Posted on 02/14/2013 11:00:53 PM PST by Slings and Arrows
Would you renounce your U.S. citizenship if it meant you’d be sending less of your hard-earned dollars to Uncle Sam?
As Americans face higher taxes and stricter enforcement, a growing number of them are, indeed, deciding to turn in their US passports. As of 2013, 77% of Americans will pay higher federal tax rates because the cuts in Social Security payroll taxes expired when Congress passed its tax package on New Year’s Day.
But the wealthiest households face the highest tax increases. From 2009 to 2011, the number of expatriates, or those who renounced their U.S. citizenship, doubled to 1,781.
Nigel Green, CEO of deVere Group, which provides financial services for expatriates, said that since the start of this year, 48% more of his clients in January than in a typical month inquired about moving funds abroad and the possible tax implications of changing citizenship.
The income tax rate rose this year to 39.6% from 35% for individuals earning more than $400,000 a year and married couples earning more than $450,000.
The Tax Policy Center estimated that those who earn more than $1 million would pay an average of $170,341 more in taxes.
-snip-
Federal taxes aren’t the only issue, though. Increases in state income tax rates factor into these decisions as well. Recently, California enacted Proposition 30, which raised state income tax rates to 10.3% from 9.3% for individuals making at least $250,000 and 13.3% from 10.3% for those earning at least $1 million. Golfer Phil Mickelson publicly voiced his concern over the tax increases and threatened to leave California because of the higher rates.
(Excerpt) Read more at finance.yahoo.com ...
And, there in lies the rub. The freeman has been cornered. There are no new lands to run to, from these bastards. Once again, they believe that God given Freedom is a negative right of all Men. Well, let us all bring that crap, to a conclusion.
Ronald Reagan: A Time for Choosing Speech, 1964: "You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a thousand years of darkness. If we fail, at least let our children and our children's children say of us we justified our brief moment here. We did all that could be done."
www.OathKeepers.org
“An ‘expat’ is simply one who lives outside their country of citizenship for a sustained period of time.”
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There are a number of us Expats on FR, and there are a few “dogs in a manger” FReepers who resent it, but that is their problem, not mine.
That does not have anything to do with renouncing citizenship or hating our home country.
I became an expat before I had ever heard of Obumbo, but he reinforces my desire to stay away.
If half of the US citizens love Obumbo, I want no part of them or their stupid thoughts.
I live on the social security that I paid into during my productive years. I could not live on it in the US, even if I wanted to.
I doubt, however, that the US would continue to pay me if I made a formal declaration to renounce my citizenship.
I have yet to see where retaining my citizenship could have any negative effect on my expat living.
I’m holding out hope that Alabama will secede. The yankees have disarmed themselves. I think we can do it this time!
I think people should look at combating the problem instead of giving up. Even if that might involve actual combat.
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I feel it would be accomlished much quicker and much easier through this method than anyone thinks.
“Would you renounce your U.S. citizenship if it meant you’d be sending less of your hard-earned dollars to Uncle Sam?”
“Yeah...so you agree with me that this “Expat”definition is BS. “
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Well, unless one had obtained the citizenship of another country....something very hard, if not impossible, to do,
how would one be able to go anywhere?
As for the term “Expat”, I never liked it, but it is the standard term for one living outside their own country.
It should never be construed to be one that rejects their birth/home country.
At some point and without prior notice, exchange controls will be imposed beyond what are already in place. Then travel controls will come. It will be difficult to leave and very difficult to leave with much more than the clothes you are wearing. Internal travel controls will likely be imposed at first through the medical system, you have to register your travel plans- and later seek permission- to change medical jurisdictions in order to get any medical attention away from your own registered residence. Travel restriction seems to have been a major reason for hillarycare. Mobility of the population really grates on leftists, as much as does the 2Amd.
Why do you think he will be gone in four years?
When the Republicans are in power, I think they should change the law to make it easy to renounce US citizenship, instead of the tedious, bureaucratic and expensive process we have today.
If they have more than one million dollars, they could get a substantial exit tax, maybe as high as a tenth of their assets, after insuring that they have not transferred their wealth overseas or diverted it to family members to evade such a tax.
But for the typical person, all they should need to do is to obtain proof that another country offers them citizenship, that any taxes they currently owe have been paid, that there is no outstanding criminal charges, litigation or liens against them, and bye-bye.
And while returning to the US should still be hard, there should be a clause for “preferred refugee”, if the nation they have moved to is involved in a war, civil war, or hostile change of government.
Had this existed before, maybe Alec Baldwin would still be in France, whining about his taxes, and contemplating emigrating to Belgium.
Only if you didn’t vote Democrat....If you voted for Democrats and the high taxes....eat your own dogfood.
Those are some of my great fears, as well. Passport fees have gone up greatly and will go up a lot more. Many foreign banks don't want American customers anymore because of the extreme paperwork headaches for having US account holders. Some are even closing American accounts because of new regulations. These restrictions hit more at the middle class than the ultra rich. The same thing about Obamacare restrictions and costs. It is not about health care; it is about power and control and it won't apply to those with the means to simply opt out of the system. The sheep are being guided and put into the pens while enthusiastically voting for Obama the slaughterhouse master.
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