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Becoming an expat isn't voting with your feet. Your taxpayers dollars are still going to the US until you find a way to get citizenship elsewhere and pay the ex

Becoming an expat isn't voting with your feet. Your taxpayers dollars are still going to the US until you find a way to get citizenship elsewhere and pay the exit tax.

toomuchtodo 5y ago
> If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude your foreign earnings from income up to an amount that is adjusted annually for inflation ($105,900 for 2019, $107,600 for 2020, $108,700 for 2021, and $112,000 for 2022). In addition, you can exclude or deduct certain foreign housing amounts. [1] This allows you to continue to obtain benefit from your US citizenship while minimizing the federal income tax you pay while a tax resident elsewhere. If you're wildly wealthy with a seven figure income, sure, then you might need to speak with tax professionals and structure an exit from US tax requirements depending upon your goals. Otherwise, it's just like paying local property tax, and getting to deduct that against your federal taxes. [1] https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion https://www.irs.gov/individuals/international-taxpayers/fore...