maplejack05.bsky.social
@maplejack05.bsky.social
Depends on the country, most live in higher taxed countries so don’t end up owing anything. But you still have to file, and it’s complicated and expensive merging two (often incompatible) tax systems, and the penalties are horrendous for mistakes, so most elect for expensive preparers. Is not cheap
November 15, 2024 at 5:23 PM
Also 120k is divide and conquer territory, keeps homelanders thinking we get a free ride on the first 120k, we don’t, we pay taxes where we live. When moving from U.K. to Germany the exclusion from the UK is infinite as I don’t live there anymore. Tax where income is generated, full stop
November 15, 2024 at 4:18 PM
If only he had a backbone, would have been great to raise the accidental American plight
November 15, 2024 at 4:13 PM
Depends how long you live abroad. The whole tax code applies, so CBT in your house, ETFs basically barred because of PFIC, GILTI on you mom and Pa business, and horrendous penalties for getting it wrong
November 15, 2024 at 4:12 PM
Not yet still waiting for that to happen
November 15, 2024 at 4:08 PM
Still the US is the only country that does this.How do all other countries manage? The stop billionaires is a myth, the US should not be able to tax income generated in a foreign country of a tax resident if they county. It’s essentially sovereign theft. If you live in the U.S. then that’s different
November 15, 2024 at 3:59 PM