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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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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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To: Rodebrecht

“Americans with net worth greater than $2 million have had to pay an exit tax assessed on their assets.”
Interesting. It’s just what the nazis did to the jews who were fleeing germany. The only difference was that the exit tax was on all of their assets.
Give the federal swine time, and they’ll get around to that as well.


51 posted on 04/09/2010 1:59:28 PM PDT by Scotsman will be Free (11C - Indirect fire, infantry - High angle hell - We will bring you, FIRE)
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To: Rodebrecht

Don’t forget about the IRS exit tax created by the HEART Act of 2008.


52 posted on 04/09/2010 2:03:53 PM PDT by goingexpat
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To: GraceG

Rather like Beck saying what are the people in the wagon going to do when there’s nobody left to pull the wagon.


53 posted on 04/09/2010 2:06:11 PM PDT by freeangel ( (free speech is only good until someone else doesn't like what you say))
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To: dfwgator

I prefer Chile to Poland. Much as I admire the Poles, they are too close to Russia.

Chile: same environment, no natural enemies close by.


54 posted on 04/09/2010 2:27:36 PM PDT by henkster (A broken government does not merit full faith and credit.)
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To: henkster

Except for Putin’s pal, Chavez.


55 posted on 04/09/2010 2:29:58 PM PDT by dfwgator
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To: goingexpat; BufordP
Don’t forget about the IRS exit tax created by the HEART Act of 2008.

2008?

Damn you, Democrats, and...

DAAAAAMN YOOOOOU, BUUUUUSH!!!!!

56 posted on 04/09/2010 2:30:11 PM PDT by Tolerance Sucks Rocks (I am Ellie Light. I hate slow drivers.)
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To: dfwgator

Other end of the continent, separated by jungles, deserts and very high mountains.


57 posted on 04/09/2010 2:31:32 PM PDT by henkster (A broken government does not merit full faith and credit.)
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To: GeronL

The IRS can’t force you to do sh*t of you surrender citizenship. They have enough problems trying to catch people here.


58 posted on 04/09/2010 2:36:49 PM PDT by mojitojoe (I don't care what you passed. you are irrelevant. I'll NEVER comply in any way. Read my lips, NEVER!)
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To: mojitojoe
The IRS can’t force you to do sh*t of you surrender citizenship. They have enough problems trying to catch people here.

They might arrest you and charge you with tax evasion if you ever return to the US for a visit. So renunciation of citizenship would have to be a one-way trip.

59 posted on 04/09/2010 2:43:18 PM PDT by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: marron

Great point!!


60 posted on 04/09/2010 3:14:37 PM PDT by Ann Archy (Abortion,,,,,,the Human Sacrifice to the god of Convenience.)
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