That would be great if it really happens! I sort of doubt it I just read yesterday that Singapore has a Social Security, but it’s called something else and instead of being taxed you actually get Annual Interest !!! on the money and it goes toward your older age plus health insurance plus housing insurance I guess when you get elderly and can’t afford anything else, but I’m not sure
So in the United states instead of just getting double taxed sometimes on your Social Security, the government also has all that money you paid on all your jobs throughout your years and you don’t receive any interest on it
If you make less than $120,000 a year, you are not taxed on that. You just fill out form 2555 when you are filing a 1040 and you can claim it as foreign income exclusion.
@@elzoogIt might help to look at the second page of the 1040 before making misleading comments like this. Form 2555 exempts the first $120,000 of INCOME tax, but it does nothing for the various other taxes, including the SECA tax on all income. Even people who file form 2555 often pay significant US taxes, not to mention taxes charged by the foreign country where they earned the income.
I am Bulgarian and came to the US with a Green Card legally thru the front door a while ago. I obtained a US Citizenship thru naturalization. Got 2 kids born here. I hope Trump will win otherwise we will face a real communism and we will escape either back home or Russia or Switzerland.
Note, it's not just WEALTHY Americans living abroad. I graduated into Covid and managed to find a job teaching in Japan. Why was a poor kid like me filing double taxes?
Because the poor kid making 30 grand a year to teach in China has more savings probably about 10 grand after living like a king then most US taxpayers and because the US government is greedy and it has to support giant bureaucracies where people that do no productive work find work because they were born to the right families and went to the right schools Good paying jobs for lawyers and Ivy League elites who have benzo for generations. They viewed America as being a farm and its people as being their cattle. The funny thing is farmers need cows cows don’t need farmers. They just need grass. It’s very important for the farmer to get as much milk out of every cow that he can..
Foreign Earned Income Exemption covers up to 100k, but I agree that income earned overseas really shouldn't be taxed because hunting for FEIE-type exemptions is unfair to people who don't know about them.
@@markbernhardt6281also leads to the car dependency in this country. If the US would rely less on that then it could be used for alternatives to driving that are safer healthier and more effective
Fact is, they don't even need our tax money. They print whatever money they need, out of thin air, just as they've been doing for decades, to give to foreign govts. The US income tax revenue doesn't even cover the interest on the US national debt anyhow, so it's just an illusion to keep people enslaved.
The hassle of being an American outweighs the benefits of being an American when living outside the U.S., and this is the main reason I’ve been seriously considering renouncing my citizenship. For me, it is quickly becoming a basic "expected value" situation where my citizenship has a negative expected value (-EV). In my day-to-day life, having American citizenship doesn't add anything toward making my life better. However, every single year, I face a considerable hassle meeting my paperwork obligations. Even though I rarely owe much in taxes, I still spend significant resources dealing with these obligations each year.
Couldn't have said that better myself! I am currently being double taxed as an NZ expat. I am SICK of the paperwork as well as the cost of double filing and my American patriotism is being ripped apart by the Left. I've been exiled by my own family because I don't share their moral beliefs. I've considered renouncing my citizenship as it serves to only harm me at this point.
@@kiwitexan6022just quickly reading the NZ USA tax treaty, wondering which crack you fell into? Main one I can see is the USA flat tax on savings interest applying regardless of the anti double taxation legislation.
@@Ghekko-kw3zz That's exactly my problem. The cost of filing and account maintenance on both ends is eating up any interest I make on my savings. I don't want to buy bonds. At the moment I am focusing on digital currency in hopes of improving my situation but I am wary. I also am 50% owner of an NZ company, so I am drowning in paperwork from both countries. I've consolidated them already, but I may even close my American bank accounts as I don't have any trust in the Fed. I am fairly new to this nomad investing, so I expect to have a hard road ahead of me. . which has lead me this channel! 👍🙂
@@kiwitexan6022 I'm in the extremely rare situation of holding a US passport but never having had SSN. The embassy "invites" me to apply every 10 years but living in Australia & SE Asia, I've no need to set up anything financially in the USA. I think I'd likely end up renouncing US citizenship rather than deal with IRS.
If you still vote you are participating in the foolishness.The 2 party system is a failing system.We have had over 40 different presidents both democrat and republican and if that doesn't tell you enough then I don't know what does.
I’ve been in Rome, Italy for 9 years, my wife is Italian. I just dropped off my ballot at the US Consulate, Trump 2024. No way I’m going to give up my U.S. citizenship.
@@jamesmorris9816 Awesome. I'm on Viale degli Scipioni near Metro A Lepanto station. It's a great area, full of restaurants and walking distance to Piazzo di Popolo and Villa Borghese. Well, glad to meet you. Cheers
Smart man. I’m not giving up my citizenship either. My wife and I are just waiting for our youngest child to start college and we are out of here. He is 8. We have some time but we have a plan,
@@ianfurstrand4927ok but what is a United States person? “Citizen or resident of the United States” is a term of art. I believe the “or” acts as an equal sign. This is further evidenced by the treasury only defining the single term “citizen” in regulations. So “citizen” = “resident of the United States”. A citizen or national or the United States is not a resident by default. According to the 14th they’re a resident in whatever state they reside in. I contend that there is only “resident” and “nonresident” tax filing status but that the custom term of art of “U.S. citizen” (for purposes of the federal tax) has been propagandized to mean what people might colloquially understand it to means. Revenue ruling 75-489 even says that no portion of the irc supposes that a citizen of the United States is automatically a resident of the United States and all the substantial presence tests ONLY apply to an alien. 873b3 in the context of a nonresident alien (not a resident alien) says “taxpayer is…a national of the United States.
