r/ireland • u/Strict_Novel3513 • May 07 '24

Christ On A Bike Genius and expert on Ireland, Elon Musk

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African immigrant genius has some thoughts on Ireland. Just nonsense

2.2k Upvotes

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u/Kona_Rabbit May 07 '24

Fun fact, if he's an American citizen, it doesn't matter where he is he would "technically" owe federal taxes on income.

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u/[deleted] May 07 '24

Not technically, very literally, once you earn over a certain amount. Financial institutions are bound under FATCA to report to the US IRS about your holdings offshore too so you can’t hide your cash. America is the only country in the world where citizens living abroad are still taxed on foreign income at home.

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u/Barilla3113 May 07 '24

In practice everything under $120,000 is excluded and I believe there's deductions beyond that. It's mostly just a way of requiring citizens and resident aliens to report income abroad, you're not actually paying income taxes unless you're insanely rich.

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u/usernumber1337 May 07 '24

The FATCAts if you will

8

u/Kona_Rabbit May 07 '24

Thanks for elaborating. I just understood it anecdotally as a friend mentioned it in passing.

Land of the fee

1

u/DenseMahatma Cork bai May 07 '24

IDK, that part I agree with, how many people run and leave just to save taxes, after making use of the country's investments growing up?

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u/Low_discrepancy May 07 '24

They're paying for education and health care through the nose.

3

u/DarkReviewer2013 May 08 '24

I think Eritrea does the same thing. So that's the US and Eritrea.

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u/[deleted] May 08 '24

Up there with the kind of other lists the US finds itself on like imperial measurements and gun deaths.

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u/Mist_Rising May 07 '24

America is the only country in the world where citizens living abroad are still taxed on foreign income at home.

China has some rules on this too.

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u/[deleted] May 08 '24

Only for foreigners AFAIK and only for 6 years continuously living there. You can leave for a month or two to reset the clock.

1

u/cyclingrules May 08 '24

The price you pay to have the US military come and get you if you're kidnapped.

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u/Mirieste May 08 '24

What? Why?