Posted on 05/11/2013 10:48:45 PM PDT by 2ndDivisionVet
I’ve written many times about how investors, entrepreneurs, small business owners and other successful people migrate from high-tax states to low-tax states.
Well, the same thing happens internationally, as France’s greedy politicians are now learning.
It’s a lot harder for Americans to escape our tax system, though, in part because of reprehensible exit taxes that are disturbingly reminiscent of some of the awful policies of past totalitarian regimes.
But it still happens, and that’s a very damning indictment of Obamanomics and a worrying referendum on the future of the United States. Here are some blurbs from a recent Fortune article.
Americans are ditching their U.S. passports in record numbers, a sign of growing frustration with a system that taxes U.S. citizens on their global wealth whether they live in Montana or Mongolia. …on the list, published quarterly by the Internal Revenue Service, is Isabel Getty, the daughter of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty. In total, more than 670 U.S. passport holders gave up their citizenship — and with it, their U.S. tax bills — in the first three months of this year. That is the most in any quarter since the I.R.S. began publishing figures in 1998. And it is nearly three-quarters of the total number for all of 2012, a year in which the wealthy songwriter-socialite Denise Rich (christened “Lady Gatsby” by Yachting magazine) and Facebook co-founder Eduardo Saverin joined more than 932 other Americans in tossing their passports. …Expatriations first picked up pace in 2010, when more than 1,530 Americans dumped their passports.
The problem is particularly serious for Americans who live and work overseas. The United States is one of the few nations (and the only developed_nation) to have “worldwide” taxation, which means overseas Americans have to pay tax to the IRS....
(Excerpt) Read more at finance.townhall.com ...
For those who’ve tossed their citizenship - DON’T COME CRAWLING BACK WHEN THINGS GET HOT INTERNATIONALLY. YOU WON’T BE WELCOME.
Fine, just so long as those of you who didn’t see it coming don’t beg for rescue when The Won implements Iron Curtain v2.0.
Are you joking?
Let the Muslim Marxist just try and confiscate guns nationwide. He may believe he’s succeeded in Colorado, but that show isn’t over yet?
This includes: Missionaries, Pastors, Aid Workers, Humanitarian causes of different kinds from disasters, diseases, students, teachers etc. And their children who are USA citizens.
It is for anyone working in this area, a real problem – taxes in two countries– and is not an joke.
If you think personal income taxes are a pain, try adding the laws of two countries, documentation, currency conversion ( a real challenge) and the level of paper work involved.
Some of the people are seriously looking at this are simply doing so because of the overhead: legal requirements, particularly if they are a spouse, committed aid worker or missionary, and will probably die where they are currently resident when they retire.
The legal authority and power of a country stops at its border. Why should some one have to file documents, pay taxes,etc. in the USA when they do not live there and receive no benefit of any kind! just so they can visit their elderly parents?
I’m not going, I’m going to stand and fight. This is our land and our state!
Washington can take the door, and if their not so good as to kindly walk out, we shall throw them out ourselves.
But for now we will have to start by preparing our states to make Washington’s life difficult and begin re-positioning themselves to help provide for our defense against this lawless government.
South Carolina has a fantastic plan we should be pushing this everywhere:
“For those who’ve tossed their citizenship - DON’T COME CRAWLING BACK WHEN THINGS GET HOT INTERNATIONALLY. YOU WON’T BE WELCOME.”
I don’t blame them, a country is built to defend the rights of the people. Our Federal government is quite obviously at war with them rights. Theses people as individuals(just like us) have no means to fight & defend themselves. They can’t wait around for us to overturn this evil so they must leave.
I just hope that when the day comes for our rebellion against this lawless tyranny that they should return to fight for liberty with their true countrymen.
“The United States is one of the few nations (and the only developed_nation) to have “worldwide” taxation, which means overseas Americans have to pay tax to the IRS.”
I used to be proud to be a US Citizen.
It’s now an iron curtain country that should fail.
They can run, but they can’t hide. Somehow, $20, $30, $40 million salaries for CEOs just rubs me the wrong way. Check out the Google site “Forbes CEO Compensation,” to see how much the CEO of your favorite company gets. I like to compare companies like Home Depot/Loews, Rite Aid/CVS/Walgrens, etc. to see how high their CEO is paid, then buy from the one with the lower paid CEO.
If a company provides a better service for less, why on earth do you care what the CEO gets paid???
That’s simply irrational.
They’re doing it in the biggest state in the union - without meaningful opposition.
$428M+ for Connecticut coffers.
Two business acquaintances of mine are very close to making overseas moves; one to Ecuador and the other to Belize. For some reason, they never mentioned love of country as part of their decision making.
The Left is happy as can be to export productive Americans and import third worlders and muzzies. Business people have to look forward, to make estimates and decisions based on what they think the future holds. The prognosis for America is not good, and to many, it means it is time to leave before currency controls and fascism destroy them.
I have lived outside of the United States for some 20 years and will never return.
It is not the America I grew up in and loved dearly.
Every soldier who fought to keep tyranny from our shores, fought in vain, as the vile Obama regime is doing in two terms exactly what Lenin and Trotsky would have done.
We have an IRS behaving like a gestapo and now arming themselves to the teeth. Multiple incompetent police agencies that are useless when faced with the apprehension of criminals and terrorists (E.G. Boston) - yet remarkably efficient at terrorizing the citizens of the new police state.
White people are victims of black gang violence on a daily basis and the press will not report it.
The press only reports favorable information about the regime.
The currency is being rapidly debased and the economy is in shambles.
Most American cities are unliveable ghettoes where it is unsafe to walk unarmed after dark.
On top of that, I am required to not only file but pay taxes to the USA. I was audited a few years back and they even threatened me; “We will come and knock right on your door!”
I own a modest home abroad and if I am to give up my US passport, they would require me to pay a 33% tax on it. I left the USA virtually penniless and made my money in Europe - where my ancestors originated. Now to give up a passport they want me to add up everything I’ve made over here and pay them 33%?
That is a financial “Berlin Wall” and nothing less than tyranny.
““The United States is one of the few nations (and the only developed_nation) to have “worldwide” taxation, which means overseas Americans have to pay tax to the IRS.””
I’m wondering to what countries are these people expatriating? Anyone know?
Let's think together a bit. The only free people who are paid a lot of money by other free people are those whose labor is extremely valuable. High salaries are good and coveting the high earnings of others is wrong. IMHO this is exactly what's gone bad with America as even freepers join these godless calls for state redistribution.
It’s a lot harder for Americans to escape our tax system, though, in part because of reprehensible exit taxes that are disturbingly reminiscent of some of the awful policies of past totalitarian regimes. But it still happens, and that’s a very damning indictment of Obamanomics and a worrying referendum on the future of the United States.
Has this actually happened or are you being hypothetical? A friend of mine renounced her US citizenship and while she had hundreds of bux in fees she didn't mention a wealth tax.
True
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