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Plenty of other non wealthy Americans working overseas getting taxed unfairly.
If you check the demographics of those giving up their citizenship it's NOT the wealthy.
Many Americans retire to other countries because they cannot afford to live comfortably here in the US.
Your drive to "tax the wealthy" has the same affect on middle income and retired income.
The question was our citizens. I will be one of those will take my retirement and run! It does not matter what I do because I’ll never make 3 pesos to have a Taxable income. If getting taxed - you must have a nice sum at the end of every month. I have lived O/S. I know how it works
If I were to renounce my citizenship and told I had to pay an exit tax, I would flip my passport at them and say good luck collecting and I would walk out.
If I were to renounce my citizenship and told I had to pay an exit tax, I would flip my passport at them and say good luck collecting and I would walk out.
At 65. Yea. But the question is was about those still attached to mama USA
If the money earned is foreign money then no US taxes as long as the earner lives outside the US.
So you say mr rich buys and owns the towel factory in el salavador and sells it in the USA and all Latin America but gets all USA benefits and pays no taxes. Visits the USA as he dam well pleases, but, his main Address # 1001 volcano st. La vida loca, El Salvador ? Wow
So you say mr rich buys and owns the towel factory in el salavador and sells it in the USA and all Latin America but gets all USA benefits and pays no taxes. Visits the USA as he dam well pleases, but, his main Address # 1001 volcano st. La vida loca, El Salvador ? Wow
But then he becomes a business owner and that's a different tax system.
Business revenue from foreign countries aren't taxed until they are brought back to the US.
But then he becomes a business owner and that's a different tax system.
Business revenue from foreign countries aren't taxed until they are brought back to the US.
Individuals don't get that luxury.
I have only worked on a base o/s. But say I want to be front desk clerk at sunset hotel at the Panamanian beach - how would the USA ever know??
So you say mr rich buys and owns the towel factory in el salavador and sells it in the USA and all Latin America but gets all USA benefits and pays no taxes. Visits the USA as he dam well pleases, but, his main Address # 1001 volcano st. La vida loca, El Salvador ? Wow
He is being taxed in the country he lives. His goods are being taxed in the US.
FATCA...the law which mandates that all foreign banks that have American account holders have to report that money every year by June or get fined.
When this law got passed many banks/brokerages/etc. stopped doing business with American expats.
It was passed in 2010.
If I ever worked after retirement overseas. My ss or retirement can be in the international bank . Rest under a pillow. My dear plumber works the islands all the time, he has to report that money and think its right. I agree -too much money laundering and illegal dealings now. As I said, my three pesos never make the books.
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