Yes, I'm one of those Americans that has hit 85k repeatedly. But taxes in Europe is higher than they are in the US, 35% to 25% avg.
The last important line item is deduct the taxes you paid locally from your estimated US tax contribution. If you come out negative you owe the IRS 0. If you live anywhere in Europe 90% of the time you will hit 0.
>It's "miniscule" compared to the number of Americans living outside the country. Mainly because the majority of Americans living outside the country are in the military and not affected.
To me, the military doesn't count because 1) bases are treated as US territory they aren't taxed locally 2) Most military is tax exempt for duty and hazard pay. I'm referring to the 100,000 Americans in London and 50,000 in Paris. There are no US military presence in either of those cities and the US embassies can't hire them all.
>There is a new law that if you have more than $10k at any moment in time throughout the year you have to report the bank accounts that held the money.
This only applies to citizens living in tax shelters (ie Switzerland, Luxembourg, etc.) and if you are putting your money their and not honestly reporting it I have no sympathy at all when you get audited.
>Oh and did I mention that inheritance taxes still apply to you (when you die or when you inherit)?
Can't forget inheritance tax. Ole Dubya had to repeal it even though it only applied to his billionaires club.
>But taxes in Europe is higher than they are in the US, 35% to 25% avg.
In "Europe"? You mean parts of Europe or even most of Europe. In Switzerland, Lichtenstein, etc., it's lower.
>This only applies to citizens living in tax shelters (ie Switzerland, Luxembourg, etc.)
Uh... why do you think that is, eh? Think about that for a minute.
>and if you are putting your money their and not honestly reporting it I have no sympathy at all when you get audited.
Oh yea? If I live and work there and happen to put my money where I live and work you have no sympathy for me not wanting the US to bother me about it? Why does the US need to know? Why is it there business? I don't use their resources. No other first world country does anything like this and there is no excuse.
The last important line item is deduct the taxes you paid locally from your estimated US tax contribution. If you come out negative you owe the IRS 0. If you live anywhere in Europe 90% of the time you will hit 0.
>It's "miniscule" compared to the number of Americans living outside the country. Mainly because the majority of Americans living outside the country are in the military and not affected.
To me, the military doesn't count because 1) bases are treated as US territory they aren't taxed locally 2) Most military is tax exempt for duty and hazard pay. I'm referring to the 100,000 Americans in London and 50,000 in Paris. There are no US military presence in either of those cities and the US embassies can't hire them all.
>There is a new law that if you have more than $10k at any moment in time throughout the year you have to report the bank accounts that held the money.
This only applies to citizens living in tax shelters (ie Switzerland, Luxembourg, etc.) and if you are putting your money their and not honestly reporting it I have no sympathy at all when you get audited.
>Oh and did I mention that inheritance taxes still apply to you (when you die or when you inherit)?
Can't forget inheritance tax. Ole Dubya had to repeal it even though it only applied to his billionaires club.