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Posted on 5/5/24 at 8:33 am to Tasseo
quote:
Irrc back in the dark days of obama pelosi put in a penalty in the tax code for people leaving.
I don't think you recall correctly.
Expatriation Tax has always been a thing, if you renounce your US citizenship you owe taxes that would normally be owed for people that basically have a few million in net worth.. Typically held in retirement accounts that you would have owed taxes on when you cashed it out. So it's basically paying the government what you owe before you leave.
This post was edited on 5/5/24 at 8:34 am
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