@@joe-mama6451the fbar instructions are very clear that a US citizen, where ever they live, must comply with fbar reporting. In addition any none citizens who lives in the US must comply. The penalty is greater of 10k or half the value of foreign account plus jail time. Not worth refusing to comply over morale objections.
I owned a house in the US for 20 years. Every year, I saw 65% of my property tax go to the local school district, even though I never had (and will never have) children. So I basically paid $100K+ to educate my neighbors' children. And when student loan debt forgiveness was proposed, nobody wanted to help pay for my tuition. Many of our tax programs help others, and not us directly. I sold that house and will never own another in this country. I don't mind paying taxes, but it would be nice to get some benefit from it.
To state the obvious, if you get badly sick your doctor is likely to be one of those neighbor's children whose early schooling you helped pay for. And as for those student loans, you signed up for them, you pay them.
@@luck9837that a crab in the pot attitude. Think about it, if America isn't any better than the rest of world, that it's at or approaching parity with a lot of other countries, then why not leave? When America stops being a shining beacon of freedom and hope, you might as well leverage your comparative advantage and try something new.
@@jacqdanieles It would be nice, but I know at the end of the day, the name of the game is power. Government doesn’t give it up easily, but it would be nice to hope for. Almost every other nationality is free to invest, work, buy property, open bank accounts, etc. in other nations without the ball and chain of their government around their ankle asking for a cut or filling out a bunch of forms which you can’t make innocent mistakes on.
@@jacqdanieles can you point to your evidence for saying that ? Or are you just quoting Main stream media (who never gives actual evidence for any accusations they have against trump)?
@@mryardiedescendant The name of the Game is not power unless the politician should not be one. Many of the politicians on the right today are in politics for the right reasons, because they want to do the best for voters and love their country. And they understand the recipe that best creates prosperity across the board. That is a free market, low tax, maximal individual freedom recipe.Trump for example is not a power mad person. He has shown he's capable and his policies benefitted everyone in the US, plus, they ensured peace.
Not just filing federal taxes, many people are also stuck with state taxes, FBAR, FATCA, report FX gains and losses, risk PFIC penalties, and many more issues. It’s a pain and requires expensive international tax advisors every year.
The FBAR form can be done online and takes me about 5 minutes to complete. If you move out of the US and are not a tax resident of any state then you do not have to pay state taxes. I recently got confirmation from the state of California that I am no longer a CA tax resident.
FATCA and PFICs are truly the number 1 headache for me!! What do you mean I can't invest in the only country where I make income? I should wire transfer money to the US every month just to have any investments? Insane that the US can bully other countries into tattling on Americans abroad
Talking taxes, Property taxes, partly go to public schools. I haven't gone to public school for over 30 years. Each year, when the property tax bill comes, I have to pay.
The school across the street from me is using those taxes to renew their PARKING LOT every year. One of the highest taxes in the country. I homeschool my kids, anyway; the school has no much to offer and they keep spending ridiculous amount of money on things that don’t improve education quality.
Property taxes wouldn't be as big of a pain in the ass if the vast majority of public schools in the US weren't run so poorly that the US consistently ranks at the bottom of developed countries regarding primary and secondary education.
This is selfish as fk but you can vote in your local election to change this ... i wonder who paid property taxes so you could benefit from public school
U.S. is great for making money. Once you have made it get the hell out. Your videos taught me much about options. I have acquired UK, Irish passports and permanent residence in Colombia. Will be spending most of my time in Colombia. Cheers!
The US will be happy to take that exit tax from you. Tbh any developed country should because it defeats the purpose of doing good for your citizens if they want to be selfish and leave.
I know that some want to make it easy for wealthier people to leave, but the laws also punish regular people who are just sick and tired of the US and want something better.
From gpt: Yes, that's correct. Americans living abroad spend an estimated $18 to $45 billion annually on tax compliance, while the IRS collects around $7 billion a year from these individuals. This highlights a significant imbalance between the cost of compliance for expatriates and the actual tax revenue generated by the U.S. government from taxing citizens abroad. Isn't that just pure ignorance?
I just remembered what happened when I was working in Germany as a US citizen. Another only had to pay German and US taxes the German tax accountant said he needed how much I paid on my US taxes before he did them and the US tax accountant could not do that until closer to April. So it went round and round in a circle until I forgot how it was solved maybe one of them did an estimate
Hardcore Trump supporter, third time Trump voter, and I encourage people to travel the world or live the expat life if that's what makes them happy. I've traveled and worked overseas and had some great experiences.
Congress DOESN'T have to. "individual" is not defined in the code. It is defined in Treasury regulations. That means if "individual" is defined not as a US citizen, a US Permanent resident, or a person who meets the presence test. It would mean that citizen is removed as criteria and bona fide residence, or meeting the terms to qualify for the FEIE makes you a non-resident.
I looked into this process while considering moving abroad to Poland with my girlfriend. I nearly threw up. The kicker? We have a double tax treaty already in place with Poland.
He does, he has my vote. He'd better do it, because I'm tired of the government sending billions of dollars of tax money overseas to Ukraine and Israel, while we need that money to rebuild our country. And Harris-Walz can kick rocks.
The Infrastructure Act that Biden passed uses our tax money to rebuild our country. Republicans opposed it. Are you really stupid enough to believe anything Fatty McFelon promises?
