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The more right wing nut jobs that renounce their citizenship, the better.
It's mainly the wealthy that are renouncing and moving overseas, since there are better countries with lower taxes than the U.S. in today's world. Also, many of these folks can simply tele-work, so there's nothing tying them down to the U.S. anymore.
The wealthy pay for over 75% of all income tax revenue collected by the government, so everyone should be concerned with more wealthy fleeing the U.S. -- the wealthy are basically the main tax base in America.
When most of the wealthy have fled the U.S., the democrats will start raising taxes on the middle class. We'll be like high tax Europe, but without all the amenities and benefits.
Trend Of US Citizenship Renunciation To Rise “Dramatically” Would you renounce?
The United States gives the best bang for the buck of any country in terms of salaries for professionals, cost of housing, consumer goods and taxes. There are still plenty of great places to live in the United States.
As long as this remains the same, I don’t see myself or most people renouncing their citizenship. It is mostly just talk.
The United States still gives the best bang for the buck in terms of salaries for professionals, cost of housing, consumer goods and taxes.
As long as this remains the same, I don’t see myself or most people renouncing their citizenship. It is mostly just talk.
Thats the US being the world reserve currency. With the level of debt happening. I do not believe we will have the status in 10 years.
What would you do then ? The history of fiat shows they all collapse, especially if they are only backed up by faith in the government that cannot control its spending.
It's only because of ridiculous tax practices that mean people have to renounce - and they've made renouncing a considerable expense, almost a tax in itself. If you live abroad and are a US citizen you're still required to report your income to the IRS. Seems odd to me - someone who's a dual citizen and doesn't have to report my income to HMRC.
Huh. Imagine that. Other countries are picky about who they let in and only accept those who can take care of themselves without state $. Progressives in the US call that racist when an American says it.
As an immigrant, you have to apply to the USA as well.
Most Americans confuse the application for residency by someone claiming refugee status with the normal process that most of us have to go through.
The United States gives the best bang for the buck of any country in terms of salaries for professionals, cost of housing, consumer goods and taxes. There are still plenty of great places to live in the United States.
As long as this remains the same, I don’t see myself or most people renouncing their citizenship. It is mostly just talk.
As a Canadian who moved to the southeast 24 years -- mainly because of weather -- but also because YES.......the sheer size of the USA means that there are way more opportunities.
As dual citizens we have two countries to choose from for jobs, living, etc.
It really is a good thing -- especially for young people -- they have even more opportunities.
BUT if you leave the USA and do not plan to return, renouncing the citizenship is a good idea so the IRS doesn't come looking for their fair share.
There's also a long arranged yearly income exemption for U.S. citizens living abroad to legally not pay federal income taxes if under. It's periodically adjusted upward, and the last I heard it was about 105k USD per year.
There's also an asset exemption below which you don't owe the exit tax if your net assets are below the exemption. The last I heard, the exemption is $2 million USD. The exit tax = your net assets get marked as a long term capital gain, so you would pay whatever the long term capital gain rate is when you renounce, on whatever the assets are over $2 million. So, $10 million would equal a 1 x long term capital gain on $8 million.
That's part of what makes it maddening - you don't have to actually pay anything, but you still have to file. Sort of makes the exercise doubly pointless.
After this failed administration is finished destroying America
Worldviews based on extreme hyperbole like above are the bread and butter of impulsive people, but on the flip side those same people rarely follow through with anything like plans to renounce and move overseas.
Quote:
Originally Posted by Electric__avenue
That was maybe true 30 years ago, nowadays the US is in decline, which is clear based on Quality of Life and Best Countries to live studies showing several countries ahead of the US.
How does some list of best countries with USA #6 show it is in decline? Any list like that is based on opinions and subjective criteria, so any country ranked near the top could be considered the best to some people.
It has risen dramatically over the years. The increase started after FATCA was passed.
It's not in the millions by any means but it is a steady rise and they all have money
In 2009 (before FATCA) only 743 renounced
In the first 6 months of 2020 5300 renounced
Source: Office of the Federal Register
Slowly the money is leaving the US while 200K poor and unskilled enter per month.
What could possibly go wrong.
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