Thread: I'd want @GStephanopoulos to ask a question for 9M Americans living abroad. They are a walking liability. Banks close their accounts, spouses divorce them, employers don’t want them in key positions, and business partners part ways. Many renounce their citizenship.
All other countries impose taxes either when the source of the income is in that country, or when the recipient is. We tax citizens even when neither applies: even when living outside the US and being paid from outside the US. We raise hardly any revenue by doing this.
The rules and mechanism the US uses to enforce this are so complex and burdensome that banks would simply rather close our accounts. They create issues for employers that can limit our career advancement. And our spouses get roped in too, even if they’ve never set foot in the US.
Other countries' tax treaties ensure income is only ever taxed by one country. Ours do too, but only for foreigners living here. Not Americans living abroad. Even if they’re already paying taxes where they live, we still subject them to a tax code written without them in mind.
The law of the land only applies on the land. That’s why no other country levies taxes solely on the basis of citizenship. How would we like China imposing their law on Chinese people in the US, limiting their freedom and liberty here? Why are we doing this to our own citizens?
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