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(TaxProf)   Number of taxpayers who renounced U.S. citizenship hits record high. And that's not even counting Edward Snowden   (taxprof.typepad.com) divider line 355
    More: Interesting, U.S. Citizenship, hit records, U.S.  
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8070 clicks; posted to Main » on 10 Aug 2013 at 1:40 PM (50 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-08-10 12:27:51 PM
momentsofexhilaration.files.wordpress.com
 
2013-08-10 01:04:26 PM

BravadoGT: [momentsofexhilaration.files.wordpress.com image 324x324]


You can probably hear me rolling my eyes from here.
 
2013-08-10 01:20:36 PM
Freeloaders.
 
2013-08-10 01:22:28 PM
Okay, see ya. Stay out of the Middle East, most of Africa, Latin America and parts of Asia - because if anything happens to you we aren't coming to help.
 
2013-08-10 01:23:43 PM
The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged to a record high in the second quarter, as new laws aimed at cracking down on overseas assets ...

Yeah, um, no.  If you're hiding your wealth in offshore accounts, you don't get to call yourself a taxpayer.  GTFO and stop using up the services that the rest of us are paying for, you got dam parasites.
 
2013-08-10 01:30:41 PM
So, just a bunch of takers.
 
2013-08-10 01:42:10 PM
This is what happens in Obama's America.

Any questions?
 
2013-08-10 01:43:48 PM

FloydA: The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged to a record high in the second quarter, as new laws aimed at cracking down on overseas assets ...

Yeah, um, no.  If you're hiding your wealth in offshore accounts, you don't get to call yourself a taxpayer.  GTFO and stop using up the services that the rest of us are paying for, you got dam parasites.


THIS times infinity!
 
2013-08-10 01:45:09 PM

propasaurus: So, just a bunch of takers.


If you mean the government, then I agree.

People who've lived overseas for years are forced to deal with the IRS and US tax system in a manner that citizens of other countries do not.  How many other countries tax the income of expatriates and nonresidents the way the US does?
 
2013-08-10 01:45:16 PM
So, corporation executives are actually moving to the Cayman Islands now?
 
2013-08-10 01:45:19 PM
NSA spying, Obamacare, impending tax hikes, record numbers mooching off the system, open borders, abortions at an all time high, Sharia law spreading its tentacles across the country, American way of life decaying before our eyes.......can anyone blame these people.
 
2013-08-10 01:45:33 PM
Just curious, how many are (true) millionaires or billionaires and how many are (not rich) expatriates who have settled abroad?
 
2013-08-10 01:45:59 PM
Bunch of quitters. I'm not leaving until I have to sneak out.
 
2013-08-10 01:46:19 PM
www.legendsofamerica.com
 
2013-08-10 01:46:41 PM
www.hogdb.com
 
2013-08-10 01:47:04 PM

FloydA: The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged to a record high in the second quarter, as new laws aimed at cracking down on overseas assets ...

Yeah, um, no.  If you're hiding your wealth in offshore accounts, you don't get to call yourself a taxpayer.  GTFO and stop using up the services that the rest of us are paying for, you got dam parasites.


Those same laws also apply to people who've lived in other countries for years and haven't even set foot in the US in years.  Foreign banks are choosing to simply not allow US residents to open accounts rather than deal with the US government or breach the privacy of their members.

There is more than one side to an issue.  You would do well to learn that.
 
2013-08-10 01:47:05 PM
This is why raising taxes on the rich to absurd levels won't work. Millionaires and billionaires can afford to move somewhere else and give the IRS the finger.
 
2013-08-10 01:47:13 PM

Aristocles: This is what happens in Obama's America.

Any questions?


fark 'em. So no, no questions.
 
2013-08-10 01:47:20 PM
If you think taxes are high in the U.S. versus the rest of the first world, then I have oceanfront property to sell you in Nebraska.
 
2013-08-10 01:47:44 PM
I remember reading an article that the USA is the only major nation to tax all offshore income regardless of permanent residence.  I had to pay US taxes even though I lived abroad for nearly 300 days 4 years ago.  Sucked.
 
2013-08-10 01:48:03 PM

Aristocles: This is what happens in Obama's America.

Any questions?


Yeah, which grade school did you drop out of?
 
2013-08-10 01:48:08 PM

iheartscotch: This is why raising taxes on the rich to absurd levels won't work. Millionaires and billionaires can afford to move somewhere else and give the IRS the finger.


So America is completely incapable of makingg new millionaires?
 
2013-08-10 01:49:01 PM

BravadoGT: [momentsofexhilaration.files.wordpress.com image 324x324]


You masturbate over a blatant work of fiction which ignores the basics of human nature and whose entire universe depends on a perpetual energy deus ex machina that violates every known law of physics?
 
