Exactly. I’m constantly surprised by the otherwise educated Conservatives I know that have no inkling that they no longer really have the option of simply moving to another country when the US slips too far toward socialism.
If you have enough assets, the IRS will hound you for TEN YEARS after you renounce citizenship. That is AFTER they demand the 50%+ death tax from you. That’s right. If you renounce citizenship, they want half your assets — as though you had died.
If this policy doesn’t make it clear that the government preys on the wealthy, nothing does.
Kellis, you are talking about $10,000 cumulative or more accounts as well!
So so guy named Woo in S Korea, with an American parent but a happy Korean citizen, can get a letter when he is 40, demanding that he file taxes with the IRS for the past 20 years. That means a financial disaster for virtually everyone. You can bet that soon IRS will be able to wire the cash from your foreign account to their account to satisfy any payment that they say it’s due.
Ignorance of the law, I am sure will not matter, despite the fact he might not have even visited USA. How is this fair, or American?