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this post was submitted on 08 Oct 2023
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The exit tax is pretty insane too.
Basically if you earn a certain amount or have a high enough net worth, you must pay a tax on all of your assets as if you were selling everything you owned. You are charged this amount even if you are not selling anything.
This is the only wealth tax in America as far as I understand it.
It's there for a reason tho...
If it wasn't, the wealthy would take their wealth and fuck off to somewhere it was worth more.
They're fine to do that, but the US is still going to want it's cut, you're still paying federal taxes every year because you're a US Citizen.
Rich people hate paying taxes. So they just renounced citizenship on the way out and took all their wealth with them.
But like you said, it's based on how much wealth you own so for normal people, it's not a big deal.
It's weird seeing people against it.
Edit:
Also, you have to be pretty wealthy to even have to pay it. The vast majority of Americans would pay $0 to renounce.
https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
Next day edit:
Edit:
I’ve lost count of how many rich overseas workers have made 5+ replies to my comments in less than 10 minutes screaching about how they shouldn’t pay taxes
And every single one claims to be right on the line for having to pay it… yet want it thrown out for billionaires as well…
Apparently I can’t turn off replies to comment like on reddit, so I’m just blocking every “temporary poor billionaire” who wants to spend energy online arguing billionaires should pay taxes because it would mean they do too
No one has time for the Scrouge McDuck defenders.
To be entirely fair, I think its insane that the US would charge income tax on citizens who live abroad in the first place.
Correct. It's only the US and Eritrea (the North Korea of Africa) who do this. It's insane.