Posted on 12/07/2014 7:58:17 PM PST by Theoria
LONDON The mayor of London, Boris Johnson, who was born in New York and holds both American and British passports, recently said that he would not pay a tax bill from the United States on capital gains from the sale of his home in the London borough of Islington. Mr. Johnson pointed out that he hasnt lived in America since he was 5. Hed like to renounce his citizenship, but said the process was very difficult.
It is, but I am doing it. My in-person final loss of citizenship appointment is scheduled for Jan. 14 at the United States Consulate here. My British passport, acquired in 2012, will be my only one.
Some 3,000 Americans gave up their citizenship last year, a tiny number thats nevertheless been soaring. Yes, a few expatriates may be trying to avoid future taxes, as Senator Charles E. Schumer accused the Facebook co-founder Eduardo Saverin of doing two years ago, when Mr. Saverin, who lives in Singapore, surrendered his passport ahead of the companys initial public offering.
But most, like me, are not tycoons. Were responding to the burden and cost of onerous financial reporting and tax filing requirements that are neither fair nor just. (Living and working in London, I pay higher taxes, to Britain, than I would in New York.)
Some 7.6 million Americans live abroad expats would be the 13th most populous state, if we were a state. Many are overseas temporarily, for work or study.
(Excerpt) Read more at nytimes.com ...
Lots of crime there - many expats are moving to panama... Great people, the Panamanians.
I think holding dual citizenship ought to be abolished.
You cannot have divided loyalties. One will always be more than another.
My tax proposal....
16% flat tax on every dollar spent ....
Divided 4 ways, Feds, state, county and cities, 4% each.
Operate within that 4% budget....period
Businesses alone report taxes, not individuals.
No exemptions. No special taxes like gas tax, phone tax, utility tax etc ...
Just 16% of the dollar you spend not earn.
Is there any way around this? I would like to open an account in my other country. Do you have to show your blue passport? Can you get by if you just show the other one?
I think holding dual citizenship ought to be abolished.
You cannot have divided loyalties. One will always be more than another.
Can’t be done. Citizenship is conferred upon one.
Eliminate Inheritance Tax.
I am unclear as to what you mean.
Renounce your citizenship then live here as an undocumented worker. The feds have no problems with people illegally in this country staying here, working, and sending billions of dollars abroad.
You may have to register as a Democrat to avoid prosecution, however.
Of course that would not be relevant if the government did not regard itself as our master.
No extradition treaty with the U.S., so I've heard. Big plus.
The fair tax is what you are describing, without the “prebate” portion.
There was a 6.0 earthquake in Panama and Costa Rica a few days ago and a 6.7 earthquake today.....just saying.
You may be able to get by, however, you are still a US citizen. Besides being required to file US tax returns every year even though you live overseas { if you were required to file if you lived in the US } , you also have to file an annual FBAR form with the IRS if you have a total of more than $10,000 in foreign bank accounts. Failure to do so results in a $10,000 fine and a possible 5 year prison term for each year the form isn't filed. This is even if you don't owe one penny in taxes.
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