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News Link • TAXES: Federal

Citizen-Based Taxation: Thank War for It

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Only two nations in the world have citizenship-based taxation: the United States and Eritrea in northeastern Africa.

Citizenship-based taxation means that the payment of taxes is determined by citizenship rather than residency or the source of income. In other words, the foreign income earned by an American abroad is taxed by the Internal Revenue Service even though it is also assessed by the nation in which he lives. An American businessman living in Hong Kong is legally required to render unto two Caesars even if he receives 'benefits' from only one. This amounts to a stiff financial and paperwork penalty on Americans who dare to depart their native soil.

 

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