Trump will most likely continue aid to Ukraine and he will definitely continue aid to Israel. I'm not saying Kamala is some type of fantastic politician, she is absolutely terrible, however you need to rein in your expectations.
@@haraldvandervoort5696 Uh... That's pretty bad advice. As an American, you are taxed wherever you go. So leaving the country has no benefit. And I am not willing to renounce.
I'm moving out of the US this year, literally have my house on the market right now. This year alone as a business owner we Relocated 4 families from the US to Kenya and they love it. Go where you are treated the best!!
Thanks a lot for putting this together! As an American abroad, this is the bane of existence. You touched on all the points, most people don't think about the time and money that is wasted on this policy. One of the biggest things I think goes relatively underdiscussed - the fact that citizens abroad are informal ambassadors for their respective countries, and how damaging such olicies are to the way outsiders perceive the US. It does way more harm than good. Living in CH, I will be reaching out my friend, thanks again!
In most EU contries The United States has entered into an agreement for the avoidance of double taxation and the prevention of tax evasion with respect to income taxes... Remember to inform about that..
Smart! You see through the facade. They're on the same side. Just a double-headed snake that works for the same Corporation... US Corp & the British Elites that own it.
Way to keep everyone "thinking" Regardless of who we like or dislike politically, it's all a Drama playing us! " Go where you are treated best" is the motto for anyone who wants the MOST freedom. Thank you, Nomad Capitalist, for bringing current events to the process, so people can truly choose for themselves.
Trump tax power is limited to an agenda. Congress decides taxation. Trump has been only dropping taxes on certain wealth, not on folks taxation hurts such as Social Security Income.
I’d be ok with this. I find it astonishingly corrupt that if I were to move to the Austrian alps, my lifelong dream but wanted to retain my US citizenship for a variety of reasons, I’d be punished for it. Somebody needs to get rid of it.
@@larynOneka8080 It's not that easy as you´d need another citizenship which normally takes 5 years to acquire. Why should you pay taxes somewhere you don't live?
I too am leaving America. I planned to renounce in the years to come so this will be awesome. As others stated in the below comments- I am still moving on out!
Having lived overseas most of my life, U.S. citizenship has been a challenge, especially with taxes. Switzerland’s high cost of living, combined with office salaries that exceed the foreign income exclusion, means I’m taxed at U.S. rates in a low-tax, high-cost environment. This severely limits my ability to save for essentials like buying my first home or retirement. Most banks, except for a few large ones, won’t do business with me, making it impossible to shop around for mortgages. Lenders are aware of this and take advantage. Moreover, they factor in my U.S. tax liability (which reduces my annual net income) and my lower retirement savings when assessing mortgage affordability, making it difficult to qualify. Partnership business opportunities are out of the question, as potential partners avoid involving Americans due to the risk of exposing the entire business to IRS scrutiny and complex Controlled Foreign Corporation (CFC) regulations. My retirement is at risk due to U.S. tax policies. The U.S. doesn’t recognize Swiss pensions (similar to a 401k) as tax-qualified retirement accounts. As a result, my contributions are taxed at high rates, with no local tax credit available. Additionally, mandatory employer pension plans are classified as Passive Foreign Investment Companies (PFICs), with foreign ETFs in these plans also treated as PFICs. This leads to complex reporting requirements and costly tax preparation, amounting to thousands of dollars annually. Unrealized gains within the pension are taxed each year at the top 37% income tax rate, and the U.S. also seeks to tax the pension distributions when they are paid out. f you don’t renounce U.S. citizenship, you risk significant financial hardship in both your daily life and retirement, unless you’re an ultra-high earner. The tax burdens and compliance costs make it challenging to achieve financial security abroad. Moreover, the treatment of retirement accounts is particularly unfair and unethical; while the U.S. tax system provides essential protections for retirement savings for those living domestically, Americans abroad are denied these benefits, creating an inequitable situation for expats.
I am a North Carolina citizen.I have a Carolina Drivers Licence I own a home in Carolina I went back to Chicago to help the garage I worked for 25 years. I was charged income tax for both states Illinois and North carolina. That is double taxation. I used turbotax and got screwed. Carolina made me pay a penalty.
Well, he says things and gets people's hope up, but either doesn't fulfill them or comes up short. When he had 2 years of Congressional advantage he sat on his laurels and let time pass, did a lot of talking and making promises that became empty. I don't trust that he would go forward with this should he be back in the seat. When he says things I keep in mind he's a populist politician and wants to get back in office remarking things that sound good to the ears of anyone he can. When I left the US, and he was already in office, the country was indeed too far gone in my opinion and so I share with yours.
He stacked the Supreme Court and undid Roe V. Wade, so making more men on the hook for babies they didn't want to have and women, even if raped, molested, or possibly dying from birth- to have to have children. And thus chilling women in certain states from wanting to even have relationships for fear of unwanted pregnancy. This is unusual in a "first world" country.
I have to admit, your Bernie impression is pretty good! Thank you Andrew for a realistic and balance discussion on this. Lived outside of the US as a US citizen for 27 years...Honestly, never thought I'd read such a video title, lol.
I’m a dual citizen of the US and Canada. The cost and time spent filing US taxes is absurd, especially since I never end up actually owing any US taxes. My niece and nephew are in an even more ridiculous position. They were born in Canada and have never lived in the US, but because their mother is a US citizen, they are automatically US citizens and are required to file taxes US taxes, report bank accounts, etc.
And he wants to end income tax on Social Security Ponzi as well. Yknow, the tax on the tax.
