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originally posted by: grandmakdw
originally posted by: MichiganSwampBuck
From what I have read, it is really hard to renounce your citizenship in the U.S.
If they get around to securing the borders, it will probably be to keep the citizens in, not illegals out.
To all of you who have no intention of returning to the US, just renounce, it is easier than living in fear of the TSA,NSA,IRS who are intent on making the lives of average Americans look like the latest horror movie.
Be sure to legally change your name too and get a new passport under the new name.
That way you can still visit Disneyland if you choose, but you can also do that in Tokyo and Paris.
The Paris one is totally awesome and way better than the CA one.
Another great Obammy bill signed: FATCA.
hxxp://www.heritage.org/research/reports/2014/06/fatca-hurts-law-abiding-americans-living-abroad
FATCA Hurts Law-Abiding Americans Living Abroad By Anthony B. Kim and Curtis S. Dubay On July 1, the Foreign Account Tax Compliance Act (FATCA) will fully take effect. FATCA is supposed to reduce tax evasion by making it harder for tax cheats to abuse tax havens. In practice, however, FATCA is forcing law-abiding American taxpayers residing overseas to bear enormous financial and legal burdens. Congress should reform FATCA so that it does not hurt innocent Americans residing and working overseas. More important, Congress should turn its full attention to broader tax reform that would help curtail tax evasion in a more effective way without resorting to onerous and intrusive regulations such as FATCA. Empowering the IRS FATCA sailed through Congress in March 2010 and was signed into law by President Obama as part of the Hiring Incentives to Restore Employment Act.[1] There was little congressional scrutiny or debate of its complex details. Like another ill-considered piece of legislation enacted that same year (Obamacare), FATCA granted the IRS a new level of intrusiveness into the lives of Americans. According to White House talking points that laid out the blueprint for FATCA: [One of the proposals] requires foreign financial institutions that have dealings with the United States to sign an agreement with the IRS to become a “Qualified Intermediary” and share as much information about their U.S. customers as U.S. financial institutions do, or else face the presumption that they may be facilitating tax evasion and have taxes withheld on payments to their customers… As part of the Obama Administration’s budget, the IRS will hire nearly 800 new employees devoted to international enforcement.[2] Prior to FATCA, the U.S. had many tax information exchange agreements with other countries to help curb the use of foreign accounts to facilitate tax evasion.[3] These agreements require foreign financial institutions to provide certain information on customers to the IRS. FATCA goes much further, requiring foreign financial institutions—including banks, stock brokers, hedge/pension funds, insurance companies, and trusts—to report more detailed information to the IRS about their American customers each year. Under the legislation, the IRS is granted enhanced regulatory power in determining, based on its judgment, whether Americans with these accounts have wrongfully evaded U.S. taxes. FATCA Hurts Law-Abiding American Taxpayers Working Overseas U.S. tax laws are complex by world standards and highly unusual in their attempt to extend the reach of the IRS beyond the country’s borders. In the case of FATCA, the legal burden falls on foreign financial institutions with U.S. customers. Those that do not comply are subject to a variety of serious financial and legal penalties. FATCA’s costly IRS reporting requirements and its significant legal and financial risks make it unprofitable and arduous for foreign financial companies to serve Americans. Many have thus been reluctant to work with the IRS in implementing the law. Others, however, have adopted another strategy for avoiding FATCA: simply denying service to American customers. In fact, some institutions have already closed the pre-existing accounts of their American clients.[4] Lack of access to financial services has made it extremely difficult for Americans living and working abroad to conduct even rudimentary financial tasks such as cashing their paychecks.[5] Not so surprisingly, a recent poll reveals that almost 70 percent of them have considered giving up their U.S. citizenship because of FATCA.[6] In fact, many of them already have. In 2013 alone, 3,000 Americans living overseas voluntarily gave up their citizenship—a 221 percent rise from the 993 people who gave up American citizenship in 2012.[7] Democrats Abroad, “the official arm of the Democratic Party for US citizens living outside the United States and its territories,” summarized: Congress passed FATCA to bring an end to illegal tax avoidance by Americans in the US who use overseas financial accounts to secret untaxed earnings out of the country. But Congress did not fully anticipate the impact [FATCA] would have on overseas Americans and we, therefore, are now burdened with a tax reporting obligation that treats us like suspected tax cheats and money launderers… [We] Americans living abroad now find our financial lives exposed to a degree of scrutiny—under threat of severe penalties, fines and even imprisonment—to which Americans living stateside are not subjected. Implicit in this stringent reporting regulation is the unfair and unjustified suspicion that Americans living abroad are tax cheats and/or money launderers, which clearly the vast majority are not.[8] Time to Reform FATCA Reducing tax evasion is a laudable goal, and FATCA may reduce it somewhat. Only time will tell by how much. However, whatever reduction it achieves is coming at a significant cost that could far outweigh the potential benefits. Even IRS commissioner John Koskinen realizes the unfair burden FATCA puts on law-abiding American expatriates. He recently indicated that the IRS is looking to make it easier for them to comply with FATCA. That could be a big improvement if the IRS follows through in a timely manner.[9] Congress should reform FATCA’s heavy-handed approach to tax enforcement now to lessen the burden it is imposing on Americans living abroad and to prevent it from becoming an even bigger problem as it goes further into effect—one that runs the very real risk of exposing law-abiding Americans working overseas to greater IRS exploitation and targeting.
