by Jethro Mullen @CNNMoney February 8, 2016: 5:21 AM ET
More Americans than ever before are turning their backs on the United States.
The number of citizens and long-term residents cutting their official ties to Uncle Sam jumped more than 20% last year to 4,279, according to a CNNMoney analysis of the latest government data.
It's a trend that's been increasing in recent years. Many of those severing links are Americans living overseas who are tired of dealing with complicated tax paperwork, a headache that has worsened since new regulations came into effect.
Eighteen times as many Americans renounced their citizenship or long-term residency in 2015 compared with 2008. Last year was the third record-breaking year in a row.
Unlike most other countries, the U.S. taxes its citizens on all income, no matter where it's earned or where they live. For Americans living abroad, that results in a mountain of paperwork so complex that they are often forced to seek professional help, forking out high fees for accountants and lawyers.
The burden has gotten heavier in recent years with the Foreign Account Tax Compliance Act, which became law in 2010.
It requires individuals to report certain foreign assets and banks to disclose all foreign accounts held by Americans. That comes on top of another rule that requires Americans to disclose foreign bank holdings above $10,000.
The regulations are part of a U.S. government campaign to fight tax evasion, given added impetus after major Swiss banks admitted to helping Americans hide assets offshore.
But those efforts are making life difficult for the 7.6 million Americans living abroad.
As financial institutions grapple with FATCA, some overseas banks -- both big and small -- have ditched their U.S. clients, leaving some without even basic checking and savings accounts. That's because banks that mistakenly fail to report any accounts held by Americans outside the U.S. can face steep penalties.
Some wealthy Americans who are renouncing their citizenship may end up paying lower taxes in the future. But it's illegal to give up U.S. status to dodge paying a tax bill -- and doing so doesn't mean authorities won't come looking for back taxes
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Yeah...who wants their money anyhow? Oh yeah...you.
They are not paying their taxes... and money is much more important to them than their country. But you understand that feeling don't you Cicero!
FU(K EM
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
They are not paying their taxes... and money is much more important to them than their country. But you understand that feeling don't you Cicero!
FU(K EM
As the article states, renouncing citizenship won't stop the federal government from tracking them down and taking the money they believe is rightfully "the country's" money.
Doesn't sound like the government feels the same way you do. You know..."FU(K EM"
Quoted Text
Some wealthy Americans who are renouncing their citizenship may end up paying lower taxes in the future. But it's illegal to give up U.S. status to dodge paying a tax bill -- and doing so doesn't mean authorities won't come looking for back taxes
As the article states, renouncing citizenship won't stop the federal government from tracking them down and taking the money they believe is rightfully "the country's" money.
Doesn't sound like the government feels the same way you do. You know..."FU(K EM"
They used this country to make their $$$, they used it's infrastructure, it's banking and stock market system, they used it's workforce... then when it comes time to pay their taxes, they whine like little babies and say NO THAT'S MY MONEY! Fu(k Em. They are criminals and should be treated as such.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Fu(k Em. They are criminals and should be treated as such.
Yes...criminals...They made money selling the products and services to voluntary consumers. They certainly should be treated more harshly by the government than say an organization that invaded a country illegally and killed tens of thousands of innocent people. The federal government definately holds the moral high ground.
Yes...criminals...They made money selling the products and services to voluntary consumers. They certainly should be treated more harshly by the government than say an organization that invaded a country illegally and killed tens of thousands of innocent people. The federal government definately holds the moral high ground.
And if the government didn't impose taxes on them, you'd be bitchin' that they are treated different and everyone else is bearing the burden.....IDIOT!!!! You just like to argue the opposite no matte what the position...typical of a class clown JACKA$$
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
Yes...criminals...They made money selling the products and services to voluntary consumers. They certainly should be treated more harshly by the government than say an organization that invaded a country illegally and killed tens of thousands of innocent people. The federal government definately holds the moral high ground.
This is typical of Cicero's convoluted logic. Instead of perusing the topic, Cissy dives head first into one of his anti govt rants.
