It could be beneficial to if working abroad because the United States is one of the only countries on the planet that taxes earned wages abroad while offering absolutely zero tangible benefits to those who do, perhaps besides the passport itself.
Given much of the free world depends on the US for defense, maybe it's not "zero tangible benefits"?
Yea, it's annoying, though. Under $130k a year you don't pay. So this is a 1%-er problem. And, you still deduct your foreign taxes and just pay the difference. I'm not saying that makes it ok, but you aren't double taxed, you're just taxes as tho you were back in the USA.
The rest of the world pays for US defense through investing in US treasuries, which they are moving away from for obvious reasons. The US isn’t providing defense for free, they are compensated for it by the world buying their debt at favorable yields considering the debt load (~120% of GDP as of this comment).
socalgal2|5 days ago
Yea, it's annoying, though. Under $130k a year you don't pay. So this is a 1%-er problem. And, you still deduct your foreign taxes and just pay the difference. I'm not saying that makes it ok, but you aren't double taxed, you're just taxes as tho you were back in the USA.
toomuchtodo|5 days ago
https://fred.stlouisfed.org/series/GFDEGDQ188S
https://fred.stlouisfed.org/series/GFDEBTN
SlightlyLeftPad|5 days ago
Edit: grammar