rich people will always get around it, and regular citizens pay the price. One more thing, many banks in Europe won't allow someone with a US passport to open an account because of the reporting rules they have to follow to the US government.
"land of the free"
I wish I could expatriate but as a working class American I need access to the US job market. I am grateful that I can work remotely and live in Mexico.
The new trend in the United States is to live in a car. People can’t afford the high rents, and are less likely to buy a house. But many cities prohibit living in cars, even if you’re out of the way in a non residential section of the city.
alot of ountries are worried about losing their tax slaves
Incredible you have to pay the USA to leave. Their crazy.
The foreign tax credits are for amateurs. If all your assets are in a foundation or trust, you take out zero interest loans from your trust. Loans aren't taxable unless forgiven.
Hey Andrew, you've provided lots of valuable tax information your viewers may be able to use!😅😊
Informative as always