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More Americans giving up citizenship for lower taxes »
Posted by: Aidenag 1 year, 8 months agowith new tax pressures facing American expatriates due to legislation enacted in Washington this year, some international tax lawyers say they detect rising demand from citizens to renounce ties with the United States - the only developed country that taxes it citizens while they are overseas.
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Comments: 98
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m-simon
Dec. 18, 2006, 11:24 a.m.This is the problem with the tax the rich until they bleed folks.
The rich leave taking their money with them.
We should lower taxes on the rich so that we can attract more of them. Let them spend and invest in America.
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jeffery1
Dec. 18, 2006, 9:24 p.m.Sorry, that's just plain wrong.
The story is about a relatively small number of people, many with dual citizenship, who renounce American citizenship over being taxed by the U.S. They are not taking their money with them: a) they are already off-shore and (b) they more than likely still invest in U.S. companies and will not pull their money out of good investments.
There is no valid reason to lower taxes on the rich because they have greatly improved their lot compared with the middle and lower income groups. For example, the top 20 percent earned more than the bottom 80 percent combined (Mishel, Bernstein and Allegretto, "The State of Working America") and the middle-earning group of households shrunk to 60.7% in 2002 from 68.0% in 1979.
Besides, it's NOT about soaking the rich but developing a fair and equitable tax system that benefits all Americans.
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Lurch
Dec. 18, 2006, 9:27 p.m.You missed the point of the story entirely.
These folks are working class folk, albeit upper middle class.
The rich have their tax dodges and shelters already, so they don`t need to worry about this. It`s people who actually work for a living and are getting doubled taxed that are hurting. Ironic isn`t it, the Republican rhetoric about cutting capital gains because the money is getting taxed twice. Yet in the real world the cons are increasing double taxation on the working class expats. Can you say `hypocrites`?
The cons only want breaks for the rich. That is obvious if you pay more attention to their actions instead of their rhetoric.
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DanmLiberals
Dec. 18, 2006, 12:45 p.m.So you made your money in our Nazi society and now your leaving. I guess the blood is on your hands as well. God Bless America. The only country where people will risk dying to come. Btw, Im renouncing my citizenship also and exactly for this tax reason. Bunch of Bull.
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saneman
Dec. 18, 2006, 1:05 p.m.I have a friend who lived in a foreign country for many years, and then came back along with his family to the U.S.
The spouse and kids ended up having a lot of emotional problems and had to be medicated as a result.
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MrTastyPhlegm
Dec. 18, 2006, 7:38 p.m.Where are you going, fool? My guess is NOWHERE. But aren't these boards great for voicing your opinion?
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saneman
Dec. 18, 2006, 12:22 p.m.Why in the world haven't these people formed corporations in the country they live, then they wouldn't have to pay taxes to the U.S. government?
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repugnantone
Dec. 18, 2006, 6:50 p.m.saneman, owning a business in corporate form does not eliminate taxation. It can help lower taxation, but it will not eliminate them. My corporations pay little in taxes because we pass the profit on to the stock holders, who in turn must pay taxes on the income. But taxes will be paid.
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Daylight
Dec. 18, 2006, 1:14 p.m.DanmLiberals
So you made your money in our Nazi society and now your leaving. I guess the blood is on your hands as well. God Bless America. The only country where people will risk dying to come. Btw, Im renouncing my citizenship also and exactly for this tax reason. Bunch of Bull.
A lot of people are going to runaway from America as if they are going to be affected by some kind of virus. It is only the people who have no jobs in their country come to America, in fact there are better countries in the world than America, for instance Japan, the people are very nice and respectful, Japan doesn't give citizenship to foreigners, but still there are a lot foreigners live in Japan, they don't speak English, it is a big problem for foreigners. Rich people won't give a damn about America they will always find a better place in the world, those who have guns will travel, there are better third world country in any part of the world, where they ca live like kings.
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MrTastyPhlegm
Dec. 18, 2006, 7:40 p.m."It is only the people who have no jobs in their country come to America"
WRONG WRONG WRONG. The unemployment rate in Mexico is LOWER than most major cities in the US. The problem is that their pay is FAR lower than that of the United States. Why work for 10 cents a day when you can come here, illegally, and make $100.
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blinkers
Dec. 19, 2006, 1:30 a.m.Daylight, you're right, Japan is a very nice place to live and it is becoming less difficult for foreigners to become Japanese nationals, but it requires a lot of qualification. "Permanent residency" is, however, relatively simple, even for nonspeakers of Japanese.
What seems to me unfair is the the IRS still requires expat US citizens to file tax returns, despite their earning overseas income and paying taxes to their host government. A friend here, who had not filed for years received veiled threats of passport cancellation unless he declared all to Uncle Sam. He is currently trying to change his nationality.
But I disagree with your "Rich people won't give a damn about Amwerica" -- the rich have never had it so good in Bush's America and are unlikely to think of renouncing citizenship. As an earlier poster said, it is the middle class who may think of moving/changing nationality. Farming in New Zealand is becoming popular, for example.
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jumpmaster
Dec. 18, 2006, 3:10 p.m.Jobless, uneducated, and unskilled ferners come here and live like kings too. Ain't it great?
People come here and don't speak English but it is no problem. We just do somersaults and back flips to accommodate them.
Japan has the right idea.
No speaky Japanese, too bad.
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samsara15
Dec. 18, 2006, 3:16 p.m.That's the problem, we allow selfish people to take from society without giving anything back. We subsidize the rich, and then they run aways on us, being nothing but theives and jackals.
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jumpmaster
Dec. 18, 2006, 3:25 p.m."That's the problem, we allow selfish people to take from society without giving anything back"
Are you talking about rich people or poor people?
What defines rich? Is it a million dollars or is it more than your neighbor?
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repugnantone
Dec. 18, 2006, 3:32 p.m.I don't know where you liberals get your ideas that America subsidizes the rich. I'm not sure what you define as rich, but I have never received a subsidy, in fact, I am in the group that pays 50% of all income tax.
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MrTastyPhlegm
Dec. 18, 2006, 7:42 p.m.Fool.
The richest 5% of the nation pay 95% of all income taxes in the US. That is a fact. Furthermore, the lowest 35% pay NOTHING. That means that 60% (the rest) pay only 5% of the tax burdeon.
Do some research.
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repugnantone
Dec. 18, 2006, 3:16 p.m.I earned my wealth here in the U.S. This country presented me with opportunity after opportunity. I will live here proudly and die here. When I die, my children will get the bulk of my wealth. The people of this wonderful country are welcome to the rest.
Thank you America!
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jumpmaster
Dec. 18, 2006, 3:23 p.m.Go to the other story on Netscape. There is a suicide epidemic in Inda and China.
Again, two more examples of other "enlightened" countries who have it all figured out.
Maybe some of the US socialists could move there and learn from the societal experts.
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web_1
Dec. 18, 2006, 4 p.m.Give us your rich, your greedy, your Bush's, Cheneys, and all the other money grubbng pigs
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MrTastyPhlegm
Dec. 18, 2006, 7:45 p.m.Let me guess...you're jealous of their wealth and power.
Here's a hint to get farther in the world:
Get an education.
Do your best and give 100% at everything you do.
Learn from your mistakes.
Fat, lazy and stupid is no way to go through life.........
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jumpmaster
Dec. 18, 2006, 4:04 p.m.I'm sorry. Did you say Kennedys, Rockefellers, Heinz, Vanderbilts, etc?
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MrTastyPhlegm
Dec. 18, 2006, 7:47 p.m.You don't make the wages in other countries like you do in the United States. Therefore, you wouldn't be able to live the Lifestyles of the Rich and Famous there either.
Let me guess...you think you'll quit your job here as a gas station attendant making $12.00 an hour, go to the Bahamas, and get the same job making the same wages.
HA. Good one.
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twincats
Dec. 18, 2006, 4:37 p.m.I'm confused. Is this taxation something recent? The only reason I ask is that when I was stationed in Turkey in 1986, it was my understanding from the American employees of Halliburton and GE that they weren't paying income tax BECAUSE they were working overseas... I never understood why it didn't apply to us enlisted and comissioned grunts.
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Aidenag
Dec. 18, 2006, 8:40 p.m.Thats just loopholes "Contractors" working oversea's have.. We havent taxed the halliburtons and Dynacorps and Blackwater security type corporations for thier oversea's work in AGES. even the over $80k stuff. Its the reason we have so many Americans willing to go work in Iraq even with the risks involved.. just the amount the Govt doesnt tax you is a Years salary.
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Lurch
Dec. 18, 2006, 9:58 p.m.They don`t have to pay on the first $82K /-, but do pay US taxes on income earned above that.
The reason is, they also pay local income taxes, whereas you in the military don`t.
I am a former ex-pat myself and never earned over the threshold so didn`t pay US taxes for years. Of course I`m back in the States now, paying my share, and looking at the Republican Debt with disdain as I and my children will have to pay for that the rest of our lives unless someone can figure a way to get rid of the Fed. Anyone? Anyone?
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Hamlet
Dec. 18, 2006, 5:25 p.m.Actually I don't get it. Americans living abroad do not pay taxes to USA under about $80,000. Most Europeans pay taxes both in Europe and the countries they are living in. From the first Euro/dollar. So Americans have it relatively good.
As to who pays taxes in USA, the vast bulk of taxes are paid by people/families earning below about $50,000 a year. Proportionally those earning over a million pay a lot less than those earning less.
The USA now has gone from being in the black in 1999 to being in debt at a rate of over 400% of the GDP. This will rise as interest keeps collecting. That is just federal debt, not including state and municipal. That is because the gov't spent money it hadn't taxed you for yet.
Check the story "The United States is Insolvent" (link too long to copy here) which reports on the GAO's annual report just issued. And wonder why it is kept so quiet.
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MrTastyPhlegm
Dec. 18, 2006, 7:49 p.m.You're incorrect about the taxes paid.
The richest 5% of Americans pay 95% of the income tax. The lowest 35% pay NOTHING. That means that the rest (60%) pay 5% of the income tax.
Tell me how that is wrong?
I'm all for going to a flat tax where you pay a flat rate based on your income. This should apply to EVERYONE who works and makes money.
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PoliSci
Dec. 18, 2006, 6:11 p.m.America attracts the poor and unskilled, those who will make little if any contribution to our society. Those with the means run away and the rest of the world's problems are dumped on our shores. I work for Customs/Immigration and NYC and see this every day at work.
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t6quinn
Dec. 18, 2006, 6:20 p.m.OK heres what we do , just barter for a year., then at taxes time send the goverment 12 chickens. The way the system is working out , are we really free....
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MadamBee
Dec. 18, 2006, 6:26 p.m.This country was not in trouble until we elected George W. Bush as president .Now all hell is about to break loose ,just a few more months and the world will see and feel and know how far down this man has brought this country. The United States of America is about to fall to it's knees .And then you die. We all need to pray for this man
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MrTastyPhlegm
Dec. 18, 2006, 7:51 p.m.Sound of Reason...try Sound of Insanity. While I do not agree with Bush's spending, for you to call our country's laws "Nazi Gestapo" is quite insulting and very ill informed. Ever hear of checks and balances? Ever hear of our three branches of government (Executive, Judicial, Legislative). Do you know what they do?
You're an idiot and your obvious hatred of Bush has lowered your IQ to that of my left nut.
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repugnantone
Dec. 18, 2006, 6:46 p.m.I like getting STEWED once in a while. Think I'll try it tonight.
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Aidenag
Photographer by day, news junkie by night. My main areas of interest are politics and the environment. If you have any questions, problems, or suggestions ...
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