Posted on 06/15/2011 8:43:24 AM PDT by arderkrag
According to the latest Internal Revenue Service report, the number of Americans renouncing their U.S. citizenship (or terminating their long-term permanent residency) has increased nearly ninefold since 2008.
In the first quarter alone, 499 Americans expatriated through the IRS, meaning they probably won’t have to pay U.S. taxes anymore, according to data that first appeared on Andrew Mitchel’s International Tax Blog. That compares with a quarterly average of 384 in 2010. And 2010 marked a significant jump from 2009 and 2008, with quarterly averages of 186 and 58, respectively.
-----SNIP----- One argument is that they are leaving because of President Obama and the nation’s leaders.
“There is growing concern, particularly among the wealthy, about the future financial direction of the country,” said Paul L. Caron, Charles Hartsock Professor of Law at the University of Cincinnati College of Law. “This President constantly demonizes the wealthy, who undoubtedly are concerned about the tax policy that would emerge in 2012 if a re-elected Barack Obama, unconstrained by re-election concerns, finally confronts the budgetary train wreck that he has done so much to exacerbate.”
(Excerpt) Read more at blogs.wsj.com ...
How do they know you're leaving the state? Seems you could avoid telling them somehow.
$10,000 to leave a state?! You’ve got to be kidding! I have never heard of such a thing in America.
I found a link here that says that many people overpay the NJ Exit tax.
N.J.’s exit tax: So baffling, even officials can’t explain it
http://www.nj.com/business/index.ssf/2010/10/nj_exit_tax_has_real_estate_at.html
It also says they continue to revise it so it never stays the same!
It’s good you got out of there.
What would happen if a state like California put a huge tax on leaving?
I do believe CA comes looking for their income tax even if you leave the State.
I discussed with my lawyer. Apparently it is my lawyer’s responsibility to ascertain where I’m moving and then make the appropriate assessment.
In other words he risks his licence to practice law in NJ and possible criminal charges if he fails to shill for the state.
No way a lawyer will risk that. Isn’t it interesting how Marxism forces the person you’re paying to protect you to rat you out? Not too different than requiring doctors to collect gun ownership info on a medical questionaire. Also not much different than psycohologically coercing children
into believing a parent(s) abused them and then rating them out.
Welcome to 1984 and Brave New World.
What a horrible place. Yet another reason to never ever live in NJ.
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