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The Dark Road: The Worst Tax Law You've Never Heard About (effective July 1st)
New American ^

Posted on 06/28/2014 11:11:55 AM PDT by TigerClaws

It broke Ruth Freeborn’s heart to give up her U.S. citizenship that fateful day last year. Unfortunately for the Oklahoma native, though, it was either that, or her family. Ruth’s Canadian husband of 33 years, who earns all of the middle-class family’s income, “simply could not go along with this situation,” she explained. “To find myself suddenly not able to live, bank, save or to keep peace in my marriage while being American at the same time was shocking at first and deeply disturbing to me.”

Ruth wrote “what must have been” hundreds of letters to U.S. senators and officials, clinging to the hope that something — anything — could be done to stop what felt like a nightmare. Even as she protested, federal bureaucrats claimed that what was happening to her, and millions of other innocent Americans overseas, was somehow a “myth.” She knew it wasn’t a myth — after all, she was living it.

More than three decades ago, Ruth m

(Excerpt) Read more at thenewamerican.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Front Page News; Government; News/Current Events
KEYWORDS: banking; disaster; fatca; foreigninvestment; irs; taxes
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1 posted on 06/28/2014 11:11:55 AM PDT by TigerClaws
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To: TigerClaws

ping


2 posted on 06/28/2014 11:18:30 AM PDT by laplata (Liberals don't get it .... their minds are diseased.)
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To: TigerClaws

meanwhile millions and millions of illegals wait for their amnesty


3 posted on 06/28/2014 11:18:37 AM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: TigerClaws

Chase citizens away, herd illegals in. How long can a nation survive with such a scheme.


4 posted on 06/28/2014 11:32:46 AM PDT by smoothsailing
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To: TigerClaws

I’ve not understood how the US government has this much power over foreign financial institutions or governments.

But it sounds as if foreign banks are simply refusing to do business with Americans overseas, rather than comply with such complex disclosures and paperwork.

This reminds me of efforts which have been made, to get banks to stop doing business with gun businesses. It’s as if our government has decided that certain people are to be punished. In this case, Americans living overseas, living and doing business legitimately, are treated as if they have something to hide.


5 posted on 06/28/2014 11:34:12 AM PDT by Dilbert San Diego (s)
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To: smoothsailing

“Chase citizens away, herd illegals in. How long can a nation survive with such a scheme.”
*********
Not long, but that is the plan.


6 posted on 06/28/2014 11:34:50 AM PDT by mongo141 (Revolution ver. 2.0, just a matter of when, not a matter of if!)
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To: TigerClaws

The democrats know, and don’t care.


7 posted on 06/28/2014 11:43:19 AM PDT by I want the USA back (Media: completely irresponsible. Complicit in the destruction of this country.)
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To: TigerClaws

That’s BS giving up your citizenship. You need to be a building a .308 platform, and putting in the time at the range. That is what our forefathers would do.


8 posted on 06/28/2014 11:44:50 AM PDT by Salvavida (The restoration of the U.S.A. starts with filling the pews at every Bible-believing church.)
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To: I want the USA back
The democrats know, and don’t care.

What kills me are the Liberal "experts" who get all perplexed: "What? What are you talking about? There is no problem here. If you look at the official data, everything is great! The recovery has been going on for years now, there is no inflation, and the only reason immigrants are here is because we have work to do that American don't want to do. Everythign is great, but you refuse to admit it because you hate Obama because he's black."

9 posted on 06/28/2014 12:12:48 PM PDT by ClearCase_guy ("Harvey Dent, can we trust him?" http://www.youtube.com/watch?v=HBsdV--kLoQ)
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To: smoothsailing

What nation are you referring to? This one appears to be already dead.


