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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 ...
The line starts at Aubagne...
Schumer is a vulgar ignoramus. I can’t forget they got rid of Al D’Amato - ridiculed as stupid - for this putz. At least Al fixed the potholes.
The writer Thomas Wolfe learned this personally when a poor Jew traveling by train in the same compartment from Germany to France was grabbed by the Gestapo. Before they could nail him, he passed on his pittance to Wolfe who took it back to America. It was then that Wolfe realized the horror of the situation and wrote an essay called, I think, “I Have a Thing to Tell You”. Something along those lines. Of course, I also believe the Nazis murdered Wolfe through a beating he took from them in the 1920s.
Yes comrade, you can leave the paradise of the Soviet Union if you pay for the privilege!
If I ever decide to give up my citizenship you can be goddamn sure that I won’t pay for it. I have been working for 30 years and have been bled white the entire time by the parasite class who use double-speak when they call themselves “public servants.”
So you can illegally come in will at will but its costing more and more to get out...
So follow the money to see the pattern
Yeah, it’ll have one ways doors that allow entry, but no exit.
Kinda illustrates a clear picture, huh?
People will pay it, because it’s worth it.
Just think what it will cost in say 5 years
They are making it harder to transfer capital out of the US too. Right now, it’s impossible to earn a decent income abroad (over 80k or so) without being double taxed unless you renounce US citizenship.
So those thinking of retiring abroad should do it sooner than later. And younger individuals planning on careers abroad need to renounce before their income goes up.
If it really comes to the point where the productive and affluent MUST leave, hopefully there will be a country that sees the benefit of attracting wealthy US émigrés. Although conventional wisdom maintains that the US government will simply bully small haven nations into submission to US extradition, banking and tax laws, as we have seen under 0bama, the US is loosing its economic and military influence everywhere. A small haven nation may be better off under the protection of a rival economic bloc that could emerge to challenge US hegemony.
Odd, I thought merely swearing allegiance to a foreign potentate (as for example, “Caliph Ibrahim” or Her Britannic Majesty Elizabeth II, sufficed as a renunciation of one’s U.S. citzenship). If the foreign potentate accepts the allegiance, how precisely, do the Feds propose to collect this fee?
“Mr. Obama (or whatever your real name may be), tear down this red tape!”
Bump for reference.
$2,350 isn’t the end of the world , especially if their 20% capital gains tax is a million dollars.
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