3 ms·

Also immoral and wrong.

koolba 6y ago
I’d argue the global taxation at the Federal level is more justified. You’re paying for the right to flee back from anywhere on Earth and have the doors of the USA swing open for you.
- randyrand 6y ago
  you're paying for much more than just that, realistically. It's a lot of money.
- imgabe 6y ago
  Citizens of every other country in the world are also able to flee back to their home country without having to pay tax in a place they don't live.
  - Natsu 6y ago
    As I recall, the tax is set so that it only affects people getting a relatively hefty amount of income and there's a credit on taxes paid outside the country. But yeah, it's complex and it sucks and everything I know about it came from reading patio11's posts on it.
    - patio11 6y ago
      There's a Foreign Earned Income Exemption which will eliminate the tax payment requirement for most people on wage income, but you'll be taxed on investments/interest from the first dollar. People with income higher than the FEIE who pay taxes to a high-tax high-service jurisdiction (like Japan) will generally use the foreign tax credit to take care of most of their liability; folks who live in a low-personal-income jurisdiction like Hong Kong and are high-paid get smacked pretty hard. There exists a plethora of compliance problems which are worse than the actual taxation, for example the PFIC regulations which make it non-economic to do standard middle class investment abroad for e.g. a child's education. Advocates for Americans overseas are trying to get the PFIC and FATCA regulations overturned or get safe harbors expanded dramatically, but there exists a feeling in Washington that the only Americans who'd have bank accounts or mutual funds outside the US are "fat cats" (get it?) trying to abuse the tax system rather than pretty typical taxpayers with pretty typical life choices.
      - Natsu 6y ago
        Thanks for clarifying, I know you have a lot of first hand experience with this.
- clarkmoody 6y ago
  Why not just put a price on "we come rescue you" insurance from the US Gov? Certainly that's cheaper than 40% of your income?
  - koolba 6y ago
    A number of countries already offer that type of package: https://www.vanityfair.com/news/2020/07/how-carlos-ghosn-escaped-japan https://www.vanityfair.com/news/2020/07/how-carlos-ghosn-esc...

I’d argue the global taxation at the Federal level is more justified. You’re paying for the right to flee back from anywhere on Earth and have the doors of the USA swing open for you.

randyrand 6y ago
you're paying for much more than just that, realistically. It's a lot of money.
imgabe 6y ago
Citizens of every other country in the world are also able to flee back to their home country without having to pay tax in a place they don't live.
- Natsu 6y ago
  As I recall, the tax is set so that it only affects people getting a relatively hefty amount of income and there's a credit on taxes paid outside the country. But yeah, it's complex and it sucks and everything I know about it came from reading patio11's posts on it.
  - patio11 6y ago
    There's a Foreign Earned Income Exemption which will eliminate the tax payment requirement for most people on wage income, but you'll be taxed on investments/interest from the first dollar. People with income higher than the FEIE who pay taxes to a high-tax high-service jurisdiction (like Japan) will generally use the foreign tax credit to take care of most of their liability; folks who live in a low-personal-income jurisdiction like Hong Kong and are high-paid get smacked pretty hard. There exists a plethora of compliance problems which are worse than the actual taxation, for example the PFIC regulations which make it non-economic to do standard middle class investment abroad for e.g. a child's education. Advocates for Americans overseas are trying to get the PFIC and FATCA regulations overturned or get safe harbors expanded dramatically, but there exists a feeling in Washington that the only Americans who'd have bank accounts or mutual funds outside the US are "fat cats" (get it?) trying to abuse the tax system rather than pretty typical taxpayers with pretty typical life choices.
    - Natsu 6y ago
      Thanks for clarifying, I know you have a lot of first hand experience with this.
clarkmoody 6y ago
Why not just put a price on "we come rescue you" insurance from the US Gov? Certainly that's cheaper than 40% of your income?
- koolba 6y ago
  A number of countries already offer that type of package: https://www.vanityfair.com/news/2020/07/how-carlos-ghosn-escaped-japan https://www.vanityfair.com/news/2020/07/how-carlos-ghosn-esc...