General Discussion
In reply to the discussion: Bill Maher Asks: "When did the American dream become this pathway to indentured servitude?" [View all]riverbendviewgal
(4,396 posts)Did you know that America is the only country besides Eritrea that double taxes its citizens? The USA uses citizen based taxes while the rest of the world uses resident based taxes. If you never worked a day in your life in the USA but you are an American person you must file US taxes until you die, even if you would not owe any money to the IRS. If I left Canada to live for a few few years in UK all I have to do is send a notice to the Canada government I am leaving to live elsewhere. I would not pay Canada taxes. UK would be paid taxes by me, when I return to Canada after a few years or decades I write I am back and begin to pay taxes again to Canada.
There is a new law now FATCA which the world countries' banks are being made under threat of extortion where these banks must report to the IRS of any American persons bank accounts. The USA is supposed to reciprocate with DATCA but guess what,
US banks are refusing. What is good for the goose is not good for the gander.
Up here in Canada we have a fair high minimum wage, health care not for profit for all and almost a million american persons very happy living here as Canadian citizens or permanent residents..Many were not aware they were American persons and had to file US taxes until FATA came about.
Be aware that personal banking information privacy is now going the way of the dodo bird. The only way one gets around this is if you have lots of money as in the millions.
soon the IRS will be looking into every Americans money transactions. I guess that is what many Americans want.