Posted on 08/31/2014 7:02:02 AM PDT by Sean_Anthony
Current administration would rather squeeze U.S. citizens for more revenue
Just like the recent rise of business inversions — moving business HQ abroad — the United States has seen an uptick (up 221%) in Americans renouncing their citizenship. The elephant in the room in both these cases is taxes: both high taxes and burdensome tax compliance in foreign jurisdictions.
Instead of facing the problems directly, the Obama Administration has resorted to punitive measures. The shame and blame tactic of calling out businesses who wish to relocate as “unpatriotic” was undignified. Perhaps realizing that using the same strategy with individuals would be even less well received, they went the more quiet, direct route: yesterday, the State Department announced their interim final rule that raises the fee for renouncing citizenship from $450 to $2,350.
Their justification for raising the fee is that the time and labor be involved in the process; that is, the bureaucratic red tape that they created, and then decide to charge exhorbitant fees for:
(Excerpt) Read more at canadafreepress.com ...
How Nazi-ish.
How much did it cost Obama, when he became
a “foreign” student?
We’ll eventually get our border fence ... but we won’t like it.
Ridiculous...There should be no fee at all.
Another absurd regulation from the government leviathan.
Agree, we have already paid taxes for the services rendered.
What service?
Yeah, because it's designed to keep us in.
While the article is about an administrative exit fee, that's small potatoes compared to what FATCA does. It financially locks Americans into the US, unless they either renounce, or at least get a second passport.
No foreign institution even wants the accounts of Americans. It not only causes great hardship to US citizens working abroad; it is a stealth capital control that affects everyone.
If you want to renounce, you have to pay up any gains taxes (strict, but perhaps justifiable); but if you have undeclared overseas funds, or if you have declared overseas funds and make some reporting mistakes, the penalties and seizures are draconian.
When I was younger, we in the US used to point at the Nazis and the Communists as being so tyrannical that they would strip anyone exiting of their assets. I don't know how many WWII stories I read about people sewing diamonds and other valuables into their clothing; or of funds they couldn't reach either at home or in Switzerland. We were different from those countries who acted as if their governments owned their citizens' wealth... but now we are no longer. And, if that's not enough, there's always the civil asset forfeiture program.
a ‘fee’ to leave???? wtf is that bull$hit?
That was my initial thought also. The Nazis forced Jews to pay a “tax” equal to their wealth to escape Germany early in their regime.
if I where leaving.. and I am not.
“I’m leaving. walking out on the check. I will not pay you and no taxes will be following this letter”
Then move somewhere that could give two shits about the USA trying to collect.
The Federal Government screwed America a long time ago. We are no longer a reasonable constitution land and instead we are in the toilet. Most Americans are living on credit cards with wages so low and prices are sky rocketing.
Yep. Like all socialists, everywhere, it’s “you can’t run away with that stuff; we haven’t stolen it yet”
The cost of inflation and the Cost Of Living Adjustment should include this price increase in its calculations.
What happens if you just leave and don’t pay it?
To paraphrase Jack Nicholson in "Batman": "And where...are...the Republicans?"
Aside from Rand Paul, they seem totally absent on this issue - meaning they approve.
Yes, indeed. And western historians have rightfully blasted this mendacious act on the part of the Nazis. That’s why I was somewhat surprised to see Mr. Chuck Schumer endorse this. I guess he never read a history book.
Don’t worry, a smart lawyer will find a way around this fee.
Seize your bank accounts perhaps?
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