NEW YORK, Sept. 27, 2024 /PRNewswire/ — MyExpatTaxes, the leading tax filing platform for American expats, has found that nearly 60% (58.4%) of expats would give up their right to vote in exchange for not having to file U.S. taxes while living abroad amidst the increasingly complex filing requirements imposed on them.
“We are seeing a very notable shift in the attitude of American expats,” said MyExpatTaxes CEO Nathalie Goldstein. “As tax requirements become more onerous and expensive, especially against the backdrop of historic political polarization and the perception of getting less value in return for taxes paid, we are seeing more Americans than ever questioning whether to remain U.S. citizens.”
There are now 5.9M Americans living outside the United States.
The filing requirements as an American expat have become so daunting that MyExpatTaxes’ survey found 46.7% of respondents considered actually renouncing their US citizenship due to the complexities of filing.
Many first time expats are in fact surprised to learn that even income earned from working a job located in a foreign country is still subject to U.S. tax filing requirements– and adding additional forms and documentation along the way.
The shifting attitude of American expats seems to not merely be a referendum on taxation itself, but rather a dissatisfaction with the value realized from those taxes. Just about 90% of respondents indicated that their quality of life had improved since moving abroad. Perhaps as a nod to the taxation systems in other countries such as across Europe, 88% stated that they are agreeable with paying higher taxes if it means better access to healthcare and social safety nets.
The survey, the largest of its kind ahead of the 2024 U.S. presidential election, polled 1,500 expats living in 89 different countries. The findings also illuminated the potential impact of expat voters with just over 27% of respondents admitting that they have not voted while living abroad. Of those polled, 15% hail from swing states.
As the U.S. remains one of two countries that enforce citizen-based taxation, Goldstein, an American expat herself, encourages all U.S. citizens living abroad to vote in the upcoming 2024 election. “It’s important that Americans abroad are seen as a sizable community, so that those making changes to U.S. taxation laws keep them in mind.”
SOURCE MyExpatTaxes
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