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    Senior Member AirborneSapper7's Avatar
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    More Americans Are Abandoning the U.S. Renouncing Citizenship

    More Americans Are Abandoning the U.S.





    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. The department doesn't distinguish between those giving up passports and those turning in green cards.

    That brings the total so far this year to 2,369, according to Andrew Mitchel, a tax lawyer in Centerbrook, Conn., who tracks the data. For all of 2011, the number of published expatriates was 1,781, he said.

    Taxpayers who expatriate aren't required to give a reason, but experts said the overall increase was likely because of tougher enforcement of U.S. tax laws. It is believed current or anticipated changes in tax law and enforcement are driving this increase.

    People who renounced last year might have avoided higher taxes on income and estates - including those on long-term capital gains - that took effect in 2013. Those who renounce citizenship or turn in green cards can be subject to an exit tax.

    All income earned by U.S. citizens and permanent residents, even those who live abroad, can be subject to U.S. tax. The U.S. also confers citizenship on people born on American soil. Penalties for failing to report assets can be severe, including up to 50% of an account balance a year.Are taxes really enough reason to abandon your country? What are your thoughts?

    http://www.allproudamericans.com/Mor...ng-the-US.html
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  2. #2
    Senior Member AirborneSapper7's Avatar
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    More Americans Than Ever Are Renouncing Their Citizenship

    by DailyFinance Staff Nov 14th 2013 5:14PM
    Updated Nov 15th 2013 9:25AM

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    More Americans are deciding that they'd rather give up their citizenship than pay more taxes.

    The Wall Street Journal reports that 2013 has already set a new record for "expatriations," defined as citizens renouncing their citizenship or permanent residents giving back their green cards. The Journal quotes tax lawyer Andrew Mitchel, who found that there have been 2,369 expatriations as of the end of the third quarter; that's an increase of 33 percent over all of 2011, the previous record-holder.

    Expatriations are typically motivated by adesire to escape taxes, and the move is usually undertaken by Americans already living abroad. There was an uptick in expatriation at the beginning of President Obama's first term, which has been attributed both to anticipation of more burdensome taxation policies and to increased tax enforcement against expatriates. Indeed, the Journal notes that those who renounced last year may have done so to avoid a higher capital gains tax, and also points to the Foreign Account Tax Compliance Act, which makes it tougher for Americans to hide assets in offshore accounts.

    So would you renounce your citizenship just to get out of paying taxes? We put that question to our readers on Facebook, and it proved to be a divisive issue.

    "To take advantage of the US's public services, structure and opportunities and then shirk on taxes to me is not right," said one reader, Matt Gardner. But another, Jim Marrion, put family over country: "to protect everything that I have worked for to prepare for me and my family's future -- YES," he wrote.

    What do you think? Let us know in the comments.

    http://www.dailyfinance.com/on/more-...6pLid%3D406378
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  3. #3
    Senior Member AirborneSapper7's Avatar
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    WELP ... until Crack Head Politicians stop trying to Make AmeriKa Shitville USA... it will only continue to pick up speed
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