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More Americans Give Up Citizenship As IRS Gets Aggressive Overseas
Dow Jones Newswire ^ | 4-9-2010 | Martin Vaughan

Posted on 04/09/2010 11:47:25 AM PDT by Rodebrecht

The number of American citizens and green-card holders severing their ties with the U.S. soared in the latter part of 2009, amid looming U.S. tax increases and a more aggressive posture by the Internal Revenue Service towards Americans living overseas.

According to public records, just over 500 people worldwide renounced U.S. citizenship or permanent residency in the fourth quarter of 2009, the most recent period for which data are available. That is more people than have cut ties with the U.S. during all of 2007, and more than double the total expatriations in 2008.

An Ohio-born entrepreneur, now based in Switzerland, told Dow Jones he is considering turning in his U.S. passport. Mounting U.S. tax and reporting requirements are making potential business partners hesitate to do business with him, he said.

(Excerpt) Read more at nasdaq.com ...


TOPICS: Front Page News; Government; News/Current Events
KEYWORDS: biggovernment; citizenship; expat; expats; incometaxe; irs; overseas; taxes; wealth; wealthconfiscate
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1 posted on 04/09/2010 11:47:26 AM PDT by Rodebrecht
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Comment #2 Removed by Moderator

To: Rodebrecht

Galt’s Law.


3 posted on 04/09/2010 11:49:52 AM PDT by GraceG
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To: US Navy Vet

It is called “competition”. IF this country takes everything and another doesn’t...


4 posted on 04/09/2010 11:50:21 AM PDT by CodeToad
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To: Rodebrecht

Last month, the Treasury Department announced more rigorous requirements for Americans living abroad to report information on foreign bank accounts. The reporting requirement has been in place for years, but only in the most recent couple of years has the IRS gotten tough about enforcing penalties.

Now ya get nuthin....


5 posted on 04/09/2010 11:51:50 AM PDT by Adder (Proudly ignoring Zero since 1-20-09! WTFU!)
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To: CodeToad

“IF this country takes everything and another doesn’t......”

Then the other country gets the skilled, smart, talented, hardworking.


6 posted on 04/09/2010 12:04:39 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Niuhuru

You pass the test, grasshopper.


7 posted on 04/09/2010 12:06:09 PM PDT by CodeToad
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To: Rodebrecht

You realize the US reserves the power to force you to pay income taxes for 10 years after you surrender citizenship.

lol. They can try I guess.


8 posted on 04/09/2010 12:08:07 PM PDT by GeronL (There is only a "Happily ever after" for you if you're the one writing your own script)
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To: Niuhuru

“Then the other country gets the skilled, smart, talented, hardworking.”

At one time I would have said it’s a free country, but......


9 posted on 04/09/2010 12:08:11 PM PDT by Habibi ("It is vain to do with more what can be done with less." - William of Occam)
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To: CodeToad

I wonder how many scientists will be leaving for China and India where they’ll be worshiped.


10 posted on 04/09/2010 12:08:19 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Niuhuru
Then the other country gets the skilled, smart, talented, hardworking.

Yup. We're just starting on this slippery slope. I've worked at companies before where the quality people started leaving for one reason or another. Eventually, ALL of us were gone.

11 posted on 04/09/2010 12:09:00 PM PDT by Wissa ("So this is how liberty dies... with thunderous applause."-Padme Amidala)
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To: GeronL

If the US government went after a newly created Chinese citizen to confiscate their wealth, then it is likely that it would cause war. Which is something the Chinese would liekly like to try out to see how well their military does.

I don’t think they’ll fight via the Queensberry Rules or follow and Geneva conventions.


12 posted on 04/09/2010 12:09:32 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: GeronL
the US reserves the power to force you to pay income taxes for 10 years after you surrender citizenship.

I did not know that. Fascinating...
13 posted on 04/09/2010 12:10:59 PM PDT by Rodebrecht (No army can stop an idea whose time has come.)
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To: Niuhuru

The offers do get made.


14 posted on 04/09/2010 12:13:08 PM PDT by CodeToad
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To: Wissa

It started the minute India and China opened their doors with the promise of no lawsuits, no Affirmative Action, the promise that they would be free from racial extortion, and low taxation. They also appreciate people like Bill Gates and don’t persecute them for being successful.


15 posted on 04/09/2010 12:14:05 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: CodeToad

I don’t doubt it. I remember reading that in China Bill Gates is worshiped like a rock star and in Vietnam they had to pull kids off of his car so he could get where he had to go.


16 posted on 04/09/2010 12:15:06 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Niuhuru; Rodebrecht

Yes, I understand how hard it would be to enforce unless the person were still doing business in the US or had assets in the US.


17 posted on 04/09/2010 12:18:21 PM PDT by GeronL (There is only a "Happily ever after" for you if you're the one writing your own script)
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To: Niuhuru
I wonder how many scientists will be leaving for China and India where they’ll be worshiped.