Congress will never approve all of Trumps tax cuts he promising.
That would be great if it really happens! I sort of doubt it
I just read yesterday that Singapore has a Social Security, but it’s called something else and instead of being taxed you actually get Annual Interest !!! on the money and it goes toward your older age plus health insurance plus housing insurance I guess when you get elderly and can’t afford anything else, but I’m not sure
So in the United states instead of just getting double taxed sometimes on your Social Security, the government also has all that money you paid on all your jobs throughout your years and you don’t receive any interest on it
@enjoystraveling Well that would sort of break up their Ponzi scheme.
Well, he’s on record of wanting to get rid of social security. One doesn’t pay taxes on zero income.
We shouldn’t be taxed on anything we make overseas
Now is a once in a lifetime chance
If you make less than $120,000 a year, you are not taxed on that. You just fill out form 2555 when you are filing a 1040 and you can claim it as foreign income exclusion.
@@elzoogit’s refreshing to see an informed person. Trump is always counting on the ignorant.
@@elzoogIt might help to look at the second page of the 1040 before making misleading comments like this. Form 2555 exempts the first $120,000 of INCOME tax, but it does nothing for the various other taxes, including the SECA tax on all income. Even people who file form 2555 often pay significant US taxes, not to mention taxes charged by the foreign country where they earned the income.
@@MarieLamour-cv1jc it’s easy to make more than 120 if you work overseas because often jobs provide housing and other stuff.
I agree with your family. The US is too far gone for anyone to fix it. I am working on my escape plan now.
It's a veritable shit show.
I am Bulgarian and came to the US with a Green Card legally thru the front door a while ago. I obtained a US Citizenship thru naturalization. Got 2 kids born here. I hope Trump will win otherwise we will face a real communism and we will escape either back home or Russia or Switzerland.
hurry!!!
@@yavor19121what BS. They say this every time about the dems and not once has any dem government been communist
Where will you go? Uncle Sam's tentacles are going to be right there with you, huh? 😅😅😅
Note, it's not just WEALTHY Americans living abroad. I graduated into Covid and managed to find a job teaching in Japan. Why was a poor kid like me filing double taxes?
Really! Makes me fume! Especially covid economy doomed! How DARE THEY!
Which agency? Found it hard to find a job
Because the poor kid making 30 grand a year to teach in China has more savings probably about 10 grand after living like a king then most US taxpayers and because the US government is greedy and it has to support giant bureaucracies where people that do no productive work find work because they were born to the right families and went to the right schools Good paying jobs for lawyers and Ivy League elites who have benzo for generations. They viewed America as being a farm and its people as being their cattle. The funny thing is farmers need cows cows don’t need farmers. They just need grass. It’s very important for the farmer to get as much milk out of every cow that he can..
Foreign Earned Income Exemption covers up to 100k, but I agree that income earned overseas really shouldn't be taxed because hunting for FEIE-type exemptions is unfair to people who don't know about them.
Stop property taxes for primary residences!
Who will pay for the roads to get to your house
@@markbernhardt6281Gas taxes pay for roads, school districts are paid by property taxes.
@markbernhardt6281 gas tax
@@markbernhardt6281also leads to the car dependency in this country. If the US would rely less on that then it could be used for alternatives to driving that are safer healthier and more effective
Should end income tax and stop treating Americans as slaves
💯 and property taxes
Fact is, they don't even need our tax money. They print whatever money they need, out of thin air, just as they've been doing for decades, to give to foreign govts. The US income tax revenue doesn't even cover the interest on the US national debt anyhow, so it's just an illusion to keep people enslaved.
@Mav0585 what is property tax % in US?
@@Mav0585property taxes vary by the state.. blues charge the highest for affording the socialism and open border😊
You need more upvotes!
The hassle of being an American outweighs the benefits of being an American when living outside the U.S., and this is the main reason I’ve been seriously considering renouncing my citizenship. For me, it is quickly becoming a basic "expected value" situation where my citizenship has a negative expected value (-EV). In my day-to-day life, having American citizenship doesn't add anything toward making my life better. However, every single year, I face a considerable hassle meeting my paperwork obligations. Even though I rarely owe much in taxes, I still spend significant resources dealing with these obligations each year.
Couldn't have said that better myself! I am currently being double taxed as an NZ expat. I am SICK of the paperwork as well as the cost of double filing and my American patriotism is being ripped apart by the Left. I've been exiled by my own family because I don't share their moral beliefs. I've considered renouncing my citizenship as it serves to only harm me at this point.
@@kiwitexan6022just quickly reading the NZ USA tax treaty, wondering which crack you fell into? Main one I can see is the USA flat tax on savings interest applying regardless of the anti double taxation legislation.
@@Ghekko-kw3zz That's exactly my problem. The cost of filing and account maintenance on both ends is eating up any interest I make on my savings. I don't want to buy bonds. At the moment I am focusing on digital currency in hopes of improving my situation but I am wary. I also am 50% owner of an NZ company, so I am drowning in paperwork from both countries. I've consolidated them already, but I may even close my American bank accounts as I don't have any trust in the Fed. I am fairly new to this nomad investing, so I expect to have a hard road ahead of me. . which has lead me this channel! 👍🙂
@@kiwitexan6022 I'm in the extremely rare situation of holding a US passport but never having had SSN. The embassy "invites" me to apply every 10 years but living in Australia & SE Asia, I've no need to set up anything financially in the USA. I think I'd likely end up renouncing US citizenship rather than deal with IRS.
