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RE: When are taxes too HIGH

in #life7 years ago

The worst part is that Americans are taxed based on citizenship, not residency - even if you move to another country and never set foot in the U.S. again, they will take a large portion of your income for the rest of your life. Exponentially increasing numbers of people are renouncing their American citizenship every year, although this is becoming more expensive and difficult to do. As a Canadian the tax situation is even worse, with a top income tax rate of nearly 60% (!) I moved abroad, largely due to these ridiculous tax rates, and never looked back...I now rotate between Colombia, Georgia, and Malaysia, effectively giving me a legal 0% income tax rate.

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Interesting, and ya the tax rates for these 2 countries are crazy. My parents worked for years, and just shelled out money on there last couple years of working.