Skip to comments.Why are Americans giving up their citizenship?
Posted on 09/26/2013 6:19:38 PM PDT by PotatoHeadMick
The number of Americans giving up their citizenship has rocketed this year - partly, it's thought, because of a new tax law that has frustrated many ex-pats.
Goodbye, US passport.
That's not a concept that Americans contemplate lightly. But it's one that many of them seem to be considering - and acting on.
The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012.
The list is compiled by the Federal Register and while no reasons are given, the big looming factor seems to be tax.
(Excerpt) Read more at bbc.co.uk ...
It’s still a small number, but I have to say it’s all the idiots sending American jobs to other countries.
Every job sent to another country, is another step down for America.
Bring back American jobs. Now.
Because the ultimate dream of the Treason party and RINOs is turning true Oct 1st - Complete destruction of the USA
They say eff this country of taxation without representation, and who can blame them! Working overseas far from home only to feed the Obamafoam feral crowd.
I'm guessing there's more of THAT than Joe Williams of Milwauki moving to Poland and relinquishing US citizenship.
Oops, you raised their taxes too high. There 'ya go, let's raise them some more.
But where are better options?
Not one nation in Europe is both better off and more politically and economically free than the US. Australia and NZ aren’t doing much better at all, Russia is still doing way worse and is still quite a bit more dictatorial.
A few here have mentioned the Japanese and the Phillipines which are great for foreign expats (though of course when you are a local it is an ENTIRELY different situation). But they have enough room for maybe a tiny fraction of the Americans that might consider moving, if that.
It’s not hard to figure out why, taxes and the fact that the US has made it all but impossible for a US citizen to operate financially outside of the US. So those with dual citizenship are saying good-bye while they still can. Not sure if it’s a good idea or not as looking around no place really looks all that appealing to me, but if I had some hot little brown bunny in the Philippines or Thailand and a good slug of cash socked away it would be pretty tempting to say so long to a country rapidly falling into Fascism and property seizures.
I didn’t read the article, but where are most of these folks going?
Is Arec Bardwin on the rist?
It's very unlikely that any in this number fall into that camp. The terrorists don't want to draw attention to themselves and want to re-enter the USA.
The people surrendering their passports are high earning entrepreneurs. The problem they have is two fold. They pay taxes on their earnings in the country they are in and pay taxes on their earnings in the USA. I'm not sure if it applys to personal returns, but if they file as a corporation they can get a $90,000 tax exemption but then they will pay corp. tax rates in both countries. The second problem they have is most banks are not to eager to take American customers because of the reporting requirements and consequences they face if the customer doesn't accurately report their income.
So if your overseas and see that the USA is becoming a banana republic why continue paying taxes twice.
They’re not really “going” anywhere. They are expatriates. They simply don’t want to deal with the crap of being a U.S. citizen overseas anymore.
How much $$$ do they have?
You may find the discussion on this site of interest.
I still think many Americans who would consider going to Australia would still find the nation way, WAY too culturally liberal - for examples in their beliefs on guns, abortion, homosexual rights, sex ed in schools, drugs and so on. So I think conservative Americans like us would find that a huge turn off if we actually went there.
The US gummit bullied the Swiss for the names of secret American depositors, the better to levy huge fines:
The rest of the banking world now fears if they do business with Americans AT ALL then they’ll have TONS of disclosure/regulatory demands suddenly foisted on them by the US gummint bullies.
The various banks around the world solved this potential problem by simply declaring they won’t take Americans as customers.
Do you hold a US passport? Ah! OK well then my bank won’t do biz with ya, sorry...
It’s that simple.
So basically non US governments see the US gummint as a spy bully, and non US banks won’t take Americans as customers.
Those are parts of this new & refreshing Hope & Change era of Obama —nice, huh?
America is not the country it used to be.
Too many morons for the productive people to support.
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