This administrative fee isn’t the major cost most expatriates would face. Renunciation is considered a de-facto sales event. Income taxes must be filed and taxes paid on any unrealized gains, just as if the assets held had actually been sold.
Reminds me of my sentencing to live in Ohio many years ago (grad school).
The libs were doing their normal job of destroying business, and when they found that sane businessmen were telling the dim-bulb-crats where they could shove their unions and taxes, the enlightened leadership decided to levy a heavy tax on any company that wanted to leave the state.
Yup, that worked well.
Rust belt indeed.
Please see my tagline for the reason behind this.
You can check out any time you like,
But you can never leave...
The walls are starting to go up like they did in East Germany back in the ‘50s.
More evidence that these small-minded little ninnies have no concept of how wealth is acquired, retained or spent. I for one, have no plans on leaving my country, the nation that I love. I'm going to stay and fight to take it back. However if I did want to leave I can think of several ways to avoid or minimize their stupid little tax. And I'm sure people far wealthier than I am have entire accounting firms at their disposal to come up with quite a few more tax avoidance paths that never occurred to me.
He’s using the New Jersey model. It’s free to get in, but they keep raising the toll to get out.
Very scary mindset from the government. They are punishing people for leaving but they are ignoring why people are leaving. Adding this “fee” is proof that those that flee are doing so with reason.
What we need is a new Berlin Wall.
Am sure we can make a high-tech one that lets illegal Central Americans in, while keeping all the productive Americans from leaving.
You got a free pass if you were avoiding the draft.
The difference between a tyranny and a free country is the direction the guns are pointed at the border.
Ping
"Unfortunately, you've grown up hearing voices that incessantly warn of government as nothing more than some separate, sinister entity that's at the root of all our problems. Some of these same voices also do their best to gum up the works. They'll warn that tyranny always lurking just around the corner. You should reject these voices. Because what they suggest is that our brave, and creative, and unique experiment in self-rule is somehow just a sham with which we can't be trusted." -- Barack Obama, Tyrant-in-Chief
This week-end, I watched the movie Gladiator (2000) for the first time. I was struck by the similarities between Barack Obama and the villainous emperor Commodus, who murdered his father so that he could become emperor, instead of his rival Maximu, and then set about to rule in a way that would guarantee the end of the Roman Republic forever.
NOVA | What Darwin Never Knew