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Sadly, my backup citizenship is Canadian, so I get to pay for F-35s no matter what I do. On that note, giving up your US citizenship does not in any way preven
by dghlsakjg 3y ago
Sadly, my backup citizenship is Canadian, so I get to pay for F-35s no matter what I do.
On that note, giving up your US citizenship does not in any way prevent you from being taxed by the American government. There is a hefty fee to apply for expatriation, and then there are exit taxes that may have to be paid.
- pests 3y agoThe hefty fee is only $2350, about two years of your F-35 payments. The exit tax is just your unpaid taxes and only applies to high net worth individuals (over $2 million) or other special circumstances. If you already paid taxes on income, you won't be double taxed. It's basically the pro-rated "final tax bill" because you are leaving in the middle of the tax year.