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"So most expatriates owe no money to the I.R.S. each year — and yet many of us have to pay thousands of dollars to accountants because the rules are so hard to
by codegeek 12y ago
"So most expatriates owe no money to the I.R.S. each year — and yet many of us have to pay thousands of dollars to accountants because the rules are so hard to follow."
This is where the problem is. The rules are just so damn hard and complex. I lived in HongKong for a couple of years outside US and expat tax is nothing short of nightmare even when you know you won't owe a penny to the IRS. The tax in HongKong is as simple as it gets and Yes US is a much bigger country and all that but I fail to understand why things are so complex. I love my accountant but sometimes I wonder would she exist if I can do my own taxes in a matter of a few clicks ?
Coming back to giving up US passports point, well good for the author but like someone else mentioned, the value of US citizen or even a Permanent Residency (green card) is really high even though you have to go through so much trouble just to file the damn taxes. Unless you are tremendously successful already with tons of money and not to worry about your financial future AND can choose to live anywhere, sure giving up the US passport will be much easier. Otherwise, it will take serious guts.