2013-08-10 01:50:05 PM

violentsalvation: Okay, see ya. Stay out of the Middle East, most of Africa, Latin America and parts of Asia - because if anything happens to you we aren't coming to help.


Benghazi  is still ok, right?
 
2013-08-10 01:50:36 PM

MFAWG: iheartscotch: This is why raising taxes on the rich to absurd levels won't work. Millionaires and billionaires can afford to move somewhere else and give the IRS the finger.

So America is completely incapable of makingg new millionaires?


Millionaire? Good luck opening a business.
 
2013-08-10 01:50:40 PM

ramblinwreck: If you think taxes are high in the U.S. versus the rest of the first world, then I have oceanfront property to sell you in Nebraska.


At least those countries don't tax you even though haven't been in their borders for a year or more.
 
2013-08-10 01:51:28 PM
The US does not charge very much in personal income taxes.  Bunch of whiny babies.
 
2013-08-10 01:51:32 PM

panfried: violentsalvation: Okay, see ya. Stay out of the Middle East, most of Africa, Latin America and parts of Asia - because if anything happens to you we aren't coming to help.

Benghazi  is still ok, right?


www.aguywalksinto365bars.com
 
2013-08-10 01:53:06 PM
DubyaHater: NSA spying, Obamacare, impending tax hikes, record numbers mooching off the system, open borders, abortions at an all time high, Sharia law spreading its tentacles across the country, American way of life decaying before our eyes.......can anyone blame these people.

Not sure if ser-

Sharia law spreading its tentacles across the country,

Oh, that clears that up, then. Congratulations on the Poe.
 
2013-08-10 01:53:06 PM

DubyaHater: NSA spying, Obamacare, impending tax hikes, record numbers mooching off the system, open borders, abortions at an all time high, Sharia law spreading its tentacles across the country, American way of life decaying before our eyes.......can anyone blame these people.


you should leave too. want help buying a ticket?
 
2013-08-10 01:53:53 PM
Actually, I find myself quite affected by this issue and it's not really what a lot of people think. Yeah, yeah...getting a kick out of this, etc.

I am a permanent resident of my host country and married to a native who is a government peon. The problem for ordinary people like me is that not only do I have to pay steep Norwegian taxes, I also have to give the US its pound of flesh calculated by the pre-Norwegian-tax gross. It's complicated enough that I'd have to hire an accountant (at Norwegian rates).

It is so expensive to be taxed twice over (plus all the costs that go into being employed like clothes, transportation, etc) that it's cheaper for my husband and myself if I just stay home and be a housewife. It's insane.

There was a point when I contemplated handing in my passport just so that I could work. But I as far as I understand, that would bar me from returning home to visit family for 10 years. It would be wrenching if a family member got seriously ill or died and I could not come home to see them or pay respects.
 
2013-08-10 01:54:10 PM

hardinparamedic: BravadoGT: [momentsofexhilaration.files.wordpress.com image 324x324]

You masturbate over a blatant work of fiction which ignores the basics of human nature and whose entire universe depends on a perpetual energy deus ex machina that violates every known law of physics?


Hell, when you put it like that you're basically describing every porno I've ever seen.
 
2013-08-10 01:54:27 PM
Dunno if we'll renounce citizenship yet, but me and the SO are heading out soon. We're not rich.
 
2013-08-10 01:54:30 PM

MFAWG: iheartscotch: This is why raising taxes on the rich to absurd levels won't work. Millionaires and billionaires can afford to move somewhere else and give the IRS the finger.

So America is completely incapable of makingg new millionaires?


there's always someone willing to take their place and pay the taxes on the money they make.
 
2013-08-10 01:54:31 PM

MFAWG: iheartscotch: This is why raising taxes on the rich to absurd levels won't work. Millionaires and billionaires can afford to move somewhere else and give the IRS the finger.

So America is completely incapable of makingg new millionaires?


At this point; I'm willing to consider the possibility of creating new millionaires. You'd have to do it in the more "bootstrappy" states; because, regulations in other states sufficate small business.

/ one example is taxi placards; last I knew, it cost a New York cab company $1 million per placard
 
2013-08-10 01:54:57 PM

hardinparamedic: panfried: violentsalvation: Okay, see ya. Stay out of the Middle East, most of Africa, Latin America and parts of Asia - because if anything happens to you we aren't coming to help.

Benghazi  is still ok, right?

[www.aguywalksinto365bars.com image 504x486]


A properly choked chicken neither speaks nor smokes!
 
2013-08-10 01:56:21 PM

iheartscotch: because, regulations in other states sufficate small business.


bullshiat. freaking subsidies and handouts to the big boys by the govt are why the little fish can't compete. they have to play by a different set of rules.
 
