5 ms·

US Citizenship is essentially an IRS trap. She'll be forced to pay taxes on her worldwide income for life, regardless of where she lives. I'd think twice. Sh

US Citizenship is essentially an IRS trap. She'll be forced to pay taxes on her worldwide income for life, regardless of where she lives. I'd think twice. She can have all the benefits with just a green card for next 7-8 yrs.

paxys 5y ago
Citizenship has nothing to do with it. You are still taxed on worldwide income if you are a permanent resident or in many cases even if you are here on a work visa.
- Trias11 5y ago
  But if she can find a great business or financial opportunity overseas or built successful online business - she can leave USA, return GC and escape the IRS tax racket. Not so fast if she's citizen. Think twice.
  - cromka 5y ago
    She could give up her citizenship then. Why make that decision now if she doesn’t have to?
    - Trias11 5y ago
      It's extremely hard, expensive and take very long time to give up US citizenship. Reason? Lots of people are doing so. Plus you'd have to pay immediate capital gains on EVERYTHING accumulated so far - AS IF you sold it. Rules are brutal, irreversible, little known and expensive. Think twice. US citizenship could be very expensive mistake, unless person earns very average salary or sits on a welfare.
      - pedrosorio 5y ago
        > It's extremely hard, expensive and take very long time to give up US citizenship. Reason? Lots of people are doing so. Is that so? "A record 6,705 Americans gave up their citizenship in 2020" [0] "In fiscal year 2019, about 800,000 immigrants applied for naturalization" [1] In a country where 800 thousand people apply for naturalization in a year, I would hardly call "the record" 6000 Americans giving up citizenship in a year (less than 1% of the ones acquiring it, and 0.002% of the population) "lots of people". Also, I would bet the bureaucracy, difficulty and time required to immigrate and naturalize in the first place, far exceed those required when giving up citizenship. [0] https://www.prnewswire.com/news-releases/americans-gave-up-citizenship-in-record-numbers-in-2020-up-triple-from-2019-reports-tax-specialists-americans-overseas-301222817.html https://www.prnewswire.com/news-releases/americans-gave-up-c... [0] https://www.pewresearch.org/fact-tank/2020/08/20/key-findings-about-u-s-immigrants/ https://www.pewresearch.org/fact-tank/2020/08/20/key-finding...

paxys 5y ago

Citizenship has nothing to do with it. You are still taxed on worldwide income if you are a permanent resident or in many cases even if you are here on a work visa.

Trias11 5y ago
But if she can find a great business or financial opportunity overseas or built successful online business - she can leave USA, return GC and escape the IRS tax racket. Not so fast if she's citizen. Think twice.
- cromka 5y ago
  She could give up her citizenship then. Why make that decision now if she doesn’t have to?
  - Trias11 5y ago
    It's extremely hard, expensive and take very long time to give up US citizenship. Reason? Lots of people are doing so. Plus you'd have to pay immediate capital gains on EVERYTHING accumulated so far - AS IF you sold it. Rules are brutal, irreversible, little known and expensive. Think twice. US citizenship could be very expensive mistake, unless person earns very average salary or sits on a welfare.
    - pedrosorio 5y ago
      > It's extremely hard, expensive and take very long time to give up US citizenship. Reason? Lots of people are doing so. Is that so? "A record 6,705 Americans gave up their citizenship in 2020" [0] "In fiscal year 2019, about 800,000 immigrants applied for naturalization" [1] In a country where 800 thousand people apply for naturalization in a year, I would hardly call "the record" 6000 Americans giving up citizenship in a year (less than 1% of the ones acquiring it, and 0.002% of the population) "lots of people". Also, I would bet the bureaucracy, difficulty and time required to immigrate and naturalize in the first place, far exceed those required when giving up citizenship. [0] https://www.prnewswire.com/news-releases/americans-gave-up-citizenship-in-record-numbers-in-2020-up-triple-from-2019-reports-tax-specialists-americans-overseas-301222817.html https://www.prnewswire.com/news-releases/americans-gave-up-c... [0] https://www.pewresearch.org/fact-tank/2020/08/20/key-findings-about-u-s-immigrants/ https://www.pewresearch.org/fact-tank/2020/08/20/key-finding...