Vote Trump
Forget the USA. Go where you are treated best.
They teach the pledge of allegiance at an early age so people can't think that way, and it works.
That's too offensive now. Pledge to the lgbqt community and blm. lol
Well yes but this means those Americans who do that should want trump cause then they don't have to give up citizenship
Yeah, woohoo!
If you still vote you are participating in the foolishness.The 2 party system is a failing system.We have had over 40 different presidents both democrat and republican and if that doesn't tell you enough then I don't know what does.
FJB
He’s not even running douche
Another Dementia Don dork
Let’s go, Brandon.
I’ve been in Rome, Italy for 9 years, my wife is Italian. I just dropped off my ballot at the US Consulate, Trump 2024. No way I’m going to give up my U.S. citizenship.
I'm American and live in Prati in Rome. Welcome...
@@Nonpeon Hi, my wife says a friend of hers used to live in Prati, we are in the Viale Somalia area.
@@jamesmorris9816 Awesome. I'm on Viale degli Scipioni near Metro A Lepanto station. It's a great area, full of restaurants and walking distance to Piazzo di Popolo and Villa Borghese. Well, glad to meet you. Cheers
Gross
Smart man. I’m not giving up my citizenship either. My wife and I are just waiting for our youngest child to start college and we are out of here. He is 8. We have some time but we have a plan,
"I am politically homeless!" Ahh brother, we understand each other!
Same.
I have been politically homeless ever since I was 22 years old. The US political system is garbage.
USA has become the McDonald's of politics.
I'm so glad I found this channel. I've seen so many terms that identify me, which I have never seen before.
Omg Andrew, your Bernie Sanders impersonation is unbelievably good!! You may have the beginnings of another career! 😅
@@alvinmick218 it was great! 🤣🤣
🤣🤣🤣🤣🤣
If Trump gets the U.S. on a rational course, Nomad Capitalist may need another career.
yup, agree on that 😂
Seriously though. His Trump impersonation is great too... I imagine Andrew puts on a good show doing these in private company 😂
Get rid of the FBAR, too.🤔
FBAR only applies to United States persons.
@@joe-mama6451That's what we're talking about.
@@ianfurstrand4927ok but what is a United States person? “Citizen or resident of the United States” is a term of art. I believe the “or” acts as an equal sign. This is further evidenced by the treasury only defining the single term “citizen” in regulations. So “citizen” = “resident of the United States”. A citizen or national or the United States is not a resident by default. According to the 14th they’re a resident in whatever state they reside in. I contend that there is only “resident” and “nonresident” tax filing status but that the custom term of art of “U.S. citizen” (for purposes of the federal tax) has been propagandized to mean what people might colloquially understand it to means. Revenue ruling 75-489 even says that no portion of the irc supposes that a citizen of the United States is automatically a resident of the United States and all the substantial presence tests ONLY apply to an alien. 873b3 in the context of a nonresident alien (not a resident alien) says “taxpayer is…a national of the United States.
@@joe-mama6451the fbar instructions are very clear that a US citizen, where ever they live, must comply with fbar reporting. In addition any none citizens who lives in the US must comply. The penalty is greater of 10k or half the value of foreign account plus jail time. Not worth refusing to comply over morale objections.
@@joe-mama6451 I am a "US person."
I owned a house in the US for 20 years. Every year, I saw 65% of my property tax go to the local school district, even though I never had (and will never have) children. So I basically paid $100K+ to educate my neighbors' children. And when student loan debt forgiveness was proposed, nobody wanted to help pay for my tuition. Many of our tax programs help others, and not us directly. I sold that house and will never own another in this country. I don't mind paying taxes, but it would be nice to get some benefit from it.
yep that's a real problem isn't it. even in Zimbabwe people have to pay for there own kids to go to school, no pay no school, simple
To state the obvious, if you get badly sick your doctor is likely to be one of those neighbor's children whose early schooling you helped pay for. And as for those student loans, you signed up for them, you pay them.
I keep saying that these are the libertarians who have money. You can spot this selfish type of ideology a mile away.
I wouldn’t care about paying for education if they actually educated the children. We are paying much for almost no returns.
but how much did your house appreciate in value in these 20 years?
I don't believe this at all. That is way too much revenue for uncle sam to give up on.
And control.
More control than revenue I think.
It's actually peanuts. Just 7 billion $ a year and the cost of collection is higher than they collect
@@Shadowguy456234 I agree; it's more about control.
Everyone in the US is a criminal with our crazy laws. This is another one of them maybe.
It will never happen. Trump will say anything to get votes. Fake news.
I don’t care about who is in the White House, I’m getting out of here!!!
No kidding. People act that the country isn't already gone. The fact that the election is close means it is long gone.
And you think anywhere else would be better? Lets be real here
@@luck9837that a crab in the pot attitude. Think about it, if America isn't any better than the rest of world, that it's at or approaching parity with a lot of other countries, then why not leave? When America stops being a shining beacon of freedom and hope, you might as well leverage your comparative advantage and try something new.
@@luck9837 I found you care less about politics in other places, especially when you aren't fluent in the language.
Yep 😅😅😅
Good, these double taxes should never have been implemented
“A culture of arrogance” WOW that was very much on the point.
Now that’s definitely one Trump policy I can get behind as a dual citizen.
I would too if I trusted him. But I don't. He's a pathological liar.
