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Thread: Americans living in foreign countries renouncing citizenship

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    Default Americans living in foreign countries renouncing citizenship

    There has been a large uptick in Americans living overseas in foreign countries renouncing their citizenship in the last two years. This is due to a Biden policy trying to wring more taxes out of that group. Instead of doing so, it has unintentionally hit the little guy most.

    Americans Abroad Renounce Citizenship to Escape Tax Law’s Clutches
    FATCA, aimed at cracking down on offshore tax evasion, is hurting accidental US citizens who can’t open bank accounts.
    https://www.bloomberg.com/news/artic...id-fatca-rules

    FATCA, or the Foreign Account Tax Compliance Act, aimed at trying to hit offshore tax evasion, has instead made it harder for average Americans living abroad to open simple bank accounts or do any sort of financial transactions. It has also raised their costs of trying to comply to levels that are prohibitive. The result is that many--about 25% of all Americans abroad--have now either renounced their citizenship or are in the process to do so.

    Instead of getting better compliance, Joke is forcing people, many of whom saw their citizenship as valuable, to dump being American to avoid the IRS and US tax law.

    So, FATCA is just another stupid Leftist idea that backfired, rather than the tax cash cow the Joke administration thought it would be. Proof of that is it cost $574 million to enact this law and last year it brought in a measly $14 million in additional tax revenue.

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    Quote Originally Posted by T. A. Gardner View Post
    Proof of that is it cost $574 million to enact this law and last year it brought in a measly $14 million in additional tax revenue.
    your tax dollars swirling down the toilet.
    "Those who vote decide nothing. Those who count the vote decide everything." Joseph Stalin
    The USA has lost WWIV to China with no other weapons but China Virus and some cash to buy democrats.

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    Quote Originally Posted by T. A. Gardner View Post
    There has been a large uptick in Americans living overseas in foreign countries renouncing their citizenship in the last two years. This is due to a Biden policy trying to wring more taxes out of that group. Instead of doing so, it has unintentionally hit the little guy most.


    https://www.bloomberg.com/news/artic...id-fatca-rules

    FATCA, or the Foreign Account Tax Compliance Act, aimed at trying to hit offshore tax evasion, has instead made it harder for average Americans living abroad to open simple bank accounts or do any sort of financial transactions. It has also raised their costs of trying to comply to levels that are prohibitive. The result is that many--about 25% of all Americans abroad--have now either renounced their citizenship or are in the process to do so.

    Instead of getting better compliance, Joke is forcing people, many of whom saw their citizenship as valuable, to dump being American to avoid the IRS and US tax law.

    So, FATCA is just another stupid Leftist idea that backfired, rather than the tax cash cow the Joke administration thought it would be. Proof of that is it cost $574 million to enact this law and last year it brought in a measly $14 million in additional tax revenue.
    Who cares if they leave.

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    Quote Originally Posted by BidenPresident View Post
    Who cares if they leave.
    they're taking their dollars/skills with them.
    "Those who vote decide nothing. Those who count the vote decide everything." Joseph Stalin
    The USA has lost WWIV to China with no other weapons but China Virus and some cash to buy democrats.

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    Quote Originally Posted by Celticguy View Post
    they're taking their dollars/skills with them.
    Good, have at it. No one will notice.

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    Quote Originally Posted by BidenPresident View Post
    Good, have at it. No one will notice.
    Typical progressive Marxist arsewipe.

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    Quote Originally Posted by BidenPresident View Post
    Who cares if they leave.
    When are leaving JPP like you promised, cunt?

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    The reason we cant tax the rich heavy is that the rich only pay taxes to America at all if they choose to. If they dont want to they simply stop being Americans. There will almost be other countries willing to take in rich people. That America is rapidly failing as a country is another reason to skeddle.
    This illegal illegitimate regime that runs America is at fault...not me.... they do not represent me and I have long objected to their crimes against humanity.

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    Quote Originally Posted by Hawkeye10 View Post
    The reason we cant tax the rich heavy is that the rich only pay taxes to America at all if they choose to. If they dont want to they simply stop being Americans. There will almost be other countries willing to take in rich people. That America is rapidly failing as a country is another reason to skeddle.