Will IITs, IIMs fall victim to poaching by foreign universities?

http://timesofindia.indiatimes.com/india/Will-IITs-IIMs-fall-victim-to-poaching-by-foreign-universities/articleshow/5688262.cms

MUMBAI: In 2008, when Atlanta-based Georgia Tech University bought 250 acres of land in Hyderabad it left many gaping. It did something even more astonishing shortly afterward: it invited its own faculty members to quit their jobs and consider moving to India.

A professor in the computer science department of the university told TOI: ‘‘Each one of us got a formal note. Even more amazingly, he added, all of us were offered the same salary that we were getting in Georgia. It was clearly an offer very few would even think of refusing; given the cost of living in India, it would straightaway translate into a fortune, if not a killing.’’

The note read, ‘‘Those who take a transfer to Hyderabad, or are recruited for the India campus, will be offered the same dollar salary compensation that is paid in Georgia.’’

This is not a unique case though. Quite a few American and European universities, which have plans of setting up a campus in India, have sent out similar messages to their teaching staff.

With the government paving the way for foreign universities to set up campuses in India, it can only mean one thing: poorly-paid academic superstars of the country’s top institutes can finally expect to get value for their worship. In other words, lowly-paid teachers will be poached.

Three American academics L Rumbley, I Pacheco and Philip Altbach, who drew up a chart, found that Saudi Arabia paid its professors the highest on an average —$6,611, followed by Canada at $6,548 and United States at $5,816 per month. India, on the other hand, pays only — $1,547.

S Biswas, dean of academic affairs at the Indian Institute of Technology-Bombay said, ‘‘I gave up a high-paying job in the US and came to teach here. A lot of us will not merely join a foreign university for the pay. The university has to have a complete environment: from bright students to well equipped labs, to high end research facilities to independence that they will give professors.

18 posted on 04/09/2010 12:18:39 PM PDT by James C. Bennett
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To: Rodebrecht
Good riddance!

We have enough damned taxpayers!

We need more people riding in the wagon!

19 posted on 04/09/2010 12:20:25 PM PDT by E. Pluribus Unum (FYBO: Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: Rodebrecht

You’re living in a country where you can’t have a cigarette with your coffee and you can’t work on your car in your driveway. You can’t sing a Christmas carol during the school Christmas program, and you can’t give thanks to God during your graduation speech.

Pick any random third world country and you’ll be able to do all of the above (the muslim world excepted).


20 posted on 04/09/2010 12:20:48 PM PDT by marron
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To: GeronL

Maybe they’ll kidnap relations.


21 posted on 04/09/2010 12:22:26 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: marron

Excellent points.


22 posted on 04/09/2010 12:22:57 PM PDT by CodeToad
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To: Niuhuru

Isn’t that what Cuba does?


23 posted on 04/09/2010 12:23:00 PM PDT by GeronL (There is only a "Happily ever after" for you if you're the one writing your own script)
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To: Niuhuru

Bill Gates won’t hire people like himself.


24 posted on 04/09/2010 12:23:28 PM PDT by SatinDoll (NO Foreign Nationals as our President!!)
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To: E. Pluribus Unum

Millions of them, many not even speaking English as a second language too!!

lol./s


25 posted on 04/09/2010 12:24:09 PM PDT by GeronL (There is only a "Happily ever after" for you if you're the one writing your own script)
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To: James C. Bennett

“With the government paving the way for foreign universities to set up campuses in India, it can only mean one thing: poorly-paid academic superstars of the country’s top institutes can finally expect to get value for their worship. In other words, lowly-paid teachers will be poached.”

I don’t really blame them. We have had chance after chance after chance to give them what they’re worth and if we aren’t going to do that, then maybe we do need to go through a dark period.


26 posted on 04/09/2010 12:25:26 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Rodebrecht

Can you blame them?Lots of people are looking elsewhere to live since America is so in debt!


27 posted on 04/09/2010 12:30:22 PM PDT by taxtruth (Something really stinks In The Federal Government/Mafia and I think it's BO!)
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To: Rodebrecht

Our very responsible lawmakers will be excluded. Like they are excluded from the obamacare trainwreck. Is the irs going to go after hollyweird or are they protected like the multimillionaire lawmakers?


28 posted on 04/09/2010 12:31:40 PM PDT by Texas resident (Outlaw fisherman)
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To: GeronL

“....the US reserves the power to force you to pay income taxes for 10 years after you surrender citizenship.”

If you’re overseas and not planning to come back, I would write obscenities all over the forms and tell them to do disgusting things to themselves and their mamas.


29 posted on 04/09/2010 12:34:49 PM PDT by july4thfreedomfoundation (Palin / Ryan in 2012, or Ryan / Palin in 2012. Either combination will serve America with pride.)
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To: taxtruth
Can you blame them?Lots of people are looking elsewhere to live since America is so in debt!

Not the ones profiting from the wealth- redistribution.

30 posted on 04/09/2010 12:34:58 PM PDT by Wissa ("So this is how liberty dies... with thunderous applause."-Padme Amidala)
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To: july4thfreedomfoundation

lol.


31 posted on 04/09/2010 12:35:35 PM PDT by GeronL (There is only a "Happily ever after" for you if you're the one writing your own script)
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To: Rodebrecht

I can’t imagine giving up my American citizenship but if Nobama keeps running America into the ground, I can see how people would do it.