10 posted on 06/28/2014 12:20:33 PM PDT by gitmo (If your theology doesn't become your biography, what good is it?)
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To: gitmo

The death rattles are everywhere these days


11 posted on 06/28/2014 12:23:58 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: TigerClaws
what was happening to her, and millions of other innocent Americans
There are no innocent Americans. The feds have so many laws on the books we are all felons one way or another. And if by chance we aren't, and haven't been caught, there are millions of Lois Lerners out there that will keep writing regulations to make sure we are. The American Revolution was started over less.
12 posted on 06/28/2014 12:25:00 PM PDT by Organic Panic
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To: TigerClaws

Failing and tyrannical countries often institute capital controls to trap their citizens’ funds. The US is doing this in an unusual way. Because the US economy is so powerful, and the dollar is a major international currency, the US Gov’t has used a two prong approach.

1) By making it so onerous to do business with US citizens, the gov’t has effectively trapped citizen funds within the US because few external banks/brokers will take US citizen accounts. This has all been done without mention of the phrase “capital controls.”
2) The other arm, in the name of suppressing tax cheats, is addressed in this article. The IRS has written regulations on out-of-country accounts which are incredibly complicated, intrusive, and confiscatory. Even if you can get someone to take your money overseas, the US gov’t can accuse you of some complex tax violation and seize a good portion of it through outrageous penalties.

The net effect of all this is that the only way out of the country is through dual citizenship, and then formal relinquishing of US citizenship. I love the US, and haven’t even thought of this for myself. But gaming the situation, and thinking about past history where people were trapped in a country that was cannabilizing itself (Germany, Russia at times), I’d like the option of legitimately keeping some money out of US control... and it’s being quietly and throroughly foreclosed.

This ought to alarm and anger just about anyone. Forget about the mythical 1% BS and think about what’s going on here.


13 posted on 06/28/2014 12:28:40 PM PDT by Pearls Before Swine
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To: Dilbert San Diego
I’ve not understood how the US government has this much power over foreign financial institutions or governments.

I don't think it is any official or legal power, just intimidation. It is also starting to happen in other countries as well. We are all the property of our respective countries, but the shackels have been put on loosly so far. The will gradually tighten them, but it will be too late.

14 posted on 06/28/2014 12:35:26 PM PDT by Vince Ferrer
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To: Pearls Before Swine

I’ve been saying for a while now that the Mexican who cross the border into the U.S. illegally, has no papers and no Social Security number, and works for cash may be the last free man in the United States of America.


15 posted on 06/28/2014 12:38:24 PM PDT by Alberta's Child ("What in the wide, wide world of sports is goin' on here?")
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To: TigerClaws

Surely computer model show that our financial policies are insane and driving the country to ruin. Why don’t libs believe these models as much as their made-up climate models?


16 posted on 06/28/2014 12:51:28 PM PDT by AZLiberty (No tag today.)
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To: AZLiberty

>>Surely computer model show that our financial policies are insane and driving the country to ruin. Why don’t libs believe these models as much as their made-up climate models?

The RepubliCrat Party, the banks, the multinational corporations, and the actual 1%ers all know what they’re doing. This is about creating a socialist nation for the working people and a layer of capitalism on top of the subsistence economy for those who make their money by moving money.


17 posted on 06/28/2014 1:07:46 PM PDT by Bryanw92 (Sic semper tyranni)
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To: TigerClaws

From the information given:

The US citizen is living with her Canadian citizen husband in Canada; where he works and earns a Canadian income. How is that any of the US Federal Government’s business?

They are not using the US highways, medical facilities, or any other Gubmint funded benefits. If they have monies invested in a US bank - how does that cost the US Treasury? That would be a good thing.


18 posted on 06/28/2014 1:50:57 PM PDT by sodpoodle (Life is prickly - carry tweezers.)
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To: GeronL
meanwhile millions and millions of illegals wait for their amnesty and, free stuff! (Paid for by us!)
19 posted on 06/28/2014 2:11:49 PM PDT by Road Warrior 04 (Molon Labe! (Oathkeeper))
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To: TigerClaws

The surveillance is for keeping track of potential tax and fee revenues. The lowest tier of the government-supported middle class is being chewed off, then the next and so on. The debt regime can support fewer people each year, as deals are made to continue the flows of debt/revenues to a shrinking and more approved/licensed pool of officials and authorities.


20 posted on 06/28/2014 2:22:51 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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