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No matter how long a US citizen has lived overseas, and no matter how little in contact with the US they are, their global income is subject to US tax laws.
The US is the only country in the world that does this to their citizens.
If someone is a dual citizen and is only living and working in their new country, should the US really get to take their pimp cut out of their foreign income?
I guess every country sets its own laws, and unfortunately the US wants to know about your earnings wherever you are, although you do get to exclude foreign earnings where the US has an agreement with that particular country. There is a line on your tax return where you can enter earnings in your foreign country.
yea and wealthy making billions overseas with foreign investments - tax them
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.
Many remain citizens because the US makes it difficult and expensive to renounce citizenship.
It's not difficult or expensive.
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