[NTHockey]

“What these lists fail to show is the vast and increasing numbers of wealthy US citizens who are just ‘dropping out’ – taking all of their wealth and leaving the US without renouncing. They just disappear off the US tax rolls and appear on some other country’s tax rolls.”

Sounds like a good option. Next, find a country with no income tax. Question, can you still use US banks without penalties. This might be a way to go for not-so-wealthy retired people, assuming they can still collect on Social Security.

At least it will keep the next generation of lawyers employed. We can’t have them on the breadlines.

[pepsionice]

You would be surprised how simple it would be to “drop-out” and keep using US banks. Once you open an account with a bank in the US...it’s pretty much permanent. They will never go back and ask questions. There is the issue of income and social security numbers....but frankly, if you only keep enough cash in a checking account to cover travel and local bills....and never show any income, then IRS never gets in your business.

As for countries willing to take you....there are probably over forty that you can work various deals with. Panama is currently one of the top ones that openly recruit....but you’ve got various options. The advantage with most of these is that they really don’t have sophisticated means to track your wealth, so other than property taxes....they won’t be in your face.

It won’t surprise me if half a million Americans “drop-out” in 2009/2010. The curious thing is that they will move their US wealth....without the involvement of the IRS and avoid further issues or taxes.

[PugetSoundSoldier]

Question, can you still use US banks without penalties.

Who cares? Use HSBC, UBS, RBS, Fortis, any one of a large number of major and stable International banks. ATMs work world-wide...;)

Open the account in an overseas locale, and the foreign office will not have visibility into it save balances. For example, an HSBC account opened in Hong Kong keeps your information private; using the HSBC branches in the US means you can withdraw or deposit, but nothing else is reported/tracked.

[esarlls3]

John Gaver, who edits right-leaning website Action America, said in an article published on the site: “What these lists fail to show is the vast and increasing numbers of wealthy US citizens who are just ‘dropping out’ – taking all of their wealth and leaving the US without renouncing. They just disappear off the US tax rolls and appear on some other country’s tax rolls.”

John used to post here as ActionAmerica until he was banned for criticizing Bush.