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Residence-Based Taxation? Not for US citizens...yet.

submitted by atara

1 decade 9 months 1 week ago

A quick summary of the residence-based taxation system being proposed for overseas US citizens.

For what it's worth, as an "overseas" US citizen, despite the US having a tax treaty with my country of residence, I have to spend hours upon hours filling out IRS forms every year... Forms that grow more convoluted each year, and have ever-increasingly draconian penalties if I fail to discover a new form that came out that year, or accidentally complete a form incorrectly. I can just imagine how much it costs the IRS each year to have a flunky enter all the info from all my forms into their system, only to get a whopping $0.00 from me in taxes.