Skip to comments.More Taxpayers Are Abandoning the U.S.
Posted on 11/15/2013 7:34:55 AM PST by YankeeRebEdited on 11/15/2013 10:38:37 AM PST by Admin Moderator. [history]
This year will set a record for expatriations by U.S. taxpayers, with at least a 33% increase from the previous high in 2011.
The Treasury Department published the names of 560 people who either were U.S. citizens renouncing their citizenship or long-term residents who turned in their green cards during the third quarter.
(Excerpt) Read more at finance.yahoo.com ...
Read that as
New Taxes brought about by 0bamacare
Plenty of reasons: Increasing taxes, increasing regulation, decreasing property rights, and decreasing benefits to being a citizen. Worldwide taxation—a policy that is globally almost unique. Unequal treatment under the law—e.g., alien traffic violators are often just let go—citizens are fined.
Still fewer than three thousand, so far.
But three thousand with a relatively high income level, therefore taxes would be onerous and perceived as unfair by those upon whom it is accessed.
Years ago, there were many who fled the United States, but that was to avoid serving in the military to fight a war they thought unjust. Or they were just chicken.
And of course, there is flight all the time to avoid prosecution. Citizenship may or may not be a determining factor.
New taxes are a part of the problem. The Marxist dictatorship replacing the Constitution and destroying our republic is the over-arching problem facing American citizens. Fear and dread are replacing traditional American confidence and optimism.
Here’s the problem....having lived in Germany for twenty-odd years, I’ve come to view both sides of the mess.
Both the US and the Germans want to tax the US guy sitting in Germany. The Germans want the income earned in Germany, along with stock sales in the US, and all the various little items of US residency. The US wants all the German income, the sale of German property, etc, etc.
You end up with some high-priced US accountant and a high-priced German accountant, and nothing ever comes to a clean or happy ending. You feel ripped off by the American government for grabbing money that was entirely earned beyond their borders.
If you ran a successful bar in Frankfurt.....IRS wants part of that income. If you had part-ownership in some Heidelberg hotel....same deal.
The regulations? They get deeper each single year. Both the German and American tax guys are idiots at this whole thing...never grasping the pains involved or just how much paperwork is generated.
In the end, an American will evaluate the mess, and just admit he can’t do it anymore. He’s a success because his American background, ideas, and tendency to be aggressive. Sadly, the US government thinks they’ve got a line on all that success, and the German IRS thinks the same thing.
I’ll predict in ten years....that half the Americans living in Germany and running businesses....will give up. It’s a sad part about the mess....being successful....gets you no real leverage.
My son has lived in London for well over twenty years and he pays British income tax and United States income tax. He has an accountant to figure it out every year.
My wife and I are looking at Costa Rico, possibly Belize or Spain. I know these are probably all socialist countries. But at least they are out in the open and are trying to lure wealthier US retirees. As much as I have loved this country, It just sickens us to see the societal deterioration and property confiscation brought on by liberals!
these are just the ones they know about.
Many simply went to a different country, and stopped reporting their income to the IRS. So long as decent revenue is being generated for the host country, no big deal is made out of it. In reality, the IRS has literally no way of finding these people without help from the host country.
And I image the more this administration pisses off the rest of the world, G8 and G20 summits (where these things are worked out) will become more hostile.
Yes, I know. Most countries confiscate your guns and then return some of them to you after an exhausting examination process. So what’s your suggestion? Where do we go after we have 8 years of Hillary and 90% of the people on welfare? I’m too old to farm the Ukraine and I despise anyone or anything that comes out of the D.C. Beltway. If this country woke up and eliminated the 5-10% Democrat fraud and elected Ted Cruz or Sarah, I’d stay!
This country proves the Santayana quote “ Those who cannot remember the past are condemned to repeat it” When has liberalism or socialism EVER worked. Has the “New Deal”of Roosevelt Ot the “Great Society” of Johnson ever worked? Was Communism successful anywhere? Why did it need coercion to survive. Why do we keep electing socialist demagogues who are always wrong about history and economics? What produced blue state morons? Public Schools, rejection of the God of the Universe, Moral implosions, etc? After the great sacrifices of the “Greatest Generation” we’ve become a dysfunctional nation of whiners and Kim Kardashion wannabees. My only exemption to this bleak surmisal is our Brave soldiers in uniform, who are still trying to create a livable future for their children. Thanks Free Republic for letting me rant. Now I’ve got to get my lever action and go deerhunting!
I’ve been on the foreign side as well. When “over there” I earned income that was taxed at a reduced rate so I have money to invest in foreign accounts. Uncle Sam wants full income taxes on any earned income and any income not previously reported. The IRS has browbeat most foreign nations and banks into providing reports on American income and holdings. However, not all foreign banks or governments participate. I know many people in my situation where bringing any money into the US system in any way results in heavy taxes so we leave the money overseas. I won’t bring it here even if I can escape taxes as any investing is then taxed heavily. Foreign governments appreciate our money and my taxes on anything taken out over there is about 5%. Anything taken out and brought over here is taxed and has additional transfer fees applied. My last transfer about 20 years ago was taxed at about 65% after all was said and done. Screw that. My money stays over there until I need to cash out.
Just for comparison, we naturalize about 680,000 citizens a year.
About an hour ago a friend of mine from Germany told me he’s going back to Germany before the end of the month to get away from US tax complications. Your observations here are very similar to his...and he’s from Mannheim which is right near Heidelberg!
Spain sounds nice, but do you have children?...grandchildren?...are you rich enough to fly back and forth to see them?...
all of us might just have to get off the grid......have little actual income, and live off savings and investments and the underground economy....
does the article mention Tina Turner?
I think we are going to need to create a real black market economy soon
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