Why I renounced my United States citizenship - Americans why did you let this happen

Discussion in 'Europe' started by nicknick, Jan 15, 2011.

  1. nicknick
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    nicknick Rookie

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    I was born in the UK, have always lived and worked in the UK. I am British but got a U.S. passport at birth because my father is American. For 15 years I have been filling out the IRS tax return and foreign income sections plus the UK tax returns. The IRS required that I fill in a 40 page tax return every year with various foreign exemption and overseas forms.

    Recently they changed the requirement so that people like me must I declare my bank accounts, share purchases, investments, pension etc. average balance, minimum balance, maximum balance, end of year balance, profits from sales of investments, basically such a reporting regime that it required accountants and consultants just to keep up to speed. There’s about 50 pages of compliance material and additional forms to fill out. They put people like me in the same category as criminals, drug dealers, terrorists and money launderers. My bank account for daily living and pension fund is looked at with this kind of suspicion. Then they change the rules every year or 2 and don't inform the individual. And the penalties for non compliance are 40% of your assets per year of non compliance.

    Joe public would never be able to keep up with this, the average person doesn't even understand the basic tax system, it's so complex let alone these foreign income, investment and trusts rules. It's just an excuse to be able to take someone apart if that person falls under suspicion for any reason. It's a potential 'Kafka's Trial'. One day, someone can just become a statistic. In the UK we shout when human rights are taken away, but now in the U.S. it can happen to ordinary people. What is going on? And why did the American people let it get to this? It is amazing how the American people are so nice and friendly yet they put in place this sinister regieme.

    Please see youtube video about how the United States citizenship because a threat to my livelihood.

    It won't let me post a URL but you can search on youtube.com under "Why I renounced my United States citizenship"
     
    Last edited: Jan 15, 2011
  2. Revere
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    Revere BANNED

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    Don't let the screen door hit your ass on the way out.

    American progressives don't understand that all the laws designed to punish rich Americans evading taxes by using foreign banks suck everyone down the same shit hole.
     
    Last edited: Jan 15, 2011
  3. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    The Federal government has become embarrassing .
    It has been going down hill for 100 years
    It has gotten worse every year since Eisenhower .
     
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  4. B. Kidd
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    B. Kidd Gold Member

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    Rather then renounce my citizenship, I have an astute CPA do my taxes. A simple solution to an annual complicated problem.
     
  5. Intense
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    Intense Senior Member

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    ;)
     
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  6. Jackson
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    Jackson Gold Member Supporting Member

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    I am so sorry you felt you had to do this. Evidentally, you didn't have a good broker who could advise you on this. Much of this information is on your end of the year statements and your broker can send you more information if asked.
     
  7. nicknick
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    nicknick Rookie

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    "Much of this information is on your end of the year statements and your broker can send you more information if asked."

    I disagree. It might be on the end of year statements for U.S. inventments, but if I have a UK pension, they don't assume you have to report to the U.S. tax authorities. In fact now many financial instutions (and I suspect the vast majority of non-U.S. financial institutions today) say that U.S. citizens cannot apply for their products because they are so afraid of getting into trouble themselves, and they are afraid of the vast amounts of paperwork that they themselves have to do, or they have to have departments set up just to cater for that the U.S. is expecting. Here are some examples I found on a google search:


    Barclays:

    In particular, these products and services are not being offered in the United States or to US residents.

    Deutsche bank:

    esidents of the United States of America:The warrants/securities issued by the Issuer have not been and will not be registered under the US Securities Act of 1933 and trading in the warrants/securities issued by the Issuer has not been approved for purposes of the US Commodities Exchange Act of 1936. The securities may not be offered or sold in the United States, to US citizens or US residents.


    Citibank Egypt:

    "US Persons are not eligible for offshore investments products. US Persons are defined as: (1) US Citizens; (2) US Green Card holders; or (3) resident aliens subject to ... Citibank Egypt is being regulated by the Central Bank of Egypt. ..."


    DWZ investments:

    The securities may not be offered or sold in the United States, to US persons or US residents.


    But why should I have had to worry about any of this? Why should I have to worry about reporting about things that have been passed as a law and I have no knowledge about? And why should I have had to worry about confiscation of everything I have for non compliance? In the UK, the HMRC tax authority at least has the courtesy to ask you for information before they hold it against you for not supplying it and they don't expect you to go through all your bank accounts and supply information on them, that is unless you are audited. It's just so wrong to stick people in such a bureaucratic nightmare. It's like they have a friendly customer services attendent but they have lost touch with the fact that we are human beings not human calculators and databases, and it's not having a life to be stuck in that. It was intrusive and an invasion of my rights and civil liberties. Imagine if every country did this, it would simply be unworkable. We would have to have so many accountant, consultants and lawyers in order to purchase a mars bar. One can talk about hiring CPA's but what is the point in having U.S. citizenship if one has to go through all this?

    It's madness, who exactly does the U.S. government think they are to be putting red tape into peoples lives and institutions all over the world?
     
    Last edited: Jan 16, 2011
  8. Ravi
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    Ravi Diamond Member

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    :rolleyes:
     
  9. Bones
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    Bones VIP Member

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    Why did the American public let this happen?

    Complacency.

    They're addicted to and distracted by electronic merriment of all kinds. They're indoctrinated from childhood to believe that this is the best republic on earth and no tyranny will ever takeover this land. They're polarized to such a degree that arguing about politics is just for the sake of arguing and the fan boys of both the left and right politics jerk each other off with their unwaveringly stupid two-dimensional opinions. They're convinced that such government action is "for their safety and security".

    And government intrusion in our daily lives is going to become worse and worse as the years roll by. You can count on that.

    Once you're a citizen of the United States, Uncle Sam and the illegal IRS owns you not only in U.S. territories however worldwide as well. And yes, lots of these dronish goons have lost touch with the fact that we're flesh and blood and that it's humanly impossible to wade through pages upon pages of bureaucratic insanity. It's sickening. Dehumanizing.
     
    Last edited: Jan 15, 2011
  10. Sail Away
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    Hey nicknick, you think it's bad in the US look at what have in the UK. Massive austerity, tax hikes on already high tax base. Every citizen owes the rest of the world over $100k when he/she is born. I've read that there is a mass exodus of young professionals leaving for Canada and Australia. I believe your judicial system is even more fascist than ours and your crime rate is twice what it is in the US.

    How does the cliche go? Our country is really f**ked up but compared to yours, we look normal.
     

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