I appreciated the info on the foreign income exclusion and am hoping there will be more information shared to premium subscribers about offsetting or minimizing the tax bite for passive income for U.S. taxes when living abroad and how to avoid or minimize the taxes you might owe on passive income to a foreign country. Thanks!
I totally get not wanting to pay taxes to a country you no longer live in, but if you still consider yourself an American, how would that feel to not support your fellow Americans who don't have jobs that let them work abroad, and probably make less (and thus pay less taxes)? I'm not saying it's wrong (and nobody asked me anyhow!), but if an American company is still paying me and I still consider myself an American, I can't help but feel a little weird about not pay any taxes. After all, many of us rage against the one-percenters who connive their way out of paying their fair share. (I feel compelled to note that I am a registered Democrat and and consider myself a progressive.)
Hey Jen. I've paid millions of dollars in taxes and never had a problem with it, and I also consider myself a progressive. But continuing to pay even though you no longer live in the U.S. doesn't make sense (especially when you don't agree with government policies), and that's why no other country in the world (other than Eritrea) does it.
That said, the U.S. provides an exclusion that helps expats offset those taxes up to a point, and there's nothing wrong with using it. If you're making high six figures or more, you're still going to be paying plenty of taxes, unless you take the very extreme step of renouncing your citizenship.
I think the real question is, from an ethical standpoint, do you pay taxes in another country. If you're setting up in one spot, the answer is yes. But given that some countries are much more friendly about taxes than others, I don't think many people are going to volunteer to pay more than they have to.
I appreciated the info on the foreign income exclusion and am hoping there will be more information shared to premium subscribers about offsetting or minimizing the tax bite for passive income for U.S. taxes when living abroad and how to avoid or minimize the taxes you might owe on passive income to a foreign country. Thanks!
I totally get not wanting to pay taxes to a country you no longer live in, but if you still consider yourself an American, how would that feel to not support your fellow Americans who don't have jobs that let them work abroad, and probably make less (and thus pay less taxes)? I'm not saying it's wrong (and nobody asked me anyhow!), but if an American company is still paying me and I still consider myself an American, I can't help but feel a little weird about not pay any taxes. After all, many of us rage against the one-percenters who connive their way out of paying their fair share. (I feel compelled to note that I am a registered Democrat and and consider myself a progressive.)
Hey Jen. I've paid millions of dollars in taxes and never had a problem with it, and I also consider myself a progressive. But continuing to pay even though you no longer live in the U.S. doesn't make sense (especially when you don't agree with government policies), and that's why no other country in the world (other than Eritrea) does it.
That said, the U.S. provides an exclusion that helps expats offset those taxes up to a point, and there's nothing wrong with using it. If you're making high six figures or more, you're still going to be paying plenty of taxes, unless you take the very extreme step of renouncing your citizenship.
I think the real question is, from an ethical standpoint, do you pay taxes in another country. If you're setting up in one spot, the answer is yes. But given that some countries are much more friendly about taxes than others, I don't think many people are going to volunteer to pay more than they have to.