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Thought I would share this insightful comment about US @citizenshiptax The key point is that the US extra-territorial tax regime applies most punitively to those who have the weakest ties to the USA.
Yet another moronic post reinforcing the deeply damaging and false stereotype of rich people abroad, this time on a yacht. Bloody fools. #FATCA #CBT
What I find interesting is that the entire thing is based on the narrative around billionaires living abroad to evade US taxes. I looked into this. There are around 800 US billionaires. None live abroad. If there are some, you could likely count them on one hand and name them.
The bottom line is there is no financial security as a tax compliant US citizen abroad, and while risk is extremely limited for now, no certainty for the non compliant either. The only certainty come from not being a US citizen. taxpayeradvocate.irs.gov/wp-content/upl… #FATCA
Interesting commentary from @MikeBre14267200 - the 2017 event to which he refers is the @USTransitionTax
Are #americansabroad all #FATCA ts? Some think they are + should be punished for it. Our response "FATCA Is Not the Answer:" seatnow.org/2024/04/01/fat…… #taxtwitter #citizenshiptax #HumanRights @ExpatriationLaw @FixTheTaxTreaty @TAPInternation
"The United States is the only country in the world where you will get [double] taxed [as a U.S. resident] even if you leave the country and live [as a tax resident] somewhere else." *The U.S. should shift to only Residence Based Taxation #RBT #FATCA #AmericansAbroad
In Moore @USTransitionTax case, the Solicitor General at page 73 confirms that the USA can "tax people just for existing". Why not simply enact a "poll tax" in addition to an income tax? supremecourt.gov/oral_arguments…
If you thought renunciation of U.S. citizenship was a thorny topic, just wait until you hear about denunciation of U.S. citizenship.👇
.@SenGillibrand thinks Americans "Denounce" US citizenship in order to "escape taxes". As JFK once said the great enemy of the truth is NOT the lie but the "myth". #FATCA is #Americansabroad don't "Renounce" bc they want to, but bc they feel they have to! gillibrand.senate.gov/news/press/rel…
I’ve seen people in tears entering the Consulate to renounce. They knew their birthright had been stolen from them. They felt helpless/betrayed by USA. They realized they were the victims of a scam when taught the US was a kind/just nation. They had filed tax. But they renounced!
Renunciation can be understood only by #Americansabroad who have lived under the fear and oppression of US citizenship. It cannot be understood by noncitizen tax advisers, lawyers and financial planners who feast on this injustice. It’s now 2024. “All Roads Lead To Renunciation”.
Unless major change happens renunciation remains the only option if your life is not in the US. The years of stress, anxiety and fear take their toll - not because you're trying to evade the law but because you're trying to obey the laws meant only for those in your group
Have you been under the impression that, as bad as the US #tax rules are for #americansabroad, that they are constitutional? Would you love to know why you're wrong - that is, why the rules are #UNconstitutional? If so, this article is for you rb.gy/lntp71 #TaxTwitter
.@laurenboebert: The U.S. almost never helps its overseas citizens. In the Yemen war, Americans were rescued by Britain and France, not the USA But the U.S. still makes them file double taxes though! And forces their local bank to send annual reports to the IRS. #FATCA
Right of return to the U.S. can better be captured as a passport tax, instead of U.S. citizenship based taxation. The double taxation varies widely depending on country involved. No U.S. resident services are provided to justify the double taxation. x.com/TAPInternation…
Excerpt *2023* edition of book assigned for law school course on internat'l tax. This is what law students TODAY are still being taught, inspite of all our efforts. It's just one small example of the overwhelming #ignorance + #prejudice we are up against. #taxtwitter #humanrights
The right to return is a human right under the UDOHR, anybody can take part in business and finance in the US regardless of citizenship. My nation also seeks to protect its citizens worldwide. More importantly, any real protection of US citizens in the UK is provided by the UK.
Excerpt *2023* edition of book assigned for law school course on internat'l tax. This is what law students TODAY are still being taught, inspite of all our efforts. It's just one small example of the overwhelming #ignorance + #prejudice we are up against. #taxtwitter #humanrights
The ignorance of so-called "tax experts" has not yet ceased to shock. This self-described "tax expert" examined tax policies targeting people based on race, ethnicity, or ancestry but did not think to study the US-nationality based tax system. #taxtwitter forbes.com/sites/taxnotes…
Hi everybody, 📣🤩 Time to help us choose the logo ! 🙏 I hope many of you will give your opinion because, after all, this new organization to fight Citizenship-Based Taxation is created for you! The survey takes less than one minute so don't wait any longer! ⏳ =>…
Discussion with somebody about possibly renouncing US citizenship identified 3 costs of maintaining US citizenship: 1. Out of pocket compliance costs 2. Misdirected energy (always having to think about being a USC) 3. Opportunity cost caused by inability to invest for retirement.
Sorry, had to laugh. COULD be accused of hypocrisy? A nation taxing an estimated 9 million of other nations residents, citizens and tax payers complaining about tax base erosion? They fought a war over this, they founded the nation on fighting this! The hypocrisy is EPIC! #FATCA
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Who to follow
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SEATNow.org - Stop Extraterritorial American Tax
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Mike Breen
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American Iron Curtain
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@Amy_From_Sydney -
Katrina Riggs
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Blue Ocean
@BlueOce75953561 -
Abroad
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