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The US isn't happy enough to tax income generated at home.
They want citizens to pay income tax on income no matter where it is generated.
The new laws put mandates on banks in other countries and banks are now refusing to deal with US citizens living and working abroad.
There's plenty of non wealthy US citizens living/working abroad that this affects.
How many wealthy US citizens will America loose if we have another 4 years of Democratic Party policy of higher taxes and higher spending
How many threads is this now that are moaning over your rich going off-shore?
Cripes, get a grip; it's been going on for decades. Aside from the likes of Warren Buffet; the very first thing anybody does who acquires wealth in the U.S. is to use a significant portion of it to evade your taxation and live in a more culturally advanced, less insular, environment.
A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.
Well, I've done some math that indicates that, considering the hole this country is in, if you are one of these 1,130 people who are rich and complain about a 3.6% tax increase, then you are by definition a greedy unpatriotic a-hole and you don't deserve to be an American citizen under the protection of the most powerful country on Earth.
So, when your wife gets kidnapped and held for ransom call some other embassy for help.
Quote:
After filing their taxes, many Withers clients are giving up their green cards and U.S. citizenship, deeming the tax liability to be too onerous. Among them are American expatriates who see their Singaporean and Hong Kong peers paying a far lower income tax and aren't subject to capital gains taxes, Mr. Krause said.
The US isn't happy enough to tax income generated at home.
They want citizens to pay income tax on income no matter where it is generated.
The new laws put mandates on banks in other countries and banks are now refusing to deal with US citizens living and working abroad.
There's plenty of non wealthy US citizens living/working abroad that this affects.
It's a reaction to enacted laws.
The U.S. isn't just treating it's own citizens in that manner, but even foreign visitors who are in the U.S for more than 183 days over a course of three years must file an IRS form IN ADVANCE to prove a closer connection to their home country or they risk being taxed on income they make solely from their HOME countrie's
What other country are you aware of that might require temporary residents, NOT deriving income from within the country, to pay taxes on income they derive from outside the country?
Not only is your country discouraging it's own citizens from remaining around but actively discouraging visitors from remaining around and spending income they've earned from ELSEWHERE!
Not quite sure I can make the leap required to see how wanting to keep more of the money you earn yourself is somehow an entitlement?
You can't understand liberal insanity?
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