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At 11:26 17/06/99 -0500, Mark Brown wrote:
>
>ps how much did you say I could save on taxes?
>
El zippo! If living abroad with lower taxes, Uncle Sam calculates what you
would have owed in the U.S. and expects you to send him a cheque for the
difference (for all income above any dual tax treaty exclusion). Never mind
that you may not live in the U.S. anymore or derive any income from the U.S.
Never mind that you may have left for good and may never go back again.
Never mind that you may have taken citizenship of your new country. So long
as you retain your U.S. citizenship, you will pay! (now they've even added
'departure tax' laws to prevent 'wealthy' US citizens avoiding tax by
renouncing their citizenship). The U.S. is one of only two countries in the
world that taxes it's people based on their citizenship and not on where
they live and work. The Philipines is the other. Typically, all other
nationals who move abroad don't have to keep paying their home country.
This particular little pleasure is reserved almost exclusively for people
'lucky' enough to be American.
What can I say? Some people are fortunate to be citizens of free countries,
others are US citizens!
(what the hell, there hasn't been a good scrap on the list for a few days,
this should do the trick ;-))
Simon.
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