@@jacqdanieles It would be nice, but I know at the end of the day, the name of the game is power. Government doesn’t give it up easily, but it would be nice to hope for. Almost every other nationality is free to invest, work, buy property, open bank accounts, etc. in other nations without the ball and chain of their government around their ankle asking for a cut or filling out a bunch of forms which you can’t make innocent mistakes on.
@@jacqdanieles can you point to your evidence for saying that ? Or are you just quoting Main stream media (who never gives actual evidence for any accusations they have against trump)?
@@mryardiedescendant The name of the Game is not power unless the politician should not be one. Many of the politicians on the right today are in politics for the right reasons, because they want to do the best for voters and love their country. And they understand the recipe that best creates prosperity across the board. That is a free market, low tax, maximal individual freedom recipe.Trump for example is not a power mad person. He has shown he's capable and his policies benefitted everyone in the US, plus, they ensured peace.
@@leoxd7029 you want evidence that he's a pathological liar after a public lifetime of lies? Do you also want evidence that the earth's not flat?
California: 7 billion $ for 1600 feet of high speed rail. How efficient. Where did the Money go.
Nancy Pelosi pocket
Did you say 1600 feet? Is this real?
Not just filing federal taxes, many people are also stuck with state taxes, FBAR, FATCA, report FX gains and losses, risk PFIC penalties, and many more issues. It’s a pain and requires expensive international tax advisors every year.
The FBAR form can be done online and takes me about 5 minutes to complete. If you move out of the US and are not a tax resident of any state then you do not have to pay state taxes. I recently got confirmation from the state of California that I am no longer a CA tax resident.
FATCA and PFICs are truly the number 1 headache for me!! What do you mean I can't invest in the only country where I make income? I should wire transfer money to the US every month just to have any investments? Insane that the US can bully other countries into tattling on Americans abroad
Talking taxes, Property taxes, partly go to public schools. I haven't gone to public school for over 30 years. Each year, when the property tax bill comes, I have to pay.
When school taxes are excessive, when the voting occurs, the landlords say no, the renters say yes. Then complain when landlords raise the rent.
The school across the street from me is using those taxes to renew their PARKING LOT every year. One of the highest taxes in the country. I homeschool my kids, anyway; the school has no much to offer and they keep spending ridiculous amount of money on things that don’t improve education quality.
yes, it is ridiculous. Property taxes are such a racket.
Property taxes wouldn't be as big of a pain in the ass if the vast majority of public schools in the US weren't run so poorly that the US consistently ranks at the bottom of developed countries regarding primary and secondary education.
This is selfish as fk but you can vote in your local election to change this ... i wonder who paid property taxes so you could benefit from public school
U.S. is great for making money. Once you have made it get the hell out. Your videos taught me much about options. I have acquired UK, Irish passports and permanent residence in Colombia. Will be spending most of my time in Colombia. Cheers!
The US will be happy to take that exit tax from you. Tbh any developed country should because it defeats the purpose of doing good for your citizens if they want to be selfish and leave.
@@crescentprincekronos2518The US does nothing for people with the means to move out of the country.
Wish I could join you in Colombia such a nice place to live if you can afford it..
Does anyone feel that Trump says these things but they are nothing more than empty promises?
There's no fixing the US.
I think this is true, but likely for a different reason. I think it’s very possible but the people do not have what is necessary.
Sorry while that would be welcome I don't believe any promises of that candidate will be followed up on let alone delivered on.
Any candidate
Even if these candidates genuinely wanted to cut taxes (on tips for example), they would need a majority from congress (which is unlikely).
I know that some want to make it easy for wealthier people to leave, but the laws also punish regular people who are just sick and tired of the US and want something better.
Exactly
Trump should also seek to repeal Obama's FATCA.
And jail him
@@clroger4RELAX MAN. Your racism is sticking out
And deport him back to Kenya.
and repeal the damaging Inflation INDUCEMENT Act!
@@clroger4 So, you think that the "official acts" protection only applies to Trump?
From gpt:
Yes, that's correct. Americans living abroad spend an estimated $18 to $45 billion annually on tax compliance, while the IRS collects around $7 billion a year from these individuals. This highlights a significant imbalance between the cost of compliance for expatriates and the actual tax revenue generated by the U.S. government from taxing citizens abroad.
Isn't that just pure ignorance?
I just remembered what happened when I was working in Germany as a US citizen.
Another only had to pay German and US taxes the German tax accountant said he needed how much I paid on my US taxes before he did them and the US tax accountant could not do that until closer to April. So it went round and round in a circle until I forgot how it was solved maybe one of them did an estimate
The empire will never allow it. They want more cattle not less
Probably.
Hardcore Trump supporter, third time Trump voter, and I encourage people to travel the world or live the expat life if that's what makes them happy. I've traveled and worked overseas and had some great experiences.
Can we just draw some proper attention to the fact that Andrew has the most underrated Bernie Sanders imitation?
Congress will never ever approve
Probably true.
Congress DOESN'T have to. "individual" is not defined in the code. It is defined in Treasury regulations. That means if "individual" is defined not as a US citizen, a US Permanent resident, or a person who meets the presence test. It would mean that citizen is removed as criteria and bona fide residence, or meeting the terms to qualify for the FEIE makes you a non-resident.
@@jeremyleonbarlowsorry but the regulations are based on statutes. Congress will have to pass a change to the USCA.
Vote Red down ticket
Fuck our congress. Im going independent conservative across the yicket and country. Im structuring my life to not need the US govt.
What needs to be removed is the paper work associated with filing US tax living abroad.
I looked into this process while considering moving abroad to Poland with my girlfriend. I nearly threw up. The kicker? We have a double tax treaty already in place with Poland.
