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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Dos Equis on August 12, 2013, 04:06:13 PM
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Not sure what I think about this. My knee jerk reaction is it's unAmerican, which I guess doesn't matter if they are renouncing their citizenship. But I can see the other side of this, where the government takes so much of someone's money (and then wastes it) that they get fed up with being abused by the tax man.
Americans renouncing citizenship in record numbers, seek to avoid tax
Published August 12, 2013
The U.S.'s crackdown on global tax evaders is leading to a record number of people renouncing their citizenship, and its effects are being felt keenly in Asia -- now the world's wealthiest region by household assets.
A growing number of wealthy Americans in Asia -- and others with green cards -- are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.
Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.
While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.
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The U.S. Congress estimates that tax evasion by U.S. citizens results in losses of up to $100 billion a year. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.
"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates.
http://www.foxnews.com/politics/2013/08/12/americans-renouncing-citizenship-in-record-numbers-seek-to-avoid-tax/?intcmp=obinsite#ixzz2bnaedfbM
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damn them!
they'll never get called for jury duty!!!
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damn them!
they'll never get called for jury duty!!!
Yet another insightful comment!
Thank you chadstallion!
:)
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When Rome fell....there were 2 tax collectors for every citizen.
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When Rome fell....there were 2 tax collectors for every citizen.
Since tax collectors were citizens too, this seems to present a slight problem. Unless they outsourced?
Sidenote: renouncing citizenship isn't as simple as it sounds by the way. Take a look at http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax (http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax) to see how the IRS has special rules on dealing with those who renounce their citizenship, and how much it costs.
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Yet another insightful comment!
Thank you chadstallion!
:)
my pleasure. what's a bodybuilding/steroid site for if not for insightful comments?
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my pleasure. what's a bodybuilding/steroid site for if not for insightful comments?
Don't worry. You have cornered the market.
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USA is actually comparatively low in tax rates compared to Europe and other parts of the world:
http://www.theatlantic.com/business/archive/2013/01/how-low-are-us-taxes-compared-to-other-countries/267148/
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USA is actually comparatively low in tax rates compared to Europe and other parts of the world:
http://www.theatlantic.com/business/archive/2013/01/how-low-are-us-taxes-compared-to-other-countries/267148/
Comparatively low is a nice way of saying "only slightly murdered." The fact is that our government takes too much from us at the point of a proverbial gun. That it happens to take less in the process than other governments take from their citizens doesn't change the fact that it takes too much.
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HOLY SHIT
1130 people and we don't even know for sure it their motivation was solely to avoid taxes
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USA is actually comparatively low in tax rates compared to Europe and other parts of the world:
http://www.theatlantic.com/business/archive/2013/01/how-low-are-us-taxes-compared-to-other-countries/267148/
Ridiculous. Who cares if American taxpayers are getting abused the same or even slightly less than some other countries? Doesn't lessen the tax burden one bit here.
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U.S. expats can exempt $97.6K plus housing costs from taxes, meaning that most don't pay anything. That said, it seems wrong for somebody who isn't even in the country -- and may not have been for years -- to be subject to the upper range of marginal rates.
Having an American passport is an extreme privilege, one that yields many benefits when working overseas. For that reason, I still think a small tax is justifiable, albeit one more along the lines of a state tax (0-5% of income).
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Having American Citizenship is becoming more and more of a liability.
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Comparatively low is a nice way of saying "only slightly murdered." The fact is that our government takes too much from us at the point of a proverbial gun. That it happens to take less in the process than other governments take from their citizens doesn't change the fact that it takes too much.
bbbooommmmmmm ;)
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USA is actually comparatively low in tax rates compared to Europe and other parts of the world:
http://www.theatlantic.com/business/archive/2013/01/how-low-are-us-taxes-compared-to-other-countries/267148/
Yeah my country is number 1
:-\
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Having American Citizenship is becoming more and more of a liability.
How so?
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http://www.bbc.co.uk/news/magazine-24135021
Still increasing under the polices of O-TWINK
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http://www.bbc.co.uk/news/magazine-24135021
Still increasing under the polices of O-TWINK
good riddance. let them be England's problem.
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It's not JUST the taxes that many Americans are unhappy with, ...it is the decimation of the American way of life.
It is the shredding of both the Constitution, and the Bill of Rights, along with a growing awareness of the "Rogue State" within which they currently reside, that is also playing a factor in their decisions to leave.
There are plenty of countries on those lists whose rates of taxation are significantly higher than America's, ...but you don't see their citizens chomping at the bit to leave. Ya... many may belly ache about the high taxes, ...but unlike citizens of the USA, many of these countries' citizens are actually getting something for the taxes they pay.
Pretty sooon, it's gonna be like I predicted many years ago. Remember that border fence with Mexico that so many here cheered the construction of? That fence that didn't do diddly poop to keep undocumented Mexicans from crossing into US territory? Do you know why it doesn't keep Mexicans OUT of the USA? I'll tell ya why... it's because it was never designed to do that in the first place, ...but don't be surprised if it does serve to keep YOU within the USA though. Sometimes the very walls you build to keep others out, can also serve as the very prison that keeps you in. Just sayin'
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It's not JUST the taxes that many Americans are unhappy with, ...it is the decimation of the American way of life.
