It’s not just about money. It’s a labor burden and a privacy intrusion. And even if iceblade02 could renounce for free, they then must carry the renounciation cert for the rest of their life and show it to every bank they deal with and hope that no data entry errors trigger data oversharing anyway.
They must renounce to get their human rights back. Because without renouncing, they lose their human right to non-discriminatory treatment on the basis of national origin (article 1 of the Universal Declaration of Human Rights).
But back to money, that annual tax filing accidental Americans must file costs them $300+/year – accountants do not work for free. It’s effectively a tax on the poor.
If that's true in your case, it means you have over 2 million in assets or made more than 170k averaged over the last five years…
If you're below both this, you don't have to pay the exit tax
https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
So either you don't know the basics of what you're complaining about, or you're pretending you don't make an obscene amount of money
…or I don't have a 5yr record of reporting taxes to the IRS. There's also the 2'500USD "Administration fee"
It’s not just about money. It’s a labor burden and a privacy intrusion. And even if iceblade02 could renounce for free, they then must carry the renounciation cert for the rest of their life and show it to every bank they deal with and hope that no data entry errors trigger data oversharing anyway.
They must renounce to get their human rights back. Because without renouncing, they lose their human right to non-discriminatory treatment on the basis of national origin (article 1 of the Universal Declaration of Human Rights).
But back to money, that annual tax filing accidental Americans must file costs them $300+/year – accountants do not work for free. It’s effectively a tax on the poor.