Posted on 08/29/2014 1:42:28 PM PDT by Former Proud Canadian
Over the last two years, the U.S. has had a spike in expatriations. It isn’t exactly Ellis Island in reverse, but it’s more than a dribble. With global tax reporting and FATCA, the list of the individuals who renounced is up. For 2013, there was a 221% increase, with record numbers of Americans renouncing. The Treasury Department is required to publish a quarterly list, but these numbers are under-stated, some say considerably.
The presence or absence of tax motivation is no longer relevant, but that could change. After Facebook co-founder Eduardo Saverin departed for Singapore, Senators Chuck Schumer and Bob Casey introduced a bill to double the exit tax to 30% for anyone leaving the U.S. for tax reasons. That hasn’t happened, but taxes are still a big issue for many.
(Excerpt) Read more at forbes.com ...
Umm, you better check on this again. I think things have really changed for someone in your position. Don't tell your Canadian bank you are still a US citizen until you find out exactly what your situation is.
I moved back to the US around 1980, before things got crappy, I suppose.
Yet, we'll pay to let the illegals come in.
Unreal.
You're wrong.
I do business in the USA and Panama. Outside the USA it is incredibly hard to open a bank account because of FATCA. Also, the USA is one of only two countries (the other is an African country) that will tax you're earnings outside the USA, so you get taxed twice; once, by the country you're in where you made the money and then a second time by the USA.
IOW, the punitative measures to try and keep capital in the USA have created an incentive for people who do business abroad to consider surrendering their passport.
SOON Sam, SOON
What is really frustrating is no one asks the important question which is, "why would a company want to move their headquarters and what can we do to change that."
Once a company moves it's headquarters you can bet it's leadership's perspective on where to expand changes over time. It really is self destructive to look at entrepreneurs as the bad guys.
As others have said, it’s a Berlin Wall. Try living abroad without funds.
Communists don’t ask those questions. They only seek measures to compel people to accept their rules.
“We’ve been overthrown in a velvet Marxist coup with nary a shot fired - even after multiple announcements that we exist in a dictatorship supported by an oligarchy.”
Whenever I want to know what the surrender monkeys are thinking, I read your posts.
Well, there’s reality and then there’s wishful thinking - which is what I read from yours.
Cannot stop an enemy when one refuses to acknowledge the reality of the situation.
Not Marxist, MUSLIM. You know, the guys who cut heads off, fly planes into buildings and kill innocent civilians.
Hussein Obama is working very hard to strengthen the terrorists for disruption of he west. Key to Hussein's success is the stupidity of Americans. Hussein obviously has nothing to worry about.
It’s a good question whether such exit taxes will work, or if people will just leave and go to countries that are not very demanding about paperwork. The government is only interested in the money, so if someone launders their money out first, then just goes, as long as they keep it liquid, they might get away with it.
They won’t be doing any business elsewhere, so it is basically just retirement.
Only thing wrong with their plan is 30% is not high enough.
“Cannot stop an enemy when one refuses to acknowledge the reality of the situation.”
Oh, horsecrap. All you post is stupid tirades on how America is doomed. Don’t believe me; look up the posts from INVAR.
You offer no alternatives on how to fight the leftists. You’re a damn surrender monkey. If you were in my platoon, you’d be sent to the rear to clean sh*tcans. You’re a damn loser with no guts to fight the leftists.
“Hussein Obama is working very hard to strengthen the terrorists for disruption of he west. Key to Hussein’s success is the stupidity of Americans. Hussein obviously has nothing to worry about. “
Spot on, politicianslie,
I disagree, though, that President Buckwheat has nothing to worry about.
The 2ndMarDiv is about two hours away from DC coming up I-95.
Cheers, buddy.
I totally get it. This is why half of Florida filled up with South Americans in a decade. Educated people are the first to leave while they can.
Worth noting that they are not charging for relinquishment of citizenship - just renunciation.
Gosh, n00b - it must have given you the warm fuzzies that your Owners in CONgress were magnanimous enough to let a peasant like you keep some of the money that you earned for them...
I assume yours are limited to voting for whomever has an 'R" after their name.
As if that's any kind of 'alternative' to begin with given the fruits of the GOP these days.
You’re a damn loser with no guts to fight the leftists.
I've been fighting them probably a lot longer than you have.
As to 'guts' - you don't have the courage or guts to state the truth that we have indeed suffered a velvet coup, or you are completely ignorant of the Leftists you claim you fight.
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