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).
Maybe they’ll kidnap relations.
Isn’t that what Cuba does?
Bill Gates won’t hire people like himself.
Millions of them, many not even speaking English as a second language too!!
“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.”
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.
Can you blame them?Lots of people are looking elsewhere to live since America is so in debt!
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?
“....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.
Not the ones profiting from the wealth- redistribution.
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.
Dang. He drives like Joe Biden.
“....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.
Well said. The once soft tyranny is turning hard.
We need to clean house in Washington... RIGHT NOW...
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.
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.
The libs are experts at the Law of Unintended Consequences. In their zeal to right some perceived 'wrong,' they always make things worse.
Citizens want out.
Illegals want in.
This really is opposite land....
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.
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.
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!"
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.
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.”
Wesley tried to buck the system and was slapped down hard.
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”.