Re:Wealthy people are renouncing American citizenship
by mikelward on Thursday August 05, 2021 @10:23AM
(#28074126)
The people in the article aren't the only ones affected.
If I ever move back to Australia, I'll have to file US taxes and other reports such as FBAR for the rest of my life. If you get it wrong, they can and have seized up to 50% of your wealth. Not because it's owed, but just as a penalty.
And many Australian financial institutions won't let me open an account because of the reporting requirements.
This isn't just about the rich avoiding taxes. It's about the US overreaching and creating headaches for lots of people.
If I ever move back to Australia, I'll have to file US taxes and other reports such as FBAR for the rest of my life. If you get it wrong, they can and have seized up to 50% of your wealth. Not because it's owed, but just as a penalty.
And many Australian financial institutions won't let me open an account because of the reporting requirements.
This isn't just about the rich avoiding taxes. It's about the US overreaching and creating headaches for lots of people.