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In reply to the discussion: If you know any American persons living in another country than America than please let them know [View all]NoOneMan
(4,795 posts)15. First off, it'd be fine with me if the US tax system wasn't broke in the first place
The real problem isn't about what the US can get from overseas income forever, but rather that its capital gains rate is shit and the 1% pay a pitiful effective tax rate on the money in the first place. Sure, if cashing out their assets and leaving actually incurred the proper amount of revenue for the infrastructure they relied on to generate it, then sure, yeah, Im fine with that. Of the money I took overseas (which wasn't much), I paid 30%+ on it when I earned it in the states. Those taxes didn't do dick except fund and unjust war so I'm glad to not pay em
You realize that would result in massive capital flight?
Huh? Rich people don't have to worry about this shit as of now. They have accountants and shelters this wont touch. Only really the middle class that leave are caught in this trap. So if there isn't capital flight now, there never would be.
It sounds like you don't care about the USA.
Honestly, I really don't care much at all beyond how it impacts me. Most of the pitiful political discourse these days is a joke. A world sideshow.
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If you know any American persons living in another country than America than please let them know [View all]
riverbendviewgal
Jul 2013
OP
Indeed. My sis in law and my nephews went to Ireland. They are now Irish citizens!
SugarShack
Jul 2013
#53
Exactly. People have no inkling how many people this impacts who have no US interests
NoOneMan
Jul 2013
#22
i'd like to see some support for the proposition that you can renounce your citizenship & still
HiPointDem
Jul 2013
#25
us has the banks where you have accounts report for 10 years after you renounce
riverbendviewgal
Jul 2013
#38
If they earn the income in this country, they pay the taxes to this country.
Common Sense Party
Jul 2013
#51
First off, it'd be fine with me if the US tax system wasn't broke in the first place
NoOneMan
Jul 2013
#15
There are many treaties that prevent double taxation of people who are citizens of one country but
pampango
Jul 2013
#20
I know people who are Americans living abroad and they only wind up paying US taxes on
Bluenorthwest
Jul 2013
#37
Here is a letter from Rand Paul and others that will interest you. to Geithner
riverbendviewgal
Jul 2013
#61
an established bona fide non-resident U.S. Citizen is exempt from about the first $94,000 - annually
Douglas Carpenter
Jul 2013
#46
The thing is that FATCA is a money maker...and taking from the easiest and those not the one percent
riverbendviewgal
Jul 2013
#57
There’s no way anyone can put enough lipstick on this pig to make it kissable.
riverbendviewgal
Jul 2013
#59