The Cost of Non-Compliance Penalties for noncompliance are equally harsh. The failure to report carries a minimum penalty of $10,000 and a maximum penalty of $50,000. Additionally, a 40% understatement penalty will be assessed for underpayments of tax from non-disclosed foreign financial assets, and a penalty of 75% for unreported income plus interest. Wilful noncompliance, of course, carries potential criminal penalties. Frighteningly, the mere possibility of paying these extreme penalties as a result of an innocent or inadvertent mistake on the multiple, intricate reporting forms has many expatriates opting to renounce their American citizenship altogether rather than risk running afoul of the IRS. Unintended Consequences FATCA has given rise to a vast number of unintended economic consequences, both international and domestic. Foreign banks have complained that the IRS is saddling them with billions in compliance costs. Indeed, it has been projected that the 30 largest non-U.S. banks will spend over $7.5 billion in efforts to comply with the law. To avoid these high costs, several foreign banks and institutions have stopped doing business with American citizens and corporations. Many American expatriates are having their foreign accounts unceremoniously closed. Foreign institutions are less likely to hire Americans living abroad. The number of Americans renouncing their citizenship has quadrupled since FATCA was passed.
originally posted by: ArchPlayer
originally posted by: grandmakdw
originally posted by: MichiganSwampBuck
From what I have read, it is really hard to renounce your citizenship in the U.S.
If they get around to securing the borders, it will probably be to keep the citizens in, not illegals out.
To all of you who have no intention of returning to the US, just renounce, it is easier than living in fear of the TSA,NSA,IRS who are intent on making the lives of average Americans look like the latest horror movie.
Be sure to legally change your name too and get a new passport under the new name.
That way you can still visit Disneyland if you choose, but you can also do that in Tokyo and Paris.
The Paris one is totally awesome and way better than the CA one.
Repost from what I said earlier in case you missed it: You CANNOT renounce your citizenship without the expressed written and verbal consent of the IRS, the State Department, and the Embassy. I have the documents as I was going in process to do this to move to my mate's country of origin (who is going through # with the IRS right now over an estate in their home country) and pretty much each of those entities has the right to deny you the absolution of your citizenship. Just keep that in mind.
You just can't burn your passport and call it a day either. As Tetra posted earlier, if they let you expatriate after the Exit Tax law you still on the hook for SIX YEARS or longer, depending on how long they want to string that hook.
originally posted by: BasementWarriorKryptonite
a reply to: 8675309jenny
Congratulations, by the way!
originally posted by: ArchPlayer
a reply to: 8675309jenny
Let me help you with a few facts.
The FACTA act puts your kid on the hook, whether born here or abroad. I have a cousin born and raised in Austria, that at age 40 was targeted by the IRS for taxes going all the way back to when he was 16 years old! He has never been to America, and while he knows English because of his mother, it isn't his first language. His mother (my relative) has never went back to America. FACTA also puts his wife and children on the hook as well, as they are also required once age 16 to file taxes individually, and his spouse and him together. If not the IRS can lien everybody.
You having a business puts you in a WORSE situation, as the IRS can put a lien against that as well, as well as say you are hoarding hidden income. If you are not in France, you can be extridited back to the states for Tax Evasion. Study Wesley Snipes business dealings in Korea, and what they did to him and his wife, a Korean born citizen. (I know he went down for not reporting earnings while living in Korea, but look at what they did to his businesses AFTER throwing him in jail, and his wife's businesses).
You CANNOT renounce your citizenship without the expressed written and verbal consent of the IRS, the State Department, and the Embassy. I have the documents as I was going in process to do this to move to my mate's country of origin (who is going through # with the IRS right now over an estate in their home country) and pretty much each of those entities has the right to deny you the absolution of your citizenship. Just keep that in mind.
So for everybody thinking America is so fukcing great, yeah you can have it.
originally posted by: darkwarrior
a reply to: 8675309jenny
The IRS knows they lose about $40 billion a year from illegal immigrants filing for child tax credit and not even reporting earnings. They max it at about $25k per person.
They still allow it....so not sure how this is even a big deal.
originally posted by: tetra50
The wonderful "integrated circuit," has been with us since 1952, when it was first developed.
More:
“The chip securely stores the same data visually displayed on the photo pages of the passport, and additionally includes a digital photograph,” the website reports.
The website notes that “previously issued” passports without chips can still be used for travel, with the exception of VWP travelers. But a U.S. citizen cannot obtain a new passport now without a chip.