Americans Abroad

davidpdx

(22,000 posts)

8. Yes, but the problem is not everyone is hiding money overseas

Fri Oct 9, 2015, 04:10 AM

Oct 2015

I earn a nice salary, but it certainly isn't that much (it would be upper middle class in the US). We live comfortably and I save money. The regulations under FACTA and FBAR snare people who it really shouldn't. That has caused people to renounce their citizenship because of the tax implications and the fact that if the reporting is not done currently there are huge fines. The reporting is complex and the US Government is able to find out just how much is in my Korean bank account because the banks are required to report it. It's really fucked up. The Democrats Abroad Committee is working to push for revisions, but god knows when Congress will do it.

I went over this year and am going to have to file for one, but not the other (I'll have to file for the lower one). I'm doing it this year, but will be making sure I keep my account under $10k. One way is to send money back to my US account. The other is a safe. Another would to be throw some of it at my mortgage. I could use a combination of those as well. I'm certainly not Al Capone rich.

BTW are you living abroad?

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The Law That Makes U.S. Expats Toxic [View all] davidpdx Oct 2015 OP

Rich Americans living abroad have to pay taxes? Shocked, shocked I say! leveymg Oct 2015 #1

Right, but if a German citizen goes to the US and starts a business there Recursion Oct 2015 #2

Actually that's not even what he's talking about davidpdx Oct 2015 #4

Done, thanks Recursion Oct 2015 #5

S-Corps baffle foreign authorties DFW Oct 2015 #13

One has to wonder why they pick on little people and let corporations Baobab Mar 2016 #37

Actually it's the first $100,000 davidpdx Oct 2015 #3

But isn't the purpose to keep people like Romney from hiding money overseas? Live and Learn Oct 2015 #6

Yes, but the problem is not everyone is hiding money overseas davidpdx Oct 2015 #8

No, not living abroad, at least currently. Live and Learn Oct 2015 #10

Democrats Abroad is working with Carolyn Maloney davidpdx Oct 2015 #11

Thanks, I'll look it up. We all need to push fo it if the legislation is good. nt Live and Learn Oct 2015 #12

Thanks JustAnotherGen Jan 2016 #26

Right. It has everything to do with American imperialism and 'exceptionalism'. Bernardo de La Paz Oct 2015 #7

Are the laws in the UK the same? davidpdx Oct 2015 #9

I have to go with the complicated reporting forms DFW Oct 2015 #14

You said it Art_from_Ark Oct 2015 #15

Totally agree with your comments. BlueMTexpat Jan 2016 #29

Hi, davidpdx! BlueMTexpat Jan 2016 #28

I misspoke about the FBAR. BlueMTexpat Jan 2016 #31

That's good that you were able to correct it davidpdx Jan 2016 #33

Boris Johnson renounces US citizenship Bad Dog Dec 2015 #16

Sounds a bit like a pride issue in that he has to prove himself loyal to Britian davidpdx Dec 2015 #17

Pride? Bad Dog Dec 2015 #18

Could be davidpdx Dec 2015 #19

This is one of the main reasons I have not declared a preference in the primaries DFW Jan 2016 #20

I can see your point davidpdx Jan 2016 #21

I think they all will address student loan debt. DFW Jan 2016 #22

I think Sanders would listen if the right stats were put in front of him davidpdx Jan 2016 #23

First, the candidate has to acknowlegde we exist at all DFW Jan 2016 #24

Now that I have my doctorate I'm sure I'll eventually have a higher salary davidpdx Jan 2016 #25

There you go DFW Jan 2016 #27

Be very welcome in Switzerland! BlueMTexpat Jan 2016 #32

I could make the move. My wife cannot. DFW Jan 2016 #34

Hopefully, you won't ever have to move. BlueMTexpat Jan 2016 #35

I have an office in Geneva, so I rarely need to go there myself DFW Jan 2016 #36

thats around the cheapest a PPO costs in NYC Baobab Mar 2016 #39

they may not be able to change things like that because of the position we take on this. Baobab Mar 2016 #38

Not sure whether you have seen this ... BlueMTexpat Jan 2016 #30