As well as SS I am also in receipt of 2 US private pensions, so if I were to give up my US citizenship wouldn’t the IRS still want to tax that US based income? I could cash in my Roth and buy houses to let over here like my wife has done but I would still be in receipt of those pensions so can’t get rid of all US income.
Yep.
https://www.irs.gov/individuals/international-taxpayers/nonresident-aliens-sourcing-of-incomeI don't think this bill is going to make it - it's a vanity piece to show the people in the home district that the author is "doing something" in DC. The fact that it has appeared at all, like the recent bill to authorize Trump to annex Greenland, are exceptionally troubling signs, though.
Like Nun, I'm waiting for the mid-terms. If it goes badly, there's going to be a rush of people wanting to leave. Right now a 20ft cargo container of goods shipped from NY to France is running about $12,000 for this fall (recent estimate). Or about $8,000 for three lift-vans delivered as space becomes available. (The slow-boat route.) It's probably about the same to the UK. That'll go up when demand goes up.
And then there will be the housing crunch - and I know there already is one in the UK. It's quite tempting to go over to anywhere but here before the mid-terms, secure a place, put most of the household in storage (you get a year to import them duty-free in the EU - not sure anymore about the UK) and then decide what to do later. Our lease ends in October.
There are differences in the tax treaty between people who are US citizens living abroad and foreign citizens living abroad (as far as US sourced income goes). I don't remember what they are, but at least in the UK/US treaty I remember running across them. If I were to move to, say, France, all my US sourced income, because it's retirement-related, would be taxed ONLY in the USA if I remain a US citizen. I am not positive that would remain as such if I was tax-resident in France as EU and not USA. I think that I'd be having to pay France and then get a credit on my US taxes.
My brain hurts.