Americans living in foreign countries renouncing citizenship

[T. A. Gardner]

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/arti...ans-renounce-citizenship-to-avoid-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.

 

[Celticguy]

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.

 

[BidenPresident]

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/arti...ans-renounce-citizenship-to-avoid-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.

 

[Celticguy]

Who cares if they leave.

they're taking their dollars/skills with them.

 

[BidenPresident]

they're taking their dollars/skills with them.

Good, have at it. No one will notice.

 

[cancel2 2022]

Good, have at it. No one will notice.

Typical progressive Marxist arsewipe.

 

[cancel2 2022]

Who cares if they leave.

When are leaving JPP like you promised, cunt?

 

[Hawkeye10]

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.

 

[Celticguy]

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.

 

[Grokmaster]

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/arti...ans-renounce-citizenship-to-avoid-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.

 

[SmarterthanYou]

Who cares if they leave.

way to ignore the point, obtuse one.

 

[moon]

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/...with-Netherlands,-bars-US-envoy-over-meddling

It's common to pretend you're Canadian.

 

[Walt]

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.