He does, he has my vote. He'd better do it, because I'm tired of the government sending billions of dollars of tax money overseas to Ukraine and Israel, while we need that money to rebuild our country. And Harris-Walz can kick rocks.
The Infrastructure Act that Biden passed uses our tax money to rebuild our country. Republicans opposed it. Are you really stupid enough to believe anything Fatty McFelon promises?
Trump is a habitual liar. Hes not gonna help anyone but rich corporations
Once he has your vote, he will drop it.
Trump follows through. Hopefully the legislative branch can get its act together .
Trump will most likely continue aid to Ukraine and he will definitely continue aid to Israel. I'm not saying Kamala is some type of fantastic politician, she is absolutely terrible, however you need to rein in your expectations.
Even with the FEIE you still need to pay the Medicare and Social Security tax.
15.3% 🤮
Your Bernie voice was 10/10 👏👏
Isn't double taxation already not allowed through the dual tax treaty with most countries , No ?
That was a pretty good Bernie impression 😂
This is probably the most excited I have ever been about a political promise in my life. And it's the first time I'll vote.
You would be better off just getting a couple passports and moving to another country. Go where you are treated best.
@@haraldvandervoort5696 Uh... That's pretty bad advice. As an American, you are taxed wherever you go. So leaving the country has no benefit. And I am not willing to renounce.
My other favorite was Bush 2004 wanting to privatize social security.
@@WillieFungo Well that's fine you love America so miuch, but don't bitch about whatever policies is in place, like double taxation
You would have to be very naive to think that would ever happen. The government will never let go of a cash cow.
Kamala. Que mala
😂😂
I see what you did there, caballero!
And Trump isn’t? He’s a felon
I'll believe it when it happens.
Barry Goldwater…that is a name from the past! AZ girl here!
next get rid irs
All taxation is theft, especially when it goes to evil players like the Military Industrial Complex.
I'm moving out of the US this year, literally have my house on the market right now. This year alone as a business owner we Relocated 4 families from the US to Kenya and they love it. Go where you are treated the best!!
Us taxes is ridiculous
Divide what the US government spends each year equally by the number of people living in the US and watch how quickly people demand spending cuts.
Congratulations on your business, good to see good manner and respectful individuals succeed, keep it up!
Thank you.
Thanks a lot for putting this together! As an American abroad, this is the bane of existence. You touched on all the points, most people don't think about the time and money that is wasted on this policy. One of the biggest things I think goes relatively underdiscussed - the fact that citizens abroad are informal ambassadors for their respective countries, and how damaging such olicies are to the way outsiders perceive the US. It does way more harm than good. Living in CH, I will be reaching out my friend, thanks again!
Not going to happen!😊
In most EU contries The United States has entered into an agreement for the avoidance of double taxation and the prevention of tax evasion with respect to income taxes... Remember to inform about that..
He needs to just repeal the IRS, Federal Republic & FATCA..
Thankyou for sharing this Sir.
Thank you for always giving us clear, concise info! I'm working on becoming your client in 6 months or less!
We’ll be happy to serve you.
You better be an 8 figure earner 😂
That is how I feel at this moment in US. Now, I do not believe in either side
Smart! You see through the facade. They're on the same side. Just a double-headed snake that works for the same Corporation... US Corp & the British Elites that own it.
Way to keep everyone "thinking" Regardless of who we like or dislike politically, it's all a Drama playing us! " Go where you are treated best" is the motto for anyone who wants the MOST freedom. Thank you, Nomad Capitalist, for bringing current events to the process, so people can truly choose for themselves.
You always crack me up with all the different voices you do when trying to make a point lol.
live in THAILAND- So GOOD!
I like your style.. keeping it relevant so to speak
Trump tax power is limited to an agenda. Congress decides taxation. Trump has been only dropping taxes on certain wealth, not on folks taxation hurts such as Social Security Income.
Promised by a politician?😂
DJT actually came thru on several promises. Including the wall and tariffs on china and others.
A DIRTY ONE AT THAT, A FELON
You do have a potential in the comedy business 😂
End GILTI tax also.
Very interesting, thanks for breaking the news.
I’d be ok with this. I find it astonishingly corrupt that if I were to move to the Austrian alps, my lifelong dream but wanted to retain my US citizenship for a variety of reasons, I’d be punished for it. Somebody needs to get rid of it.
TRUMP 2024 🇺🇸! Citizen based taxation doesn’t make sense. Pay taxes where you live.
You could also renounce the citizenship.
@@larynOneka8080 Not with the insane exit tax
i dont vote for people that touch kids regardless of policies. Not like he actually has policies.
@@larynOneka8080 It's not that easy as you´d need another citizenship which normally takes 5 years to acquire. Why should you pay taxes somewhere you don't live?
Taxation is theft
American Citizens Abroad (ACA) has been lobbying in Congress for residence-based taxation for decades. No success so far.
Andrew, I don't have a dog in this fight either but I don't trust this promise from Donald Trump.
And you would trust anything from the democrats? Look who is behind the curtain.
I too am leaving America. I planned to renounce in the years to come so this will be awesome. As others stated in the below comments- I am still moving on out!
Wow your Bernie Sanders impersonation is comedy gold 👏 👌
The first thing I've heard this year that would make me actually want to vote
This would be huge for me. 😮
It would be life changing tbh.
Not happening. It is a normal thing for Trump to lie. It requires a change to the tax code, which is not in his control.
I agree let's do it vote trump!!
