RE: Denise Rich gives up citizenship

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RE: Denise Rich gives up citizenship - 7/12/2012 5:28:05 PM

tj444

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quote:

ORIGINAL: Owner59
Let them pay what the laws/rules say the should pay,they earned the money......No one is asking anyone to pay twice.

As well,many of these spoiled ex-pats still have business here and are still earning money from the American system......

Finally......ask me how much sympathy I have for the jet-set having to disclose their incomes and investments.....

Go ahead.......just ask me......

As I said, when they renounce, they only end the taxation of their non-US holdings & income, not their US holdings (if they have any).. they still pay US tax every year on that so its not like they wont pay any US tax again ever.. I personally, as a citizen of a country that only taxes based on residency, feel the US taxing American expats on world-wide income is very unfair.. I dont have any problem with expats paying US tax on their US holdings tho.. and I am not saying they should not disclose their holdings when they renounce, it is a requirement to be able to renounce so they dont have a choice in that anyway..

I think the majority of expats are not rich or spoiled, I just think they have made the decision that they will never again live in the US and that they finally decide to cut ties and end their requirements as a US citizen.. but of course there is no story in an average person renouncing their US citizenship, its just the richie Riches that get media attention.. cuz we all love to hate those rich people, dont we???..

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RE: Denise Rich gives up citizenship - 7/12/2012 6:27:16 PM

tazzygirl

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Approximately 1,780 expatriates renounced their U.S. citizenship in 2011, up from 235 in 2008

Unlike many other countries, the U.S. imposes taxes on its citizens no matter where they live, although overseas income up to $95,100 is exempt from income tax.

But in the four years since the IRS hammer fell on Swiss bank accounts in particular, non-U.S. banks have increased rules around disclosure for U.S. citizens. In Bern, the Swiss capital, renunciations have been higher because of this increased scrutiny, according to Bloomberg. In fact, a representative of the Swiss-American Chamber of Commerce says Americans are lining up to give up their U.S. citizenship. It only takes an average of 10 minutes: Expatriates are asked if they are acting voluntarily and understand the ramifications of renouncing citizenship. Once they pay a $450 fee, they only have to wait for a certificate in the mail making it official.

Read more: Why give up U.S. citizenship? | Bankrate.com http://www.bankrate.com/financing/wealth/why-give-up-u-s-citizenship/#ixzz20Sgc5Vm7

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RE: Denise Rich gives up citizenship - 7/12/2012 8:08:44 PM

tj444

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"But the IRS also is now beefing up its offshore account investigation unit."

So with all that, those with means may be tempted to take a pass on the U.S. tax system, but of course, there's a catch. As Bell explains it: "Under provisions of Heroes Earnings Assistance and Relief Tax Act, or HEART Act (H.R. 6081), which became law in June 2008, if you renounce your residency and surrender your U.S. citizenship, you face an immediate tax on unrealized gains of most assets at current market rates. This includes the value of stock portfolios, real estate, art and most other types of assets.

"The idea was to make it so costly that some citizens or residents might decide against leaving the U.S., keeping them and their taxable income within the IRS's grasp. But obviously some folks still decide each year that the one-time hit is worth the overall lifetime savings." "

http://www.bankrate.com/financing/wealth/here%e2%80%99s-one-way-to-avoid-taxes/

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RE: Denise Rich gives up citizenship - 7/12/2012 8:11:45 PM

mnottertail

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"But the IRS also is now beefing up its offshore account investigation unit."

Jesus!!! A bad week for Willard, hah?

But he was 7 points up in rassmussen for a day...by god he was that before implosion.

< Message edited by mnottertail -- 7/12/2012 8:14:08 PM >

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RE: Denise Rich gives up citizenship - 7/12/2012 8:12:25 PM

tazzygirl

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I have no problem with them wanting to leave. The numbers have increased 7 times since 2008.

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RE: Denise Rich gives up citizenship - 7/12/2012 9:57:18 PM

tj444

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yes, the comments from 2 expats that i posted above show why i think most average people give up their citizenship, the paperwork of filing yearly tax returns even if no US tax is owed (stiff fines if you dont), dealing with tax treaties, other filing requirements on travel, the FATCA requirements that kick in soon so difficult to even have a bank account outside the US, etc.. If they have lived outside the US for years, have kids and dont see moving back, they still have to jump thru the US govt hoops.. Its gotten worse in the last few years so yes, more have renounced.. of course they need to have a second citizenship already first.. that also might not be so easy to get, depending on their situation and the country they are working and living in.. I was a teenager when my mother finally became a Canadian citizen..

I leave Canada and dont have any of that headache with my country so no reason for me to give up my citizenship.. I can go back at any time and have all the benefits I had before, including access to good national healthcare..

1,800 less US citizens is still a very small number compared to the 300 million US citizens..

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