4 ms·
If you are American the answer is no... Americans are taxed by way of citizenship. The only way out is to give up your citizenship and that's not easy. Other
by icu 9y ago
If you are American the answer is no... Americans are taxed by way of citizenship. The only way out is to give up your citizenship and that's not easy.
Other countries have different rules that apply to their citizens and also to residents.
Generally speaking I think it's far better too focus on making the money more than mitigating the tax.
So while I believe there is no moral obligation to pay more tax than legally required, you would have benefited from the tax of previous generations so why should you have a free ride?
- therealmarv 9y agoIf a US citizen lives somewhere else how is he supposed to pay taxes to the country he lives in? Only to the US usually? Double tax treaty? I bet many countries do not like that. Just asking out of curiosity.
- rcxdude 9y agoTaxes paid to another country are (generally) deducted from the tax to pay to the US. There is also a rather high total income exclusion. In practice most US citizens living and earning money overseas do not pay significant tax to the US, but they must still file the paperwork (most expats who renounce their citizenship do so because of the expense/time to do so, as well as the difficulty of banking as a US citizen overseas due to the restrictions the US effectively enforces on foreign banks who have US citizens as customers).
- URSpider94 9y agoSome countries have tax treaties. For those that don’t, you can deduct foreign tax paid from your US income taxes. In most cases, you won’t end up paying again in the US, if you already paid overseas, unless you have large amounts of income that are US-taxable and exempt in your country of residence.
- MadSudaca 9y ago> you would have benefited from the tax of previous generations so why should you have a free ride? Is there another choice?