2013-08-10 01:56:43 PM
2.bp.blogspot.com
 
2013-08-10 01:57:47 PM
All the other derp aside, the article says nothing about whether this is a proportional increase and offers no evidence that taxes, per se, even have anything to do with it. A lot of ex-pats have unrelated reasons for giving up their US citizenship.

But if there simply are more US citizens living abroad in a given year, and the same proportion of them as usual give up their citizenships, then you'd see this kind of spike. There wouldn't even have to be any 'cause' behind the statistical shift. And we're not talking huge numbers, here.

So basically, the article is speculation (and not much of it) based on a statistical spike that may not contain any additional information at all. There's no reason to believe that taxes have anything to do with the increase.

/ probably they do have a little to do with it
// I'm in the So GO, Then, And Who Cares camp
 
2013-08-10 01:57:50 PM

iheartscotch: This is why raising taxes on the rich to absurd levels won't work. Millionaires and billionaires can afford to move somewhere else and give the IRS the finger.


Export tax on wealth when renouncing citizenship. Say 80% should work.
 
2013-08-10 01:59:06 PM

ramblinwreck: If you think taxes are high in the U.S. versus the rest of the first world, then I have oceanfront property to sell you in Nebraska.


Nyaaa I'll take the Caymans where there are no taxes and a flight to the US is $300.

The point being, that the people WITH money can avoid higher taxes, it squeezes the middleclass, not the rich.
 
2013-08-10 01:59:18 PM
The funny thing is that, according to law, you can only renounce your citizenship outside the US, at a foreign embassy or consulate.
 
2013-08-10 01:59:45 PM
When I pay taxes, I think of it more like I'm giving foreign aid. So, foreign aid's alright.  Taxes suck.  Therefore, I don't pay taxes, I donate to foreign aid.  Much better feel to it.....
 
2013-08-10 01:59:52 PM

DubyaHater: abortions at an all time high,


I'm sure that is the reason someone would renounce their citizenship.
 
2013-08-10 02:00:16 PM

pedrop357: propasaurus: So, just a bunch of takers.

If you mean the government, then I agree.

People who've lived overseas for years are forced to deal with the IRS and US tax system in a manner that citizens of other countries do not.  How many other countries tax the income of expatriates and nonresidents the way the US does?


So, GTFO.
 
2013-08-10 02:01:07 PM

Carth: iheartscotch: This is why raising taxes on the rich to absurd levels won't work. Millionaires and billionaires can afford to move somewhere else and give the IRS the finger.

Export tax on wealth when renouncing citizenship. Say 80% should work.


This is why people are leaving now.
 
2013-08-10 02:02:17 PM

RandomAxe: All the other derp aside, the article says nothing about whether this is a proportional increase and offers no evidence that taxes, per se, even have anything to do with it. A lot of ex-pats have unrelated reasons for giving up their US citizenship.

But if there simply are more US citizens living abroad in a given year, and the same proportion of them as usual give up their citizenships, then you'd see this kind of spike. There wouldn't even have to be any 'cause' behind the statistical shift. And we're not talking huge numbers, here.

So basically, the article is speculation (and not much of it) based on a statistical spike that may not contain any additional information at all. There's no reason to believe that taxes have anything to do with the increase.


There are a series of new reporting laws that are taking affect one by one. Basically, if you're making burger-flipper wages or above in your foreign country of residence, that will now give the US the right to examine ALL of the banking records you have in that country in minute detail. Every transaction.
 
2013-08-10 02:02:31 PM

pedrop357: ramblinwreck: If you think taxes are high in the U.S. versus the rest of the first world, then I have oceanfront property to sell you in Nebraska.

At least those countries don't tax you even though haven't been in their borders for a year or more.


Yeah, this.  I'll be paying taxes in both Canada and the US this year, and every year, because I make more than 80K.  I've always said I'd never renounce my citizenship, but I gotta say it's tempting now.
 
2013-08-10 02:02:53 PM
Some of the people who are renouncing their citizenship are not high wealth individuals.  They are doing it for tax reasons but mostly because their ignorance of American tax law has resulted in them losing their savings through back taxes and large penalties.  I have sympathy for them unlike the 1-percenters who are just trying to maximize return.
 
2013-08-10 02:03:00 PM
iheartscotch: You'd have to do it in the more "bootstrappy" states; because, regulations in other states sufficate small business.

/ one example is taxi placards; last I knew, it cost a New York cab company $1 million per placard


LOL. It's not regulations and greedy bureaucrats who have driven up the medallion cost in NYC. It's greedy millionaire cab medallion owners. A medallion is very expensive but typically returns about 5-7% in gains per year on the original investment while also gaining value. Rich people compete over things like that and have no desire to let new players into that game.

You can google this example pretty easily. And, in fact, it's pretty typical. Giant corporations have the money for new start-up locations and don't want small businesses horning in, so they lobby to have regulations established that crush smaller competitors. Government regulations are the tool, not the enemy.
 
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