You are a widely scattered group. Perhaps your sentiments would be taken more seriously if you simply renounce your citizenship; then you could have
a diaspora like Gypsies/Travellers, or Jews! Make your own "diasporic constitution", and carry on.
Or, are you all going to move one place to live together??? It'd have to be a big place...say, Texas? That would be a hoot! All of you, from all
those states, who want out, so you can high-five and flip off the American government. Go! It's the American Dream! Either way, as a diaspora of
no-longer-Americans with no "homeland", or a collection of no-longer-Americans living in the same area, makes no difference. You'd have to put up
with each other, and be on your own. A tiny little country on this planet.
How many tiny little countries are there on this planet? Lots. Go! Do it! A grand experiment, just like when the Pilgrims came over under the
dreamy vision of William Penn!!
And, hey, we can yank citizenship from felons and cheats, and send them to you! Yes!
Not one of you will have ANY of the rights or privileges that American citizens now have. You ready?
Here's what you can expect:
Renouncing Your Citizenship: Madness or
from Forbes mag, back in the spring.
If you don’t like it, go somewhere else! With all of the options available to you, why settle for subpar service? That’s great advice when
you’re evaluating where to eat dinner, but does that same advice hold true for your citizenship?
That's effectively what you're asking for, right? "I want out!"
According to experts, the United States is getting far less tax-friendly as the country finds itself in serious economic trouble. U.S. taxes are
almost sure to rise in the coming years and with the political climate favoring taxing the wealthy even more, the nations wealthy are finding it more
advantageous to take their family, and their money, elsewhere.Before you consider renouncing your citizenship and moving out of the country, you’ll
probably want to earn your way out of the 99%. Some countries don’t make it easy for you to move in. One Caribbean island requires that you purchase
a home of at least $400,000 or make a minimum contribution of $250,000 to a public charity. Italy, as well as other nations, make it easier to become
a resident, but the cost of moving out of the United States will be high.
But wait, there's MORE!
If you were to liquidate every investment you have today, what would you owe the IRS? Even the median income earning citizen may have a 401(k) of six
figures or more. In order to renounce your citizenship, you have to pay an exit tax equal to the taxes you would owe on all of your
and, and.....are you taking your whole family with you?
Don’t Expect to Come Back
If you’re hoping to become an official citizen of another country, but still spend the majority of your time in the United States, that probably
won’t work. In order to come back, you’ll likely need a visa and that will likely give you a maximum of 120 days in the country. If you’re found
to be acting as a resident instead of visitor, expect that visa to be revoked.
Your Family’s Tax Bill
In the eyes of the IRS, once you renounce your citizenship, the IRS treats you as if you passed away. If you leave family or friends any money, they
will have to pay tax equal to the current estate tax rates. If you left a family member $10 million, the IRS will take $3.5 million of it in taxes.
The Bottom Line
Is it worth the hassle? People with a lot of assets, a love of another country and its culture, and a good attorney may find that renouncing their
United States citizenship may have some advantages, but for most citizens moving abroad for financial reasons probably isn’t a practical or
financially sound choice.
Think about it!!!
But, hey, you don't want to? You're mad as hell and you're not going to take it anymore? Okay then....
no one can make you think about it.
Just don't say you weren't warned.
And good luck!