Skip to comments.More Americans Give Up Citizenship As IRS Gets Aggressive Overseas
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 ...
It is called “competition”. IF this country takes everything and another doesn’t...
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....
“IF this country takes everything and another doesnt......”
Then the other country gets the skilled, smart, talented, hardworking.
You pass the test, grasshopper.
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.
“Then the other country gets the skilled, smart, talented, hardworking.”
At one time I would have said it’s a free country, but......
I wonder how many scientists will be leaving for China and India where they’ll be worshiped.
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.
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.
The offers do get made.
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.
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.
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.
Will IITs, IIMs fall victim to poaching by foreign universities?
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 countrys 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.
We have enough damned taxpayers!
We need more people riding in the wagon!
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).