U.S. Hikes Fee To Renounce Citizenship By 422 Percent!

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Over the last two years, the U.S. has had a spike in expatriations. It isn’t exactly Ellis Island in reverse, but it’s more than a dribble. With global tax reporting and FATCA, the list of the individuals who renounced is up. For 2013, there was a 221% increase, with record numbers of Americans renouncing. The Treasury Department is required to publish a quarterly list, but these numbers are under-stated, some say considerably.

The presence or absence of tax motivation is no longer relevant, but that could change. After Facebook co-founder Eduardo Saverin departed for Singapore, Senators Chuck Schumer and Bob Casey introduced a bill to double the exit tax to 30% for anyone leaving the U.S. for tax reasons. That hasn’t happened, but taxes are still a big issue for many.

To leave America, you generally must prove 5 years of U.S. tax compliance. If you have a net worth greater than $2 million or average annual net income tax for the 5 previous years of $157,000 or more for 2014 (that’s tax, not income), you pay an exit tax. It is a capital gain tax as if you sold your property when you left. At least there’s an exemption of $680,000 for 2014. Long-term residents giving up a Green Card can be required to pay the tax too.

(Read the rest of the story here…)

 

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3 thoughts on “U.S. Hikes Fee To Renounce Citizenship By 422 Percent!”

  1. Boarding up the doors and windows. Why don’t they build a wall like they did in Berlin. You know you are no longer a free country when they imprison you.

  2. I was born 40 miles north of London, England in a little seaside town.

    I earned my American Citizenship at 21 years of age while serving in the U.S. Air Force. Even though I have lived here all my life since I came to this country at the age of 6 in 1948.
    I have citizenship in Great Britain because I was born there. This makes me a dual citizen with possible passports in either country. I have some education in Britain. The rest of my education was in various cities in this country. I have a trade that was taught to me late in life. I was 24 going on 25 when I accepted an apprenticeship in Composing Room Printing. It was very rough on me to complete that apprenticeship with the skill levels in mechanics that I had. Fortunately for me the trade evolved into areas where I was very good at. I give God the credit for my success in Printing.

    I think my Mom and Dad left because they could not take the high taxes of England and the continued mismanagement of the government by Socialists. Britain since world war II has been bankrupt. When I was over there in 2005, the price of things was almost double what it is here.
    The wages were much higher, but the expense of making a living was still very high. They have social medicine and pay for it. I wouldn’t give you 2 cents for the whole system of medicine. I want someone competent and libel for my care in a court of law if they screw up.
    Things are getting bad here for a number of reasons. The most important reason is incompetence on the part of our Congress. The wealthy run this place. Very few people of middle class income ever get represented in that Congress as things stand now.
    I am certainly not qualified to be a law maker. Though with a little help from my friends I could be.
    The fact is this country is technically as bankrupt as Britain.
    So they are reaching into yours and my pockets every chance they get.
    It really isn’t there fault. They were educated in the top universities of this country by people that believed that certain facts were self evident and we should change the country in accordance with these litlte kingdom professors as they see it.
    Anti-church, Antii-Union, Pro-abortion, soak the poor with taxes . . . Sound familiar?
    You have an establishment of two political parties. No one else needs to apply.
    I call them Tweedle-dee and Tweedle-dumb. Hitting on the upper middle class that have made the difficult decision to live abroad for better wages is just one of the dumb things they have figured out because the majority of these people will give them no backlash at the voting booth.
    So they have become a major target for new taxes by this Congress.
    Giving up citizenship is about taxes and the relentless attack on their finances by those in this Congress.
    Our IRS system of taxation has been discriminatory for its entire history in this country. It is a tribute to our unfair court system that it still exists. Because if this was any other law it would have been thrown off the books long ago for extreme discrimination against various economic members of our country.
    No Federal Judge in his right mind will ever change it. Because the Judges are all in the camp on the side of the bureaus. They are not on the side of the common people of this country. They are entrenched for life in those positions. Very seldom do they ever retire and very seldom do they rule in favor of the common people. And while we are saying things like they are, they have negotiated so that they receive their salaries for life regardless of what happens to them.
    The Congress has also voted themselves in as our lords of the manor. They also have life-time jobs regardless of whether or not they are ever re-elected past 2 terms. This is typical upper class rich class behavior. They do this because they can. These are the 15% cream of the crop lawyers from very rich backgrounds that have never really worked a day of their lives and never will.
    They have the finest health insurance program with the finest doctors in the country. None of which was ever earned.
    Somebody has to pay for these parasites! Unless they wise up and drop their US Citizenship and take on a less hungry bunch of politicians where they currently live and make their livings.
    The other advantage of Canada is that no matter what, they do not get stuck with a medical bill that sends everything they ever earned into bankruptcy.
    I do not like the current system we have here. It is run by thieves for thieves. And this country has a very good group of thieves running the entire show. The entire world is like this. We are not alone. Our group of thieves just happens to be the best at what they do.
    The only real chance the common people have has been disrupted for at least 120 years. That is throwing the current bunch of thieves out and voting in a new bunch of thieves with new ideas about how to make things better for those that elect them. I do not see that as possible in the near future. As long as we have Tweedle-dee or Tweedle-dumb writing the rules we live by, it will never happen.

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