Hundreds Give Up U.S. Passports After New Tax Rules Start

[DigitalDrifter]

We'll chase the achievers away with higher taxes, and ending tax shelters so we can get more of an achievers fair share, and at the same time we'll open the southern border up to as many freeloaders who want to come here. Welcome to the last days of the once great country of America.

The number of Americans renouncing U.S. citizenship increased 39 percent in the three months through September after rules that make it harder to hide assets from tax authorities came into force.
People giving up their nationality at U.S. embassies increased to 776 in the third quarter, from 560 in the year-earlier period, according to Federal Register data published yesterday.

Tougher asset-disclosure rules that started July 1 under the Foreign Account Tax Compliance Act, or Fatca, prompted more of the estimated 6 million Americans living overseas to give up their passports. The appeal of U.S. citizenship for expatriates faded further as more than 100 Swiss banks began to turn over data on American clients to avoid prosecution for helping tax evaders.
The U.S., the only Organization for Economic Cooperation and Development nation that taxes citizens wherever they reside, stepped up the search for tax dodgers after UBS AG (UBSN) paid a $780 million penalty in 2009 and handed over data on about 4,700 accounts. Shunned by Swiss and German banks and with Fatca starting, more than 9,000 Americans living overseas gave up their passports over the past five years.

Fatca requires U.S. financial institutions to impose a 30 percent withholding tax on payments made to foreign banks that don't agree to identify and provide information on U.S. account holders. It allows the U.S. to scoop up data from more than 77,000 institutions and 80 governments about its citizens' overseas financial activities.
In establishing the 2010 Fatca law, Congress and President Barack Obama in effect threatened to cut off banks and other companies from easy access to the U.S. market if they didn't pass along such information. It was projected to generate $8.7 billion over 10 years, according to the congressional Joint Committee on Taxation.
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So far, 2,353 Americans have renounced their citizenship this year, close to the all-time high of 2,369 in the first nine months of 2013.

Hundreds Give Up U.S. Passports After New Tax Rules Start - Yahoo Finance

 

[Old Rocks]

Why do we need assholes who want the benefits of our nation, but do not want pay their fair share? Good riddance to bad rubbish. Send them all the China, maybe they will like it there.

 

[Katzndogz]

These particular assholes don't want or use the benefits of our nation. They already live in a foreign country. As a non user of our benefits they have always paid their fair share.

Application of this asinine confiscatory law not only targets Americans living abroad but their children too. The child who holds American citizenship through a parent must pay taxes, without credit for foreign taxes paid even though they were not born here or have ever been here.

The consequence of the greedy US government is that it not only loses the revenue it tried to grab but what taxes had been paid. It loses everything. Which is only fitting.

 

[DigitalDrifter]

Why do we need assholes who want the benefits of our nation, but do not want pay their fair share? Good riddance to bad rubbish. Send them all the China, maybe they will like it there.

Who said they already haven't paid their fair share ?