NEWS OF INTEREST (NOI): Roughly 1 in 4 American expatriates is “seriously considering” or “planning” to renounce their U.S. citizenship, according to a survey from Greenback Expat Tax Services. The top reason why expats want to dump their U.S. citizenship, according to the survey, which polled 3,200 American expats living in 121 countries, is the burden of filing U.S. taxes. Nearly 80% of expats don’t think they should have to pay U.S. taxes while living abroad.
86% of those surveyed feel the U.S. government is less likely to address their issues than stateside citizens, the survey found.
There were about 9 million U.S. citizens living abroad in 2020, according to estimates from the U.S. Department of State. (Source: CNBC)
What percentage of US revenue is income tax?
In the United States, individual income taxes (federal, state, and local) were the primary source of tax revenue in 2020, at 41.1 percent of total tax revenue.
Social insurance taxes (including payroll taxes for Social Security and Medicare) made up the second-largest share, at 24.8 percent, followed by consumption taxes at 16.9 percent, and property taxes, at 11.9 percent.
Corporate income taxes accounted for 5.1 percent of total tax revenue in 2020.