    Switzerland is actually kind of full and their banks have trouble figuring out what to do with all their money.

    Lots of countries will ba happy to take them but there are not so many countries they are willing to go to.

    More significant is that the wealthy write the tax laws so they only pay the taxes they are willing to pay.
    "Those who vote decide nothing. Those who count the vote decide everything." Joseph Stalin
    The USA has lost WWIV to China with no other weapons but China Virus and some cash to buy democrats.

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    Quote Originally Posted by T. A. Gardner View Post
    There has been a large uptick in Americans living overseas in foreign countries renouncing their citizenship in the last two years. This is due to a Biden policy trying to wring more taxes out of that group. Instead of doing so, it has unintentionally hit the little guy most.


    https://www.bloomberg.com/news/artic...id-fatca-rules

    FATCA, or the Foreign Account Tax Compliance Act, aimed at trying to hit offshore tax evasion, has instead made it harder for average Americans living abroad to open simple bank accounts or do any sort of financial transactions. It has also raised their costs of trying to comply to levels that are prohibitive. The result is that many--about 25% of all Americans abroad--have now either renounced their citizenship or are in the process to do so.

    Instead of getting better compliance, Joke is forcing people, many of whom saw their citizenship as valuable, to dump being American to avoid the IRS and US tax law.

    So, FATCA is just another stupid Leftist idea that backfired, rather than the tax cash cow the Joke administration thought it would be. Proof of that is it cost $574 million to enact this law and last year it brought in a measly $14 million in additional tax revenue.

    Yay, Pres.Moron.
    TRUMP WILL TAKE FORTY STATES...UNLESS THE SAME IDIOTS WHO BROUGHT US THE 2020 DUNCE-O-CRAT IOWA CLUSTERFUCK CONTINUE THEIR SEDITIOUS ACTIVITIES...THEN HE WILL WIN EVEN MORE ..UNLESS THE RED CHINESE AND DNC COLLUDE, USE A PANDEMIC, AND THEN THE DEMOCRATS VIOLATE ARTICLE II OF THE CONSTITUTION, TO FACILLITATE MILLIONS OF ILLEGAL, UNVETTED, MAIL IN BALLOTS IN THE DARK OF NIGHT..


    De Oppresso Liber

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    Quote Originally Posted by BidenPresident View Post
    Who cares if they leave.
    way to ignore the point, obtuse one.
    A sad commentary on we, as a people, and our viewpoint of our freedom can be summed up like this. We have liberals and conservatives, Democrats and Republicans, yet those very people look at Constitutionalists as radical and extreme.................so those liberals and conservatives, Democrats and Republicans must believe that the constitution is radical and extreme.

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    Americans living in foreign countries renouncing citizenship
    After what Biden has done to the gas supply it's not surprising.

    Americans overseas have a tough time anyway.
    Nicaragua bars US envoy over meddling
    https://www.presstv.ir/Detail/2022/1...-over-meddling

    It's common to pretend you're Canadian.
    Last edited by moon; 10-01-2022 at 04:55 AM.
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    We don't know what happened after that . "

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    Quote Originally Posted by T. A. Gardner View Post
    There has been a large uptick in Americans living overseas in foreign countries renouncing their citizenship in the last two years. This is due to a Biden policy trying to wring more taxes out of that group. Instead of doing so, it has unintentionally hit the little guy most.

    FATCA, or the Foreign Account Tax Compliance Act, aimed at trying to hit offshore tax evasion, has instead made it harder for average Americans living abroad to open simple bank accounts or do any sort of financial transactions. It has also raised their costs of trying to comply to levels that are prohibitive. The result is that many--about 25% of all Americans abroad--have now either renounced their citizenship or are in the process to do so.

    Instead of getting better compliance, Joke is forcing people, many of whom saw their citizenship as valuable, to dump being American to avoid the IRS and US tax law.

    So, FATCA is just another stupid Leftist idea that backfired, rather than the tax cash cow the Joke administration thought it would be. Proof of that is it cost $574 million to enact this law and last year it brought in a measly $14 million in additional tax revenue.
    FACTA was passed well before Biden was President. It was not enforced until trump became president.
    Daniel Patrick Moynihan said it best, "You are entitled to your opinion. But you are not entitled to your own facts."
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