Posted on 04/26/2010 11:20:03 AM PDT by Patriot1259
Excessive taxation blamed -
The National Center for Policy Analysis is reporting today that the number of U.S. expatriates turning in their U.S. Passports is rising dramatically. According to U.S. government records, 502 expatriates renounced their U.S. citizenship (or permanent residency) in the fourth quarter of 2009. This is more than double the number of expatriates renouncing U.S. citizenship in all of 2008.
(Excerpt) Read more at thecypresstimes.com ...
barometer or shall I say Barry-obama-meter
Things get rough and they renounce citizenship? Good riddance to them.
200 people is hardly an “explosion”.. come on
Lol. That’s a great word. Now every time I see an article about the political climate cause by Obama, I’m going to think about Checking the “Obameter.”
Since we are all for “open borders” why in hell do you want to be a papered citizen. Don’t you know the un-papered get all the benefits without having their income taxed? Shoosh, we are all illegal aliens now.
A Certificate of Loss of Nationality (CLN) is issued to finalize an expatriate’s renouncement. Anyone can renounce their U.S. Citizenship.
Copies of the CLN are sent to the IRS, FBI, and USCIS. The IRS publishes the names in the Federal Register to announce the taxpayer’s CLN to State tax collection authorities.
Barry Soetoro’s CLN wasn’t published because he did not have an SSN when he renounced to become an Indonesian National.
The US has a financial Berlin wall: anyone trying to get away from the taxation power of the US Government has to renounce citizenship, and even that costs roughly 50% seizure of assets.
These guys are probably getting away before it becomes 100%. For them, Atlas has Shrugged. If November doesn’t save the US, then I expect the trickle will become a flood.
I don't think that's correct. I think that renouncing citizenship is considered a "taxable event" equivalent to a sale, upon which the holdings are taxes as if you sold them, at the existing capital gains rates. So, if you have all cash, there's no penalty, but if you have stocks, the state plus federal rate could be pretty high, depending on the mix of short and long term holding times and the amount of embedded profit.
If anyone has more detailed info, please add!
Elections have consequences.
It’s more complicated than that. For instance your pension benefits must be taxed, even if you are not yet getting them, and even if nobody knows what you will get as it depends on how long you live. So say you have a defined benefit pension that you want to tap when you are 62, and you abandon your citizenship whan you are 58, then you must immediately pay 30% of the actuarial value benefits in taxes. And this won’t count as taxes when you get your pension for the government of the jurisdiction you live in.
There is double taxation and injustice here.
Unless there is a sufficient reversal of the trajectory of the national socialists in the next election, we may be facing similar choices that some in Europe dealt with when they decided to flee the rise of the national socialists in Germany.
LOL! How about 0kaka Barackometer?
“Barry Soetoro’s CLN wasn’t published because he did not have an SSN when he renounced to become an Indonesian National.”
There was never anything to renounce. He was never an American citizen.
Atlas hasn’t Shrugged yet for most of us. If we win in November, there may be a chance to save this country. If the Democrats and their allies in the left wing media manage to thwart us in November, perhaps Atlas will finally Shrug after all. Its either that or a rapid descent into complete socialism that will destroy productivity and prosperity in America.
“Can I renounce my citizenship and then come back as an illegal and get all the free benefits and not pay taxes?”
DO THAT! THAT WOULD BE HILARIOUS!!!! ROFLMAO!!! LOLOLOLOLOL!
Think of the interview you would get from the Border Guard if you were in Mexico and tried to make run for the border?
Border Guard: Where were you born?
Ex-pat: Happy Jack, AZ.
Border Guard: Why were you trying to sneak back into the country if you were born here?
Ex-pat: Because I’m not a citizen any more and I heard that if you are an illegal in the USA you get bennies out the wazoo! I’m here to take advantage of those.
So “502” progressive/immoral Obama voters “renounced their U.S. citizenship.” Big deal. Maybe the sovereign debt crisis ahead of us will help us to get rid of the rest of the effete, and we can rid ourselves of so many anti-competition zoning ordinances and social programs.
Most people who are politically active and richly employed are getting their money directly or indirectly from government. Both political parties are full of libertine behaviors, lying politicians and policies in favor of their anti-American foreign interests.
Atlas is shrugging!
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