U.S. media: The burden of tax reporting is too heavy 1/4 of the overseas American overseas Chinese seriously considers the abandonment of U.S. citizenship

Overseas Network, June 20th. According to the US Consumer News and Business Channel (CNBC), a recent survey by the US Bank of America GreenBack Expat Tax Services found that the burden on the US tax reporting was too heavy, and it was too heavy. As a result, American diasporas who live overseas are seriously considering the abandonment of U.S. citizenship.

After investigating the company's 3,200 Americans from the 121 country of Overseas Chinese, the company pointed out that about 1/4 of the overseas American diaspora "seriously considers" abandoning the United States. The main reason is that the tax reporting procedure to the United States is too heavy. When American citizens living overseas declare income tax each year, their revenue from all over the world must be listed, including their wages, commercial profits, investment income, etc. These income must be declared to the national government where the United States and the diasporas are located. Many overseas American diasporas oppose "double taxes" because it takes too much time and cost to complete. About 80%of the U.S. overseas Chinese who accepted polls believe that they did not need to pay taxes to the United States during their overseas period.

David McKeegan, co -founder of the U.S. Dalian Tax Service Company, said that it seems that rare things such as savings pensions and purchase of real estate are changed overseas to "sometimes make you suffer". Essence Some Americans must report accounts to the US Treasury by foreign banks and financial accounts every year, otherwise they may face severe punishment. If it is ruled to "deliberately" tax avoidance, the tax arrears will be as high as $ 129,210 or 50%of the balance of bank accounts.

In 2020, 6,705 Americans who broke the record gave up the United States, and fell to 2426 in 2021. However, the number of people may be closed during the new crown epidemic due to many US -leading embassies abroad. The US State Department estimates that there are about 9 million U.S. citizens who live overseas in 2020. Makigan said that the survey results also showed that up to 86%of overseas Americans believed that their concerns were unlikely to be dealt with by the US government. (Overseas Network Hou Xingchuan)

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