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Jumping ship

A record number of Americans are renouncing their citizenship and getting out. For tax reasons.

16 Responses to “Jumping ship”

  1. Bubblehead Les Says:

    Does any of them currently live at 1600 Pennsylvania Avenue, Washington, D.C.?

    One can Hope.

  2. HL Says:

    Does any of them currently live at 1600 Pennsylvania Avenue, Washington, D.C.?

    Assuming they ever had citizenship in the first place…I kid, I kid…

  3. Crotalus Says:

    If I had someplace better to go, I would consider it myself. This isn’t America anymore; it’s the USSA, Komrade.

  4. nk Says:

    When I was in law school, in 1980, the effective tax rate for over $235,000.00 was 83%. I chose to stay an American.

  5. nk Says:

    Let them leave. No quieren ser Americanos? No los quieremos, no los necessitamos. (They don’t want to be American? We don’t want them, we don’t need them.)

  6. John Smith. Says:

    You do realize that the people who are leaving are the wealthy and the very intelligent.. You have to be smart or wealthy just to navigate the red tape required to do this. Who does that leave behind?? Also the US has a very limited number of wealthy or smart people.. Losing 1800 a year is nothing to scoff at… Believe it or not the government throttles the numbers leaving yearly because it would look bad if you had 5-6 thousand leaving yearly… It would be a lot more if the US was not one of the hardest countries to renounce citizenship from…

  7. nk Says:

    It’s easy to renounce your American citizenship. Leave the country. Go to a US embassy. They will try to talk you out of it and give you a cooling off period. If you haven’t changed your mind by the end of the cooling off period, it’s done. Enjoy your money and think what you’re depriving your children of.

  8. nk Says:

    Had a client, American citizen, who ran off to a country which recognized 1/4 ancestral citizenship and does not extradite its citizens. He came back. The FBI took him into custody at the airport and he served two years. He’s now a free man in America. He preferred prison in America to “freedom” anywhere else.

  9. nk Says:

    BTW, renouncing your American citizenship does not constitutionally absolve you from tax debts. It’s just a provision in the tax code which can be amended at any time. The IRS can still get a civil judgment against you, file it in your guest country, and extradition or no, collect. Most countries still imprison people for unpaid debts.

  10. Laughingdog Says:

    From another blog I read, written by a guy that works in hedge funds, and is fairly knowledgable about these types of things, you still have to pay taxes for another 10 years if you renounce your citizenship, and renouncing it specifically to avoid taxes is considered a felony.

    But if you read the article, with that in mind, you’ll notice that many of the people renouncing their citizenship aren’t doing it to reduce their taxes; they’re doing it because it’s even harder for them, as ex-patriots, to not make an error that will land them in jail than it is for the average person.

  11. nk Says:

    I’m behind the times on this, but back when, it was a a misdemeanor, punishable by up to five years, not a felony, and if the tax evasion was on more than 20% of your income. The IRS preferred the civil penalties because they were both easier to prove (preponderance versus reasonable doubt) and much, much higher than the criminal fines.

  12. nk Says:

    Please don’t count on a statute of limitations regarding taxes.

  13. ATLien Says:

    It would help some here if they would read the fucking article.

  14. HL Says:

    History repeats itself. Appeal to Heaven.

  15. John Smith. Says:

    I find it ironic that people say anything bad considering they probably have ancestors who did the very same thing coming to america and were called unpatriotic by those they left behind…

  16. nk Says:

    Nobody should be critised for migrating, or felt sorry for. Greener pastures, their judgment. Esau sold his inheritance for a plate of beans.