You'll Pay If You Give Up U.S. Citizenship

The Street.com ^ | 06.29.2008 | Terry Savage

[AmericanInTokyo]

They will force you do declare each and every bank account you have and where it is. Regardless of transferring it out before the Socialist Obamaites take over. Otherwise, if they find out otherwise, you are going to the iron chateau if you set foot anywhere near the USA, and/or they hold you hostage and will say you cannot visit the US again, even if to visit a dying relative.

Even the Soviets did not do this I think for people fleeing the USSR to economic and political freedom.

[AmericanInTokyo]

How unpatriotic. Doing such a thing.

Thank goodness, I am glad our forefathers stayed in the British system, and put up will all sorts of taxes out the kazoo, and never stood up to it, and veered away from proclaiming their independence, or moving offshore to pursue liberty and economic freedom, but instead were Good British Citizens and stayed under the Union Jack and paid their fair share of taxes even if they were not represented. Loyalty is everything, you know.

[AmericanInTokyo]

open forum might not be the place to do that or talk about that, but one should indeed study behind the scenes clever and legal ways to to keep ones hard earned money in one’s OWN pocket and out of the coffers of the SSA (Socialist States of America) if it does eventually go down that Obama-type craphole into the massive welfare state, taxing the producers of our country out the wazoo to support the lowlifes.

[Tainan]

Taxes in country of residence - yes.
Taxes paid to the IRS is after a certain dollar amount is reached;currently in the US72,000 range. No taxes until after that amount of earned income.
The usual deductions apply.
It used to be much higher - in the US$110,000 or so range. Standard avoidance method, and very legal, was to have wages deposited into a outside the country bank that had either branches in the US or had a reciprocal relationship with a US bank. Thus, the monies were not 'technically' brought into the US. But checks could still be written and credit cards were good to go.
Alas...the good old days......;)

[sushiman]

” We are just spiraling down the toilet bowl of socialism. “

Yes , it is true . I’m almost to the point of saying “ Good riddance “ . Not that Japan - where I be - is any better .

Praying for the end of the world .

[autumnraine]

Hey, thanks alot!

I have been so frustrated lately (gas prices anyone) and I am terrified of Obama and this is a fine place to find all the articles at one spot. So far so good.

Hey, do you know anything about how the oil market works? Cause me, and everyone I know has certainly stopped driving as much with the price being what it is. And now summer is here, no schools using tons of gas. But the price of oil today is $143 a barrel? This is not making sense to me and what I know of supply and demand. Shouldn’t it at least be leveling off?

I know this is not what this thread is about, but I didn’t know who or how to ask this.

[GOPJ]

Thanks for sharing it here - great find.

[whipitgood]

I like to look at it like this, regardless of what the oil market is doing: It’s possible to spend less on gas even at higher prices by consuming less. I think in the coming years we as a nation will have to become much more reliant on busses and trains. Until the infrastructure becomes operable, we must reduce our driving. How much can we cut back? Quite a bit in most cases. Sports and recreation will take a big hit. Gas most likely will not be going back down, and we need to radically adjust our thinking and driving habits to compensate. This will ultimately be good for the USA. We will learn to conserve, to exploit our own resources, and to reduce our exposure to foreign interests. We really need to draw together as a nation and hopefully this bit of adversity will start the process. Keep the faith autumnraine!

[M203M4]

One of the communist planks.

[rabscuttle385]

Of course, that presupposes that the successful people accept their patriotic responsibility to give back to the society that made their success possible.

Don't you just love the subtle collectivist vibes? Phrases like "giving back," "paying your fair share," "fortunate," and the use of "rich" or "wealthy" to describe high-income individuals and households.

Let's just put it this way: the government believes that anyone who has high-income (but not necessarily wealth) is only lucky...they never actually worked for it in the first place! Per the government, "wealth" is doled out at random to members of society and must be given back to its source because it's never really yours in the first place.

Such clever manipulation of words and their popular connotations, continuously over the long term, represent some serious social engineering that has enabled the government (by majority mandate) to institute all manner of wealth redistribution mechanisms, though usually wealth is redistributed into the pockets of government officials, employees, and their supporters.

[rabscuttle385]

Now in America, you can love it, or leave it -- but you can't take it all with you.

The U.S. Government and the Episcopal Church seem to have much in common! Sounds like Congress just passed a "Dennis Canon" for the whole country.

[rabscuttle385]

...just transfer 100% of your assets to safe havens overseas, ahead of time before the democrat party can steal your funds.

There are many ways to skin a cat. The fact that even the Congress critters don't quite understand the entire tax code is only inviting smart folks to find and exploit legal loopholes in order to minimize their tax burden.

[autumnraine]

Thanks, I’ll keep the faith.

The only thing that scares me is the hit on all the jobs of the people in the first thing to go, the entertainment industry. And that will cause them to spend less and so on and so on. I am not paranoid, and I can conserve with the best of them, but I do fear the economy right now.

[sionnsar]

It’s been 10 or 12 years since they passed the “ex-pat tax” — renounce your citizenship and you’re still on the hook for the income tax for another 7 (?) years!

[Eric Blair 2084]

Funny, I just had this conversation with the tour guide in Bermuda 2 days ago. I asked for purely intellectual reasons.

The feds are wise to American citizens leaving the country and taking their millions with them and moving to a tax free haven.

They’re not as incompetent as you think. Somebody is thinking up there. They should give that guy a raise.

[elkfersupper]

See ya' there.

Most free place on the planet.....for now.

Costa Rica used to be a nice place until too many of us moved there.