Introduction …
Many individuals (Solomon Yue, Keith Redmond, and MANY others) have been working very hard on tax reform for Americans abroad. Many groups (ACA, AARO, DA, etc.) have also been working. The basic goal is to support Congressman Holding’s bill which would provide some tax relief. This has been a long and difficult process (which will eventually succeed), it is very hard for individual legislators to understand the issues. This motivated me to tweet the following:
You an be sure that not a single candidate understands or will take time to understand the issue. The problem is that being American is ONLY about taxation and when #Americansabroad suggest they shouldn't be taxed, Homelanders believe they are saying they shouldn't be American. https://t.co/yAJgTQgpCK
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) June 30, 2019
A response to this tweet included: “So the only resolution is to renounce citizenship. Correct?”
My thoughts to this response …
A painful question indeed: Although I believe that the efforts for tax reform will eventually be successful, I also believe that renunciation is a separate question. What follows are 4 tweets detailing my thoughts on why for many: "the only resolution is to renounce citizenship." https://t.co/UEAbX4MBlN
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) July 2, 2019
Different individuals have different circumstances. Price that many #Americansabroad have paid 4 filing U.S. taxes is compliance is: risky (@USTransitionTax), penalty laden (@InFBARWeTrust), confiscatory (#PFIC), expensive. (@USTaxPrep). DIRECT costs of retaining are high! 1/4
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) July 2, 2019
In addition to the DIRECT costs of retaining US citizenship for #Americansabroad, there is a VERY HIGH "OPPORTUNITY COST". As you know, US #expats have been disable from retirement planning in many countries. See for example https://t.co/xhFziG1dm5 2/4
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) July 2, 2019
In addition to the DIRECT and OPPORTUNITY costs of retaining U.S. citizenship, #Americansabroad suffer significant EMOTIONAL and PSYCHOLOGICAL costs detailed by @TAPInternation and others. This may be the most destructive aspect. For example, see https://t.co/MwTVEaZQVx 3/4
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) July 2, 2019
The DIRECT, OPPORTUNITY and EMOTIONAL costs of US citizenship are high. Tax compliant #Americansabroad are under greatest pressure to renounce. Whether "covered expatriate" or not, those with a second citizenship will greatly improve their lives by renouncing AKA #citizide 4/4.
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) July 2, 2019
According to my memory, I created that term #Citizide
Happy to have contributed to the battle in any case
Well, I know that I didn’t create the term. It is an excellent term that captures the psychological stress felt by U.S. citizens abroad who must destroy a part of themselves (specifically a part of their identity) in order to save their whole personhood and to live life to the fullest.
This excellent word captures the blending of both the trauma of the death and the opportunity created by the rebirth.
Thank you for creating one word (“citizide”) that describers so much!