It is the shredding of both the Constitution, and the Bill of Rights, along with a growing awareness of the "Rogue State" within which they currently reside, that is also playing a factor in their decisions to leave.
There are plenty of countries on those lists whose rates of taxation are significantly higher than America's, ...but you don't see their citizens chomping at the bit to leave. Ya... many may belly ache about the high taxes, ...but unlike citizens of the USA, many of these countries' citizens are actually getting something for the taxes they pay.
Pretty sooon, it's gonna be like I predicted many years ago. Remember that border fence with Mexico that so many here cheered the construction of? That fence that didn't do diddly poop to keep undocumented Mexicans from crossing into US territory? Do you know why it doesn't keep Mexicans OUT of the USA? I'll tell ya why... it's because it was never designed to do that in the first place, ...but don't be surprised if it does serve to keep YOU within the USA though. Sometimes the very walls you build to keep others out, can also serve as the very prison that keeps you in. Just sayin'
Haha, listening to an uneducated Canadian who jumped into the gold market at the peak of prices give advice on America is like asking a blind man to read a clock.
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http://www.forbes.com/sites/robertwood/2014/02/06/americans-renouncing-citizenship-up-221-all-aboard-the-fatca-express
>:(
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http://www.forbes.com/sites/robertwood/2014/02/06/americans-renouncing-citizenship-up-221-all-aboard-the-fatca-express
>:(
Oh, I am sure it is only a coincidence that the two record setting totals for people renouncing their US citizenship were set in the last 3 years. It can't have anything to do with libtard economic ideology. Could it?
Or we can pretend this it is insignificant by using libtard logic which diminishes facts by pointing out it's only a small number. Oh, it's only 5 million (now close to 7 million and rising) that lost their insurance BECAUSE of crapcare. It's only 2.5 million workers that will be pushed out the workplace by crapcare. As if those numbers won't increase. You would think they would learn after realizing that the 2.5 million workers is three times what was originally cited by the CBO or that it is going to cost twice as much, perhaps even more, to continue to implement crapcare.
It is interesting that libtards never mention that homos only make up 3 to 5 percent of the population when they defend their interests at every turn. Nah, the "it's only a small number" argument is only used to destroy anyone or anything that is opposed to their retarded liberal agenda.
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http://news.yahoo.com/more-renounce-us-citizenship-deny-stereotype-162509477.html
O-Fag legacy
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The law on how renouncing citizenship affects one's tax obligations almost borders on the insane. To make a long story short: denouncing one's citizenship doesn't magically absolve one of tax obligations.
We desperately need an overhaul of the tax system, including support for return-free filing, dramatic reductions of income* and capital gains tax rates, a shift to a consumption-based tax, and a reevaluation of special exemptions and custom tax regimes for specific industries.
* I'm not bold (or naive) enough to suggest outright elimination of personal income taxes: that will never happen.
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http://blogs.wsj.com/totalreturn/2014/10/24/more-americans-renounce-citizenship-with-2014-on-pace-for-a-record/?mod=WSJ_hpp_sections_yourmoney
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USA is actually comparatively low in tax rates compared to Europe and other parts of the world:
http://www.theatlantic.com/business/archive/2013/01/how-low-are-us-taxes-compared-to-other-countries/267148/
hahah spoken like someone who doesnt pay income taxes. How anyone can justify the govt taking as much as they do is beyond me. You are either poor as shit and dont pay taxes or fucking rich and it doesnt really matter.
I think we all know which one it is...
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hahah spoken like someone who doesnt pay income taxes. How anyone can justify the govt taking as much as they do is beyond me. You are either poor as shit and dont pay taxes or fucking rich and it doesnt really matter.
I think we all know which one it is...
I sure as shit don't back the govt taking as much as they do. I never said that. I just pointed out the US citizens pay less than their Euro counterparts.
I can say that death in sleep from heart attack is less painful than cancer of the ass. Doesn't mean either is good or enjoyable. Just means one is less painful than the other.
I dont understand the need to somehow equate "A is worse than B" to be "I support B". Just doesn't work that way.
Smile, man. NFL is on at 10 AM lol, life is good!
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I sure as shit don't back the govt taking as much as they do. I never said that. I just pointed out the US citizens pay less than their Euro counterparts.
I can say that death in sleep from heart attack is less painful than cancer of the ass. Doesn't mean either is good or enjoyable. Just means one is less painful than the other.
I dont understand the need to somehow equate "A is worse than B" to be "I support B". Just doesn't work that way.
Smile, man. NFL is on at 10 AM lol, life is good!
when you bring up A in response to B then yes it is generally interpreted as detracting from B and yea it actually does work that way.
Hard to put a smile on now, this thread just reminded me how much I am going to be paying in taxes and it pisses me off.
Also Im a Texans fan so there isnt much to smile about this year......
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Also Im a Texans fan so there isnt much to smile about this year......
yall should trade away Watt's contract and go get Tom Brady.
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http://www.washingtonexaminer.com/americans-renouncing-citizenship-near-record-highs/article/2598074
Between o-fag and hillcvnt - its undersdtandable
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Will only get worse once Hillary is elected.