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The number of American citizens and green-card holders severing their ties with the U.S. soared in the latter part of 2009, amid looming U.S. tax increases and a more aggressive posture by the Internal Revenue Service toward Americans living overseas.
According to public records, just over 500 people world-wide renounced U.S. citizenship or permanent residency in the fourth quarter of 2009, the most recent period for which data are available. That is more people than have cut ties with the U.S. during all of 2007, and more than double the total expatriations in 2008.
Truly sad the anti-business tax and regulatory environment obama has created will force what seems a record number to give up their citizenship.
Quote:
"Everybody sees the tax rates are going up. At a certain point, it gets beyond people's pain threshold," said Anthony Tong, a tax partner at accounting firm PricewaterhouseCoopers in Hong Kong.
How else will we pay for his massive deficit spending?
Talk about selfish babies. They'll be back if they try going to Canada or Europe after they find out the government is even further left and taxes are higher. Spoiled brats...
A minority of the recent expatriates are U.S. natives who have started a new life overseas. Most are people with family ties outside the U.S.: foreign professionals who acquired a green card while working in the U.S., or people who have received higher education in the U.S.
Keep in mind.....the tragic (snicker) number sanrene is so concerned about is a whopping....500 people.
And:
Quote:
Last month, the Treasury Department announced more rigorous requirements for Americans living abroad to report information on foreign bank accounts. The reporting requirement has been in place for years, but only in the most recent couple of years has the IRS gotten tough about enforcing penalties.
Did you read that Sanrene? So, this is nothing new.
"An Ohio-born entrepreneur, now based in Switzerland, told Dow Jones he is considering turning in his U.S. passport. "
So they are renouncing their US citizenship to go live in... gasp, a socialist nation with universal health care. I wonder if sanrene is aware that in Switzerland you are mandated to buy health care insure. Did you even read the article sanrene?
The tidbits add up. This President is not good for America at this point in history.
The tidbits have started to really add up here. I question if this President is good for America, and truly what is his agenda.
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