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I'm a dual citizen (US and Israel) currently residing in Israel. I'm not remotely wealthy. US tax laws are inconceivably, horribly bad for expats like me, even
by idan 13y ago
I'm a dual citizen (US and Israel) currently residing in Israel. I'm not remotely wealthy.
US tax laws are inconceivably, horribly bad for expats like me, even if you are just a working dude. The amount of paperwork and headache I undergo yearly just to stay within the law on taxes is ridiculous—that translates into direct costs to me, mainly for employing two accountants (one for each tax jurisdiction). They're constantly communicating about how best to structure things—not so I can save some money on the imaginary millions I don't have, but to simply not be a criminal.
It gets worse from year to year, as the US passes ever more complex tax laws. Some of them are a major financial burden (double taxation). Some of them are just expensive to comply with (accountant hours).
I'm not going to renounce my citizenship anytime soon, and I get that expats are probably a tiny group, but it's a major pain. Almost every other country on earth taxes based on location, not based on citizenship. Don't reside in Germany all year? Great—no taxes, and no state services for you.