Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Should You Renounce Your Citizenship?
Yahoo! Finance ^ | Wednesday February 13, 2013 9:40 AM EST | Caroline Kim

Posted on 02/14/2013 11:00:53 PM PST by Slings and Arrows

Would you renounce your U.S. citizenship if it meant you’d be sending less of your hard-earned dollars to Uncle Sam?

As Americans face higher taxes and stricter enforcement, a growing number of them are, indeed, deciding to turn in their US passports. As of 2013, 77% of Americans will pay higher federal tax rates because the cuts in Social Security payroll taxes expired when Congress passed its tax package on New Year’s Day.

But the wealthiest households face the highest tax increases. From 2009 to 2011, the number of expatriates, or those who renounced their U.S. citizenship, doubled to 1,781.
 
Nigel Green, CEO of deVere Group, which provides financial services for expatriates, said that since the start of this year, 48% more of his clients in January than in a typical month inquired about moving funds abroad and the possible tax implications of changing citizenship.

The income tax rate rose this year to 39.6% from 35% for individuals earning more than $400,000 a year and married couples earning more than $450,000.

The Tax Policy Center estimated that those who earn more than $1 million would pay an average of  $170,341 more in taxes.

-snip-

Federal taxes aren’t the only issue, though. Increases in state income tax rates factor into these decisions as well. Recently, California enacted Proposition 30, which raised state income tax rates to 10.3% from 9.3% for individuals making at least $250,000 and 13.3% from 10.3% for those earning at least $1 million. Golfer Phil Mickelson publicly voiced his concern over the tax increases and threatened to leave California because of the higher rates.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Chit/Chat; Society
KEYWORDS:
BO talks, money walks.
1 posted on 02/14/2013 11:00:58 PM PST by Slings and Arrows
[ Post Reply | Private Reply | View Replies]

To: Slings and Arrows

...bet Americans never thought sticking it to “the rich” would end up costing them so much personally....


2 posted on 02/14/2013 11:04:31 PM PST by Tzimisce (The American Revolution began when the British attempted to disarm the Colonists.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows
money walks.

They say history repeats itself.
If you remember the Beatles' tune Taxman, it was all about the 1960's regressive British taxes that were driving people out of the country
And most recently, in France

But I suggest it will be the loss of freedoms that will be the biggest reason people look for new places to live and thrive, not taxes.

3 posted on 02/14/2013 11:08:45 PM PST by llevrok (The only thing Obama has achieved are rapid executive orders.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows

Some folks believe, that if you only bail half a bucket on sinking ship, it’ll sink half as fast. Davey Jone’s Locker is not half full, yet.


4 posted on 02/14/2013 11:11:21 PM PST by RedHeeler
[ Post Reply | Private Reply | To 1 | View Replies]

To: llevrok

Is there really any country as dedicated to civil liberties as the USA, even under Obozo? (No sarcasm; I’m genuinely curious.)


5 posted on 02/14/2013 11:12:35 PM PST by Slings and Arrows (You can't have IngSoc without an Emmanuel Goldstein.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Slings and Arrows
Should You Renounce Your Citizenship?

The America most of us grew up in is dead and gone. The parasites outnumber the hosts now. The Democrats have won. America is simply not a place worth defending anymore.

High-income people would be fools NOT to beat feet outta here and find a place where some scumbag African communist president hasn't painted a target on their backs. I'm not sure what "renounce" means, but they should definitely dump American citizenship and find a nation that repects them... and they should do it quietly.

6 posted on 02/14/2013 11:14:11 PM PST by Lancey Howard
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows

If you have the privilege of being a US citizen 60yrs or older, you have been a part of the only Great Country to have done so...Ever.


7 posted on 02/14/2013 11:24:53 PM PST by RedHeeler
[ Post Reply | Private Reply | To 5 | View Replies]

To: Slings and Arrows
"Is there really any country as dedicated to civil liberties as the USA, even under Obozo? (No sarcasm; I’m genuinely curious.)"