FUBO


32 posted on 04/09/2010 12:39:20 PM PDT by ilovesarah2012
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To: Niuhuru
I don’t doubt it. I remember reading that in China Bill Gates is worshiped like a rock star and in Vietnam they had to pull kids off of his car so he could get where he had to go.

Dang. He drives like Joe Biden.

33 posted on 04/09/2010 12:39:36 PM PDT by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
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To: Rodebrecht

“....the US reserves the power to force you to pay income taxes for 10 years after you surrender citizenship”

This is true. If ones net worth is above a certain amount, the IRS imputes that you are renouncing citizenship to avoid taxes. This places you in a different category as far as taxation is concerned. Unfair or not, it is an odd method of determining ones motivation for taking up a foreign citizenship. While one may always renounce, there are greater and greater economic disincentives.


34 posted on 04/09/2010 12:51:36 PM PDT by Habibi ("It is vain to do with more what can be done with less." - William of Occam)
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To: marron

Well said. The once soft tyranny is turning hard.


35 posted on 04/09/2010 12:51:48 PM PDT by Jacquerie (It can happen here.)
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To: Rodebrecht
This is the Iron Curtain and the Berlin Wall. We can travel anywhere we want physically. However, our money can't follow. Americans are SLAVES to the Federal Government...
36 posted on 04/09/2010 12:55:49 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: Rodebrecht

We need to clean house in Washington... RIGHT NOW...


37 posted on 04/09/2010 12:56:48 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: Richard Kimball
I think he was chauffeured.
38 posted on 04/09/2010 1:01:01 PM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Rodebrecht; MinuteGal; Bob Ireland; mcmuffin; gonzo; seekthetruth; Brytani; surfer; Rafterman; ...

Good “killer of the golden goose” that he and his commie union friends are, BO’s next move will be to seal the borders - not to keep the illegals and terrorists out - but to keep the producers in.


39 posted on 04/09/2010 1:02:38 PM PDT by Matchett-PI (Jim Wallis speaks for Christians the same way that Jesse Jackson speaks for all blacks.)
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To: ilovesarah2012
I can’t imagine giving up my American citizenship but if Nobama keeps running America into the ground, I can see how people would do it.

I hope the day doesn't come where we wish we would have got out before they put up a version of the Berlin Wall to keep us in.

40 posted on 04/09/2010 1:08:15 PM PDT by Wissa ("So this is how liberty dies... with thunderous applause."-Padme Amidala)
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To: Adder
Now ya get nuthin....

The libs are experts at the Law of Unintended Consequences. In their zeal to right some perceived 'wrong,' they always make things worse.

41 posted on 04/09/2010 1:13:09 PM PDT by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: Rodebrecht

Citizens want out.

Illegals want in.

This really is opposite land....


42 posted on 04/09/2010 1:14:34 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: Rodebrecht
Such are the consequences of extraterritorial taxation.

U.S. companies have been known to move their home base to an overseas branch office, while the U.S. location becomes a branch. That way, the company will have a lower tax burden, since extraterritorial taxation does not apply.

43 posted on 04/09/2010 1:16:56 PM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
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To: ilovesarah2012

I’m seriously looking at Poland, it would take a lot for me to make the move, but it doesn’t hurt to start looking.


44 posted on 04/09/2010 1:19:20 PM PDT by dfwgator
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To: GeronL; DieHard the Hunter
You realize the US reserves the power to force you to pay income taxes for 10 years after you surrender citizenship.

IRS agent to another agent in 2025: "Well now, let's see. TSR is living in New Zealand. He renounced his U.S. citizenship in 2015, and he has filed returns for the past 10 years as required. However, he hasn't sent checks, but simply scrawled a big "F&CK YOU" on the forms!"

45 posted on 04/09/2010 1:20:17 PM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
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To: Rodebrecht

Bookmark.


46 posted on 04/09/2010 1:32:23 PM PDT by Sergio (If a tree fell on a mime in the forest, would he make a sound?)
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To: Texas resident

I think most people in Hollyweird are in the Outer Party, as it were, so they will have to pay taxes, but I don’t know how much clout they have against the IRS. Remember Wesley Snipes.


47 posted on 04/09/2010 1:34:13 PM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
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To: Rodebrecht

Y’know, the thought hit me just last week, “My forebears left the UK 300 years ago; but, what with with the distinctions between them and us vanishing daily, perhaps it’s time I take a look at moving back.”


48 posted on 04/09/2010 1:37:09 PM PDT by HKMk23 (The Democrat Legacy: Hoax and Chains)
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To: Tolerance Sucks Rocks

Wesley tried to buck the system and was slapped down hard.


49 posted on 04/09/2010 1:48:05 PM PDT by Texas resident (Outlaw fisherman)
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To: Rodebrecht

I’ve had several venture capitalist types tell me they’re moving assets overseas and getting the #### out of the country because they think we’re going “commie”.


50 posted on 04/09/2010 1:55:00 PM PDT by WKUHilltopper (Fix bayonets!)
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