IRS reach will now be worldwide !

That's right a new law will make all major banks in the world ferret out those people that have tried to move away from the US o A to escape unreasonable taxes. I am all for paying taxes, but if somebody moves to another country and is no longer making use of American tax funded services, should they really have to continue to pay ?

This is about Canadian banks but it must apply in other countries as well.

IRS Goes Deep

reply to post by Blue_Jay33


Canadian bank? But I'm canadian. This may concern me. Thanks for posting! S&F.

reply to post by Blue_Jay33


I guess this means if we go Ex-Pat for our living arrangements, the U.S. is making it very clear we can't even keep loyalty back to America while waiting for things to improve someday. We'll have to 100% cut ties forever or suffer the abuse that's coming to be a part of the system itself.

That's a real shame...for America's future. The 'threat' of having to cut ties 100% will give many a moment of pause ..but only a moment in most cases..and the irreversible decision that should never be that way, especially given the reasons it's coming to this for so many people.

The actions of a truly desperate nation. Now, extending reach to chase dollars across the entire planet. Desperation is a real ugly and downright Un-American thing, isn't it?

reply to post by Blue_Jay33


Instead of hunting down american tax evaders abroad, the government should take a serious look at its freekin tax codes.

reply to post by Logarock


Import tariffs on Chinese goods to make them as expensive as American produced goods. Bring the jobs back home.

reply to post by Blue_Jay33


I would put a bet that the worst offenders of this moving acquired their wealth from the government. See, now they cannot be contributing to the campaigns so they will be punished for moving out.

Remember a couple of years back, the US government "forcing" Swiss bank UBS to disclose all accounts owned by US nationals for scrutiny by the IRS? Always wondered why they hit Switzerland and left the much closer banks in the Caribbean untouched! After all, it's closer to home and only a yacht ride away with some cash stuffed suitcases and a "no questions asked" deposit.

You know that really says something when the IRS needs to collect tax money from the Americans fleeing the country to get away from the loss of freedoms. You know if the problem of expats is getting bad, maybe look at your actions and change them so people stop fleeing the country, but NOPE gotta just reach outside the borders and make em pay anyways. This has got to be super unconstitutional...

groingrinder
reply to post by Logarock

 

Import tariffs on Chinese goods to make them as expensive as American produced goods. Bring the jobs back home.

ETA: This is somewhat off-topic but I wanted to respond to groingrinder.

I have stated in other posts of my own that the US should not allow things into the country that we can make here ourselves or have a high enough tariff on them to ensure that our own entrepreneurs can have enough of an advantage to keep many people employed here.
I feel that there should be a law such that if it is a product that we can make here then we can't import it unless we already have a non-monopolistic manufacturing base for that item here. So basically if two or more US companies are making a product then feel free to import a competing model with the higher tariff. That could also force a foreign company to set up manufacturing here, using American skilled labor, if they have a product that is not already made here and they feel that strongly that we americans need that item. That would help keep companies from dumping cheap goods into our economy as they would have to be of sufficient quality to make us buy them from outside and cover the tariffs etc.

This is not the end of the beginning....it is a sure sign of the beginning of the end...............................

It's a bit late since several trillion dollars have left the country already, safely ensconced in off-shore accounts.
Now if the IRS wants to go get those I have no problem at all with the idea.

I agree with the above poster about changing the freaking tax code to make it more equitable.

reply to post by Blue_Jay33


This has always been the law. I'm surprised that the U.S. government hasn't whipped Canada more on this.

Either way in most countries there are ways around the system if you research them.

There are even taxes now for people who relinquish their U.S. resident status.

The IRS is out of control.

groingrinder
reply to post by Logarock

 

Import tariffs on Chinese goods to make them as expensive as American produced goods. Bring the jobs back home.

So we can employ the rest of Mexico!

The tax code does indeed need to change and needs not be written by corporatists or the government. If this far reach has to do with Americans living abroad to avoid taxes whilst making their incomes here than as much as I hate government... I have no problem with it. But for people that aren't making a dime here but want to retain their citizenship no, they shouldn't be outcast or punished for finding the American dream elsewhere.