I'm not sure who said it (probably TJ or Reagan) but any government big enough to give you everything you want is big enough to take it all away.

There is no government in the world with the resources Uncle Sam has. Yes, there are a few places left in the world that are free-er than the US right now. Not many, but a few. And the institutional kleptocracy here is just plain nasty. Maybe not as bad as Soviet Russia, but close.

The fiancee and I are planning to go overseas and try a few countries on for size. And honestly if things don't improve here in a major way in the next 5 years we'll probably expatriate. This country no longer values decent working people. We'd like to go somewhere we're appreciated.
8 posted on 02/14/2013 11:33:27 PM PST by CowboyJay (Lowest Common Denominator 2012 - because liberty and prosperity were overrated)
[ Post Reply | Private Reply | To 5 | View Replies]

To: RedHeeler

Dump your citizenship and stay here, FREE everything, food stamps, health care, phones, get out of jail free cards, free rent, what more could you ask?


9 posted on 02/14/2013 11:36:12 PM PST by oldasrocks (They should lock all of you up and only let out us properly medicated people.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Lancey Howard

BTTT!

Sad, but true. The remaining productive people here are stooges. This is no longer a place for good honest folks to build a life.


10 posted on 02/14/2013 11:38:08 PM PST by CowboyJay (Lowest Common Denominator 2012 - because liberty and prosperity were overrated)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Slings and Arrows

Esav despised his birthright. The fact that he sold it demonstrated that he was never the rightful owner in the first place.


11 posted on 02/14/2013 11:41:12 PM PST by Ezekiel (The Obama-nation began with the Inauguration of Desolation.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows
The silliest thing is that in a globalized world, it is the richest who can move countries the easiest. A billionaire can shift his location far more easily than us middle class folks

Raise taxes on him too much and he'll move. Raise taxes on the middle-class and we'll grumble, but can't do much

12 posted on 02/14/2013 11:44:05 PM PST by Cronos
[ Post Reply | Private Reply | To 1 | View Replies]

To: Lancey Howard
not yet. it's not over yet. I'll agree Obama's re-election has more or less ensured that we'll be a third-world country by 2020, but that's still 4 years to save the morality of the country after he's gone.

we may lose our clout in the world but we can salvage our morals

13 posted on 02/14/2013 11:46:43 PM PST by Cronos
[ Post Reply | Private Reply | To 6 | View Replies]

To: Cronos

*shrug* Murphy’s Golden Rule.


14 posted on 02/14/2013 11:49:38 PM PST by Slings and Arrows (You can't have IngSoc without an Emmanuel Goldstein.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Slings and Arrows

http://taxfoundation.org/tax-topics/tax-freedom-day


15 posted on 02/14/2013 11:54:11 PM PST by thecodont
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows

America is an ideal and an idea. Ideas don’t die and before I give up my citizenship, I will die for this idea. Freedom is hard work. It is also worth fighting for. Giving up is lazy and dishonorable.
What should we say to the memories of those who have already died for our freedom? Hey, you stooges. It was all for nothing?


16 posted on 02/15/2013 12:08:17 AM PST by MestaMachine (Sometimes the smartest man in the room is standing in the midst of imbeciles.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows

Why do we even have to “walk”, when in this country we have millions of illegal immigrants who are treated better than citizens in most cases.

Why not renounce your citizenship and become an “illegal american immigrant” who just happens to live in america.....


17 posted on 02/15/2013 12:11:41 AM PST by GraceG
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows
"... the number of expatriates, or those who renounced their U.S. citizenship,..."

BS...this is NOT the definition of an expat.

An 'expat' is simply one who lives outside their country of citizenship for a sustained period of time.

18 posted on 02/15/2013 12:16:47 AM PST by Tainan (Cogito, ergo conservatus sum -- "The Taliban is inside the building")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows

i smell bullsh*t

let’s say i make $500k. my fed tax will be 39.6% plus 6.1% for 0bamacare... and the 15% for social security on the first $130k or so. then there is the 14% state tax for CA

so let’s see...