Having lived overseas most of my life, U.S. citizenship has been a challenge, especially with taxes. Switzerland’s high cost of living, combined with office salaries that exceed the foreign income exclusion, means I’m taxed at U.S. rates in a low-tax, high-cost environment. This severely limits my ability to save for essentials like buying my first home or retirement.
Most banks, except for a few large ones, won’t do business with me, making it impossible to shop around for mortgages. Lenders are aware of this and take advantage. Moreover, they factor in my U.S. tax liability (which reduces my annual net income) and my lower retirement savings when assessing mortgage affordability, making it difficult to qualify.
Partnership business opportunities are out of the question, as potential partners avoid involving Americans due to the risk of exposing the entire business to IRS scrutiny and complex Controlled Foreign Corporation (CFC) regulations.
My retirement is at risk due to U.S. tax policies. The U.S. doesn’t recognize Swiss pensions (similar to a 401k) as tax-qualified retirement accounts. As a result, my contributions are taxed at high rates, with no local tax credit available. Additionally, mandatory employer pension plans are classified as Passive Foreign Investment Companies (PFICs), with foreign ETFs in these plans also treated as PFICs. This leads to complex reporting requirements and costly tax preparation, amounting to thousands of dollars annually. Unrealized gains within the pension are taxed each year at the top 37% income tax rate, and the U.S. also seeks to tax the pension distributions when they are paid out.
f you don’t renounce U.S. citizenship, you risk significant financial hardship in both your daily life and retirement, unless you’re an ultra-high earner. The tax burdens and compliance costs make it challenging to achieve financial security abroad. Moreover, the treatment of retirement accounts is particularly unfair and unethical; while the U.S. tax system provides essential protections for retirement savings for those living domestically, Americans abroad are denied these benefits, creating an inequitable situation for expats.
I’ve often wondered if Eritrea has the mechanism to hunt down a citizen of theirs working as a cab driver in Phoenix for example.
it sounds interesting. I've been called a traitor before, so I'm skeptical that US government will do anything supportive...been waiting for 24 years.
Good Bernie, joining tmw, lfg
Thank you.
I am a North Carolina citizen.I have a Carolina Drivers Licence I own a home in Carolina I went back to Chicago to help the garage I worked for 25 years. I was charged income tax for both states Illinois and North carolina. That is double taxation. I used turbotax and got screwed. Carolina made me pay a penalty.
Sounds good.
I don't trust 45.
Well, he says things and gets people's hope up, but either doesn't fulfill them or comes up short. When he had 2 years of Congressional advantage he sat on his laurels and let time pass, did a lot of talking and making promises that became empty. I don't trust that he would go forward with this should he be back in the seat. When he says things I keep in mind he's a populist politician and wants to get back in office remarking things that sound good to the ears of anyone he can. When I left the US, and he was already in office, the country was indeed too far gone in my opinion and so I share with yours.
He stacked the Supreme Court and undid Roe V. Wade, so making more men on the hook for babies they didn't want to have and women, even if raped, molested, or possibly dying from birth- to have to have children. And thus chilling women in certain states from wanting to even have relationships for fear of unwanted pregnancy. This is unusual in a "first world" country.
Thank you.
Yeah I love the health plan he promised was coming out... o wait.
Need to spread the word on this. Long overdue.
Anyway that you slice it, Trump is our best option
✖️✖️✖️TEXIT NOW✖️✖️✖️
He really isn't and you obviously don't know what any of the slices look like.
@@andrewhunsaker4831who is better?
@@tamifromvirginia4046 Anyone or anything. Harris, your local car mechanic, a three-legged raccoon...
At the moment
I’m 100% with you. I moved to Japan in 2021. Political Asylum lol
That would be great. 🤞🏻
I have to admit, your Bernie impression is pretty good! Thank you Andrew for a realistic and balance discussion on this. Lived outside of the US as a US citizen for 27 years...Honestly, never thought I'd read such a video title, lol.
Good Bernie impression!
End unconditional property taxes
Trump cannot do this unless congress agrees - and there is likely little agreement to do so.
Can he not make it an executive order?
But why on earth would they not agree? What are they afraid of? That all the wealthiest people will just leave? Ok . I answered my own question 😂
You better take advantage he could replace alot of people in congress and get this passed trump 2024
He also pledges to end social security.
Does this mean that the Act60 tax incentives in Puerto Rico will end too?
I’m a dual citizen of the US and Canada. The cost and time spent filing US taxes is absurd, especially since I never end up actually owing any US taxes.
My niece and nephew are in an even more ridiculous position. They were born in Canada and have never lived in the US, but because their mother is a US citizen, they are automatically US citizens and are required to file taxes US taxes, report bank accounts, etc.
That was a great Bernie! Lol
yes please!!!
"FIGHT"?!
WHY should I have to "fight" to live my life in the manner of my choosing?!
Because there are monsters everywhere?
@@clroger4,
Where are those "monsters"?!
@TheLittleLambTalks,
Who are those people?!
@TheLittleLambTalks All the reason to get out and move to countries who don’t think like that.
Brilliant analysis
Thank you Sir
Fantastic discussion
Always appreciate you, and the work you do Andrew
Andrew, It sounds like Donald Trump is hanging out on the Nomad Capitalist RUclips channel 😆😆😆
Outstanding👏
Trump is a nationalist socialist, the complete opposite of a nomad capitalist.
Andrew is a little too fond of Trump, are we all sure that Andrew is still not secretly a US Citizen, It is 50/50 bet Andrew never renounced