A week ago I wrote about the UK income tax system. What I didn't mention is that, as a US citizen, I'm still required to file a US tax return every April 15th! It's crazy. Fortunately, although we have to report our UK income, we are exempt from paying taxes if we earn less than $87,600 each (this amount rises each year). Somehow I don't think we ever need to worry about reaching that amount unless the exchange rate really goes haywire!
Here's the irony though. Thanks to the 2008 US Economic Stimulus Act, because we filed a tax return in 2007, we too were included in the tax rebates that good ole Uncle Sam sent out last year. We were dumbfounded to receive a check in the mail even though we never paid a dime out in taxes. And you wonder what's wrong with the US tax system?
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