$500k * 39.6% == $198k
$500k * 6.1% == $30.5k (for freakin healthcare???)
$130k * 15% == $19.5k
$500k * 14% == $70k (for the ‘privilege’ of living next to whack jobs??)

rough total: $318k in taxes

yea... that’s totally worth it.

what am i getting again? i mean besides a constant kick in the gnads while being told me and my ‘kind’ (those ‘not’ holders people) are the root of all evil in the world


19 posted on 02/15/2013 12:21:01 AM PST by sten (fighting tyranny never goes out of style)
[ Post Reply | Private Reply | To 1 | View Replies]

To: oldasrocks

I don’t know what citizenship, you are suggesting I dump. What are you talking about?


20 posted on 02/15/2013 12:36:34 AM PST by RedHeeler
[ Post Reply | Private Reply | To 9 | View Replies]

To: Cronos

And, there in lies the rub. The freeman has been cornered. There are no new lands to run to, from these bastards. Once again, they believe that God given Freedom is a negative right of all Men. Well, let us all bring that crap, to a conclusion.


21 posted on 02/15/2013 12:59:39 AM PST by RedHeeler
[ Post Reply | Private Reply | To 12 | View Replies]

To: Slings and Arrows; MestaMachine
If America falls? What makes these Yahoos think any place in the whole world would be safe refuge?

Ronald Reagan: A Time for Choosing Speech, 1964: "You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a thousand years of darkness. If we fail, at least let our children and our children's children say of us we justified our brief moment here. We did all that could be done."

22 posted on 02/15/2013 1:28:43 AM PST by meadsjn
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows
I think people should look at combating the problem instead of giving up. Even if that might involve actual combat.

www.OathKeepers.org

23 posted on 02/15/2013 1:34:48 AM PST by ThermoNuclearWarrior (www.OathKeepers.org/oath/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tainan

“An ‘expat’ is simply one who lives outside their country of citizenship for a sustained period of time.”
_______________________________________________

There are a number of us Expats on FR, and there are a few “dogs in a manger” FReepers who resent it, but that is their problem, not mine.
That does not have anything to do with renouncing citizenship or hating our home country.
I became an expat before I had ever heard of Obumbo, but he reinforces my desire to stay away.
If half of the US citizens love Obumbo, I want no part of them or their stupid thoughts.

I live on the social security that I paid into during my productive years. I could not live on it in the US, even if I wanted to.
I doubt, however, that the US would continue to pay me if I made a formal declaration to renounce my citizenship.
I have yet to see where retaining my citizenship could have any negative effect on my expat living.


24 posted on 02/15/2013 3:22:26 AM PST by AlexW
[ Post Reply | Private Reply | To 18 | View Replies]

To: Slings and Arrows
I am reminded of the late Sir John Templeton, who resided in Nassau, the only Knight of the Realm who spoke with a Tennessee accent.
25 posted on 02/15/2013 3:30:44 AM PST by cynwoody
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows

I’m holding out hope that Alabama will secede. The yankees have disarmed themselves. I think we can do it this time!


26 posted on 02/15/2013 4:30:54 AM PST by BO Stinkss
[ Post Reply | Private Reply | To 1 | View Replies]

To: ThermoNuclearWarrior

I think people should look at combating the problem instead of giving up. Even if that might involve actual combat.

**
I feel it would be accomlished much quicker and much easier through this method than anyone thinks.


27 posted on 02/15/2013 4:46:37 AM PST by LibsRJerks
[ Post Reply | Private Reply | To 23 | View Replies]

To: AlexW
Yeah...so you agree with me that this "Expat"definition is BS.
Just say so and let it ride.
28 posted on 02/15/2013 4:47:58 AM PST by Tainan (Cogito, ergo conservatus sum -- "The Taliban is inside the building")
[ Post Reply | Private Reply | To 24 | View Replies]

To: Tainan

“Would you renounce your U.S. citizenship if it meant you’d be sending less of your hard-earned dollars to Uncle Sam?”