If Cicero were the one owed money by these criminals, he would expect HIS government to prosecute the criminals and retrieve his $$$. But since it's OUR money, the collective US... THE US GOVT. Cicero is blinded by his anti govt obsession.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
And if the government didn't impose taxes on them, you'd be bitchin' that they are treated different and everyone else is bearing the burden.....IDIOT!!!! You just like to argue the opposite no matte what the position...typical of a class clown JACKA$$
LOL...Inventing what I'd say again? I've said before, I believe you, box-a-jocks, evil rich people, or anybody else shouldn't pay tax on income.
Of course you've never taken a position on anything, ever. So I'm not sure if you believe the federal government has first rights to an arbitrary percentage of you income, or whether you believe the money you earn from your labor is yours. If I were to guess, a good patriot like yourself, when the IRS comes knock'n, you salute the flag and hands over your wallet
LOL...Inventing what I'd say again? I've said before, I believe you, box-a-jocks, evil rich people, or anybody else shouldn't pay tax on income.
Of course you've never taken a position on anything, ever. So I'm not sure if you believe the federal government has first rights to an arbitrary percentage of you income, or whether you believe the money you earn from your labor is yours. If I were to guess, a good patriot like yourself, when the IRS comes knock'n, you salute the flag and hands over your wallet
The problem that I have with the tax laws, is that they are slanted to favor the rich. What percentage of your income is from "investments" and what percent from actual WORK? Why should anyone pay less tax on INVESTMENTS, (Capitol Gains etc) than they would pay for a job where you actually have to do something to earn money.
As for those who are taking their money and running, with out paying their taxes... Either pay your taxes, or pay for all the benefits that YOUR GOVT gave them to make all that money. Either way... these criminals should be treated like any other thief... and prosecuted.
Then Fu(k em. Let em leave.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
As the article states, renouncing citizenship won't stop the federal government from tracking them down and taking the money they believe is rightfully "the country's" money.
Doesn't sound like the government feels the same way you do. You know..."FU(K EM"
the problem lies within the fact that most folks DON'T use these MANDATED/FORCED government programs!! Personally....many folks don't use abortion/female services, Medicaid, food stamps...blah blah blah. Obamacare was FORCED on folks who didn't need it...yet lost their doctor, insurance plan, and rates increased. (happened to us) Many folks didn't want their hard earned money going to fund unconstitutional wars and the killing/murdering of hundreds of thousand innocent people.....nor bank bailouts. Fannie Mae/Fredy Mac...not everyone uses THAT banking institution.
so for these folks who just walked away due to forced/over taxation...............GOOD FOR THEM!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Either way... these criminals should be treated like any other thief... and prosecuted.
Then Fu(k em. Let em leave.
They should face criminal charges because they are not paying income tax to pay the interest on trillions of dollars of debt incurred by the govt's illegal war and theft of the treasury to bailout wall st? Are those the "services" they owe their money to?
LOL...Inventing what I'd say again? I've said before, I believe you, box-a-jocks, evil rich people, or anybody else shouldn't pay tax on income.
Of course you've never taken a position on anything, ever. So I'm not sure if you believe the federal government has first rights to an arbitrary percentage of you income, or whether you believe the money you earn from your labor is yours. If I were to guess, a good patriot like yourself, when the IRS comes knock'n, you salute the flag and hands over your wallet
FRIGGIN' HILARIOUS!!!!! Can't take truth about yourself! Words of wisdom from Mr. Cyberspace WHINER! and LOOK WHO'S INVENTING....you create your own profiles of people, and they are just as stupid, ridiculous and wrong as your posts are...what a friggin' IDIOT!!!!!
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
the problem lies within the fact that most folks DON'T use these MANDATED/FORCED government programs!!
So... how many of them didn't use OUR roads, or OUR bridges, or OUR school systems, or OUR hospitals, or OUR Fire protection, or OUR Mail system, or OUR police force, or...
Oh $hit... why bother. Bumbler will never get it anyway!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
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