Tina Turner joins thousands in giving up American citizenship in favor of their residential country. This comes as part of a global movement of those with dual citizenship who are getting weighed down with the tax requirements of the U.S. Despite living in another country, and for most, making their money there, individuals who have dual citizenship with the United States are forced to file taxes twice. Most are unable to afford the burden imposed by the US, the only industrialized country to maintain taxation for oversea citizens. Even tax free savings and joint foreign accounts aren’t safe from the IRS.
Due to tax evasions, by many of the rich and powerful, a new law(FACTCA) requires foreign banks to notify the IRS of any American account, a decision that has sparked outrage from the majority of average citizen who never broke a law. One of the main complaints is the taxes are going towards systems and benefits that are never utilized by the citizen overseas, who are already paying much higher taxes in their country of residence. Although thought is being put into a correction to make possessing a dual citizenship more affordable, the change might not come soon enough for many who can start calling themselves “___ formally known as American.”
By: Courtney Kidd, LMSW
SJS Staff Writer
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The U.S. is one of the countries that allows dual citizenship. Which country do you spend most of the year? What is your income and where was it earned? Just because you are a citizen of the U.S. it does not mean you should pay taxes. There are plenty who live in the states full-time, are in the higher financial bracket and pay little in taxes while there are others who are considered middle income and pay alot in taxes-where is the justice in that?
If you have paid taxes in one country and spend most of the year in that country, as long as you file a U.S. tax return showing this, why should you fork over additional taxes to the U.S.?
Perhaps one should only pay taxes for the time that they spend in the U.S.