American living in Europe? It could soon be cheaper to renounce your US citizenship

Comments

• ALERT@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

  In a third-world country Ukraine, the government protects citizens from double taxation even while they are abroad. This is very odd that the US forces its citizens to live in the US. Does this mean that as a US citizen living in, say, Germany, you pay ~42% tax in Germany and ~30℅ afterward for the US? O_o

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  • greenteadrinker@midwest.social ⁨1⁩ ⁨year⁩ ago

    There’s the FEIE in the US. Basically, in 2023, if you live and work abroad, you do not have to pay any taxes for any income you have earned below ~$120K

    FATCA in the article I believe is referring to the responsibility that foreign financial institutes (think banks) have to report your assets back to America

    So to answer your original question, you probably won’t get double taxed unless you make a high enough salary

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