Not surprising, especially in this increasingly globalized world. Nobody wants to have to pay the bill for freeloaders that vote for self-serving, destructive, and unworthy polticians. More and more worldwide, talento will seek societies that reward and incentivate self-reliance and productivity.
More U.S. citizens are giving up their American passports as the government cracks down on tax evaders. The WSJ’s Deborah Kan speaks to lawyer Eugene Chow about the main reason why many don’t want to be American anymore.
HONG KONG—The U.S.'s crackdown on global tax evaders is leading to a record number of people renouncing their citizenship, and its effects are being felt keenly in Asia—now the world's wealthiest region by household assets.
A growing number of wealthy Americans in Asia—and others with green cards—are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.
A growing number of Americans are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.
Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.
While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.
The U.S. Congress estimates that tax
Under the boot of Obama, we are learning a hard, hard lesson about what it means to be like Greece.
If my grandfather could awaken from the grave and see what we're doing to this country, it's hard to imagine what he would say given his perspective from a day and age long ago when this country was a strong, hard-working, budget-balancing, growing economy.
Today, we can barely achieve 1% GDP growth and the deficits are massive in scope. The fed's balance sheet alone will amount to over $4 billion in printed money by year's end.
Obama was elected, twice. Stop the crying, the whining and the hyper ventilating about it. And comparing the US to Greece is like comparing a turnip to an H-bomb. Do you actually own any LVS shares or just come here to wax ridiculous ?
Nations, like corporations need to be competitve in order to retain it´s high value talento in this increasingly mobile world. Take Spain as an example. King Juan recently held a reception for a group of young Spanish college educated emigrees (arquitects, engineers, doctors, artists, etc..) that managed to find jobs overseas. His message was to simply ask his fellow citizens to remember to return to Spain one day and to not abandon it altogether. Emotions aside, I doubt many of them will ever return (same for the overseas Greeks, Lebanese, Chinese, etc..) and be penailzed fiscally for the people who abused the system. We are living in a world that mirrors Ayn Rand´s masterpiece "Atlas Shrugged". She would be rolling in her grave if she knew what is happening in Europe and the U.S. today