ABOUT THIS EPISODE
September 4, 2024 - Participants include:
John Alan Reese - @JohnAlanPod
Anthony Parent - @IRS_Medic
Keith Redmond - @Keith__Redmond
John Richardson - @ExpatriationLaw
On September 4, 2024 John Alan Reese interviewed Keith, Anthony and John (regular participants in the IRS Medic podcast).
I recommend the complete podcast which is available here:
https://www.youtube.com/watch?v=5AEpiebGj3k
This podcast is an excerpt of Keith Redmond and John Alan Reese discussing the problem of finding support for Americans abroad. Both Keith and John note the difficult relationship that Democrats Abroad (and other organizations) have with Americans citizens abroad.
A direct (and shareable) link to this clip is here:
https://www.listennotes.com/podcast-clips/proof-that-americans-who-live-abroad-are-BmoQxHEu5I8/
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SHOW NOTES 🔗
TRANSCRIPT 🔗
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Now, John, let me ask you about this.
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Many of the people that I talk with, just in my day-to-day life, but also on my program,
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and many of the people that Keith talked with are what we call accidental Americans,
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or they are an American who is very deep into the thought process when it comes
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to dropping their American citizenship.
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How does that person approach taxation?
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You know, they're two completely different questions. They are.
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I mean, anybody who is, I mean, U.S. citizens are the only carbon life forms
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in the world that, by definition, dual tax residents.
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So, in other words, life is fine if they live in the United States,
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but if they leave the United States, I mean, you may have seen a product called
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an invisible dog fin where you get a shot, right? Okay, let's be what they are.
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Now, this phrase, accidental Americans, I don't even know what it really is.
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But to answer your question, John, the accidentals have an awful lot of benefits
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and options available to them that people who are not accidentals don't.
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I mean, the people who are really being destroyed by this are people who are
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not accidental Americans.
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They moved away from the the United States, you know, and they're in their 20s or something.
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Keith uses the phrase financial center of gravity. What that means is that all
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their retirement financial planning has been done in accordance with the tax
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laws of another country.
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Many of those people are in the U.S. tax system, okay? Many of them are not in the U.S. tax system.
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Basically, absent any reasonable prospect of change, I think people have to get out.
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I think they've got to renounce their citizenship, you know,
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if they want to survive this thing.
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Some will renounce as tax compliant Americans, some will not.
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The IRS, incredibly, going back to the point of accidental dental Americans,
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and I think that this is generous and reasonable because they can't change the laws,
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but has created a program called the Relief Procedures for Former Citizens that
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will allow accidental Americans to renounce U.S.
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Citizenship, in most cases, you know, and wrap the whole thing up.
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The other point that I would make is that there's a huge distinction here between
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people who were born with dual citizenship and those who are not.
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Not only does the U.S. have citizenship taxation, but, you know,
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to make it even more offensive, they have citizenship non-taxation.
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All right? Explain that, please. Sure.
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You know, let's say that you're, I'm going to use the example that Keith always
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uses, although I think this is unreasonably.