“Yeah...so you agree with me that this “Expat”definition is BS. “
____________________________________

Well, unless one had obtained the citizenship of another country....something very hard, if not impossible, to do,
how would one be able to go anywhere?

As for the term “Expat”, I never liked it, but it is the standard term for one living outside their own country.
It should never be construed to be one that rejects their birth/home country.


29 posted on 02/15/2013 5:35:37 AM PST by AlexW
[ Post Reply | Private Reply | To 28 | View Replies]

To: Lancey Howard
Yes, the decision is about more than just money. It is also about escaping a tyrannical government and where you think the country is going and what it is gong to do to you.
30 posted on 02/15/2013 5:36:24 AM PST by Truth29
[ Post Reply | Private Reply | To 6 | View Replies]

To: Lancey Howard
They are doing it quietly, and some not-so-wealthy folks, too.
It's not a flood but the seepage is increasing.
31 posted on 02/15/2013 5:56:00 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
[ Post Reply | Private Reply | To 6 | View Replies]

To: CowboyJay

At some point and without prior notice, exchange controls will be imposed beyond what are already in place. Then travel controls will come. It will be difficult to leave and very difficult to leave with much more than the clothes you are wearing. Internal travel controls will likely be imposed at first through the medical system, you have to register your travel plans- and later seek permission- to change medical jurisdictions in order to get any medical attention away from your own registered residence. Travel restriction seems to have been a major reason for hillarycare. Mobility of the population really grates on leftists, as much as does the 2Amd.


32 posted on 02/15/2013 6:12:17 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Cronos

Why do you think he will be gone in four years?


33 posted on 02/15/2013 6:14:17 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Slings and Arrows

When the Republicans are in power, I think they should change the law to make it easy to renounce US citizenship, instead of the tedious, bureaucratic and expensive process we have today.

If they have more than one million dollars, they could get a substantial exit tax, maybe as high as a tenth of their assets, after insuring that they have not transferred their wealth overseas or diverted it to family members to evade such a tax.

But for the typical person, all they should need to do is to obtain proof that another country offers them citizenship, that any taxes they currently owe have been paid, that there is no outstanding criminal charges, litigation or liens against them, and bye-bye.

And while returning to the US should still be hard, there should be a clause for “preferred refugee”, if the nation they have moved to is involved in a war, civil war, or hostile change of government.

Had this existed before, maybe Alec Baldwin would still be in France, whining about his taxes, and contemplating emigrating to Belgium.


34 posted on 02/15/2013 6:45:49 AM PST by yefragetuwrabrumuy (Best WoT news at rantburg.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Slings and Arrows

Only if you didn’t vote Democrat....If you voted for Democrats and the high taxes....eat your own dogfood.


35 posted on 02/15/2013 6:50:00 AM PST by dfwgator
[ Post Reply | Private Reply | To 1 | View Replies]

To: arthurus
"At some point and without prior notice, exchange controls will be imposed beyond what are already in place. Then travel controls will come. It will be difficult to leave and very difficult to leave with much more than the clothes you are wearing. Internal travel controls will likely be imposed at first through the medical system, you have to register your travel plans- and later seek permission- to change medical jurisdictions in order to get any medical attention away from your own registered residence. Travel restriction seems to have been a major reason for hillarycare. Mobility of the population really grates on leftists, as much as does the 2Amd."

Those are some of my great fears, as well. Passport fees have gone up greatly and will go up a lot more. Many foreign banks don't want American customers anymore because of the extreme paperwork headaches for having US account holders. Some are even closing American accounts because of new regulations. These restrictions hit more at the middle class than the ultra rich. The same thing about Obamacare restrictions and costs. It is not about health care; it is about power and control and it won't apply to those with the means to simply opt out of the system. The sheep are being guided and put into the pens while enthusiastically voting for Obama the slaughterhouse master.

36 posted on 02/15/2013 8:03:13 AM PST by Truth29
[ Post Reply | Private Reply | To 32 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson