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Thread: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

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    Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Patriotism! Super Rich Renounce US Citizenship to Make Tax Evasion Easier (And Other Ways the Wealthy Cut Ties to Country) | Economy | AlterNet

    The number of Americans who’ve formally renounced their U.S. citizenship has jumped by over seven-fold, from 235 in 2008 to 1,780 last year. The spark for this surge in statelessness? Since 2008, U.S. tax officials have been endeavoring to clamp down more firmly on overseas tax evasion. Swiss private banks, for instance, have come under new pressure to divulge data on the millions wealthy Americans have stuffed in secret accounts.

    That pressure has some of those wealthy irritated enough to renounce their ties to Uncle Sam. The cost to renounce: a $450 paperwork fee and an “exit tax” on unrealized capital gains for renouncers who hold assets worth over $2 million — or have paid over $151,000 to the IRS in any recent year.
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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    I heard about that @#$% Facebook founder who renounced his citizenship to avoid taxes. I think we should tell him, sure, he can avoid those taxes like that, but he's never allowed back into the country for any reason, no tourist visas, no business visas, nothing. Don't let him ever set foot onto American soil, and if he does, arrest him and put him in prison for illegal immigration. Make the fine for his release and deportation whatever amount of money his taxes as an American citizen would have been.

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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    The rich need to send a message to the people that run this country and leaving is a great way to do it.

    I support him in his move and wish him all the luck.

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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Those guys can see the writing on the wall. They know that the government is going to succeed in raising their taxes soon. Heck, if I had a lot of money, I'd be leaving too. This country is becoming nothing but a money sucking machine aimed at those big bad rich guys.
    TANSTAAFL

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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Apparently its mostly the wealthy already living abroad who are renouncing their citizenship for tax reasons. Taxes or no, is Europe really a better place to safeguard their wealth than the US?

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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Plenty of other countries would love our billionaires. They will be treated with open arms.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by Luna Tick View Post
    I heard about that @#$% Facebook founder who renounced his citizenship to avoid taxes. I think we should tell him, sure, he can avoid those taxes like that, but he's never allowed back into the country for any reason, no tourist visas, no business visas, nothing. Don't let him ever set foot onto American soil, and if he does, arrest him and put him in prison for illegal immigration. Make the fine for his release and deportation whatever amount of money his taxes as an American citizen would have been.
    Banishment is not going to change these people. They used the "American dream" to get where they are, and now they want to discard this country like a used piece of toilet paper. Twenty years of hard labor in a penal camp should teach them the proper amount of respect for working people and the lower and middle class citizens of this country.
    AN AUTHORITARIAN SOCIALIST OPPOSED TO GLOBALISM, ZIONISM, AND FEMINISM, AND IN FAVOR OF SOVEREIGN NATIONS, A PALESTINIAN STATE, AND MEN'S RIGHTS!

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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by Henrin View Post
    The rich need to send a message to the people that run this country and leaving is a great way to do it.

    I support him in his move and wish him all the luck.
    Just make sure we lock the damn door once they leave through it.
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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by Graffias View Post
    Banishment is not going to change these people. They used the "American dream" to get where they are, and now they want to discard this country like a used piece of toilet paper. Twenty years of hard labor in a penal camp should teach them the proper amount of respect for working people and the lower and middle class citizens of this country.
    Countries are meant to protect the rights and liberties of the people. There is no connection between the individual person and the country as a whole that is worth honorable mention. I use the economy and the market to my favor and when I done with it I can throw it out and call myself done with it. There should be nothing that ties me here or there as I should be free to go where I want whenever I want. That goes for anyone here. If the chance comes to you and you want to leave, leave. It is your right.

    And there is no such thing as the American dream.
    Last edited by Henrin; 05-17-12 at 08:09 AM.

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    re: Über Rich Renouncing U.S Citizenship as IRS Cracks Down on Tax Evaders [W:209]

    Quote Originally Posted by Mycroft View Post
    Those guys can see the writing on the wall. They know that the government is going to succeed in raising their taxes soon. Heck, if I had a lot of money, I'd be leaving too. This country is becoming nothing but a money sucking machine aimed at those big bad rich guys.
    These people are criminals. They were dodging taxes when Bush was president and the tax rates were at record lows, and they still are. It doesn't matter how high or low the tax rate is or what the tax money is being spent on, because their only concern is keeping their money out of the hands of the government.
    AN AUTHORITARIAN SOCIALIST OPPOSED TO GLOBALISM, ZIONISM, AND FEMINISM, AND IN FAVOR OF SOVEREIGN NATIONS, A PALESTINIAN STATE, AND MEN'S RIGHTS!

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