Principle 4 - understanding what the #endingdoubletaxation of #Americansabroad means:
Let's summarize "some" of the costs of the US @citizenshiptax regime to BOTH @USCitizenaboad and the countries where they live.
First, Costs of US @CitizenshipTax to #Americansabroad
- #Americansabroad are in effect subject to a separate and more punitive tax regime than Homeland Americans. On this point see:
citizenshipsolutions.ca/2019/03/12/the…
Let's summarize "some" of the costs of the US @citizenshiptax regime to BOTH @USCitizenaboad and the countries where they live.
First, Costs of US @CitizenshipTax to #Americansabroad
- #Americansabroad are in effect subject to a separate and more punitive tax regime than Homeland Americans. On this point see:
citizenshipsolutions.ca/2019/03/12/the…
Second, the lost opportunity of not being able to participate in retirement and financial planning programs created by their country of actual residence:
citizenshipsolutions.ca/2017/08/04/the…
Third, the horrible fees to tax preparers to prepare (often incorrectly) US tax returns. It is obvious that compliance costs should be considered a separate tax on UScitizenship.
citizenshipsolutions.ca/2017/08/04/the…
Third, the horrible fees to tax preparers to prepare (often incorrectly) US tax returns. It is obvious that compliance costs should be considered a separate tax on UScitizenship.
Fourth, the inability to have access to normal banking, brokerage and investment accounts. US Treasury denies this is happening. But, I have people all over the world #renounceuscitizenship in order to free them from this US @citizenshiptax imposed disability.
Fifth, who in their right mind would engage in business opportunities with a U.S. citizen partner. Would you want to have your banking info reported to the IRS
Fifth, who in their right mind would engage in business opportunities with a U.S. citizen partner. Would you want to have your banking info reported to the IRS
Sixth, marriage and the @USCitizenAbroad. Although an attempt to make light of a tragic situation see recent @IRS_Medic video ...
My point is simple:
It is US @citizenshiptax that causes the @doubletaxation of #Americansabroad and all of the problems detailed in 1 - 6 above.
Only a complete severance of US citizenship from US @taxresidency can solve all these problems for all people, all the time and under all circumstances.
This solution is called "Residence-based taxation" and is the international standard!
It is US @citizenshiptax that causes the @doubletaxation of #Americansabroad and all of the problems detailed in 1 - 6 above.
Only a complete severance of US citizenship from US @taxresidency can solve all these problems for all people, all the time and under all circumstances.
This solution is called "Residence-based taxation" and is the international standard!
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