You live abroad, and you’ve done a careful job of saving your money for retirement.
But American Homelanders have little savings. Only 25% of them have more than $10,000 saved. Perhaps that’s why the fraudulent aggregate FBAR limit remains $10,000–it’s more money than 75% of Americans have in savings.
What is more, their Social Security System is a Ponzi scheme that has not invested in anything except worthless government debt — i.e., there is no money in it–just the obligation of the Federal government to collect even more taxes to pay the recipients of Social Security.
So you’ve saved your money, but neither the people nor the politicians in the USA have saved theirs.
What effect will this have on Citizenship Based Taxation and FATCA? The majority of Homelanders have not one bit of sympathy for you and how the US government is persecuting you. As Roger Conklin said, “The tail wags the cow.”
And those of us who can not renounce？
@Japan, T I don’t have any answers for you on that part. As those of us with only one citizenship being from US is the most toxic citizenship in the world today. It used to be a matter of pride to waive your blue passport all over the world. Sadly, those days are over thanks to Mr Obama’s administration Americans are hated by most of the countries in the world as it is getting into taxing their own resident citizens if they are dual citizens of US.