Quote:
Originally Posted by RandyRandy
Don't know how it works in France, but emigrating doesn't help a US citizen - you're still on the hook for federal taxes no what where you live or where you make it. And it's illegal to give up your US citizenship in order to avoid paying federal taxes - as many are trying to do now.
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Surrendering US Citizenship is possible. Current IRS guidelines establish a one time exit tax/fee of 15% of your total net worth. It doesnt get you off the hook for past taxes owed, but you can certainly take proactive steps to reduce your tax liability in the upcoming years.
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