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  #21  
Old 19.05.2012, 10:45
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Re: New US taxes likely coming for those who give up US Citizenship

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from the article, it appears that all Schumer is proposing is a 30% tax rate on US investment income earned by former US citizens living abroad, which is nothing more than a high-end ordinary income rate. in other words, the proposal is just an excuse for Schumer to generate some press and remind people that he is still alive, even if this bill ever sees the light of day it would be meaningless.

candidly, this new bill would be perfectly consistent with Schumer's entire political career - smoke, mirrors and a ton of noise, but not a single hit that anybody will hum along to when he dies.
With the level of money being talked about then I suppose any US investment income received by the guy in question would be funneled through a non US investment company. So it would be very difficult for any US based IRS official to figure out the actual US investment income earned for tax purposes. Unless of course the US makes it compulsory for non citizens to fill out US tax forms
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  #22  
Old 19.05.2012, 11:18
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Re: New US taxes likely coming for those who give up US Citizenship

Let's see... they allow outsourcing to flourish, and now this!
What a crock
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  #23  
Old 19.05.2012, 11:22
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Re: New US taxes likely coming for those who give up US Citizenship

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Is it really ? Where did he make his fortune ? And now that it is time to pay his due..he can just leave for the next convenient tax haven ? Hmmm take the money and run...so very patriotic !
Just FYI, this guy (Saverin) started the process to give up his citizenship last January (2011). That process was finalized last September (2011), at which time he likely paid a $450 fee and a 30% exit tax on his global net worth. And now they're trying to propose a way to make him pay again? How many times is one supposed to pay until the govt is satisfied?

And again, what about US corporations such as General Electric, ExxonMobil and at least 28 others who make their fortunes in the US, and engage in transfer pricing and other tax avoidance schemes and loopholes, so they end up paying ZERO in taxes and bilking the government out of trillions in revenues??? Where is their "patriotism"? Where is their loyalty? To their bottom line, that's where! And these same corporations have the gall to complain about the corporate tax rate being too high. How can they complain while they pay ZERO??? It's sheer greed.

What about imposing higher taxes on companies that move US jobs overseas?

And Schumer, Casey, Obama, et al. don't lift a finger to change the system that allows this to happen. Instead, they invent new ways to punish Saverin (because they're personally offended by what he did) and the rest of us with the likes of the Ex-Patriot Act, FATCA, threats of passport revocation and other Draconian measures to confiscate whatever we have.

I hate to say this, but the US is beginning to resemble the former Soviet Union more and more!
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Last edited by latigresse; 19.05.2012 at 12:04.
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  #24  
Old 19.05.2012, 16:10
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Re: New US taxes likely coming for those who give up US Citizenship

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I hate to say this, but the US is beginning to resemble the former Soviet Union more and more!
Two men wearing similar trench coats, plastic-soled shoes and hats came by asking for you earlier. Something about plotting against social order or somesuch.
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  #25  
Old 19.05.2012, 16:12
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Re: New US taxes likely coming for those who give up US Citizenship

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Two men wearing similar trench coats, plastic-soled shoes and hats came by asking for you earlier. Something about plotting against social order or somesuch.

"plastic-soled hats"; a dead give away
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Old 19.05.2012, 17:36
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Re: New US taxes likely coming for those who give up US Citizenship

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"The Department has successfully addressed other impediments presented by the exclusion of aliens...
What?

So, they're going to tax.... aliens too?

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  #27  
Old 19.05.2012, 17:39
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What?

So, they're going to tax.... aliens too?

Exactly. Watch out, space beings!
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  #28  
Old 19.05.2012, 17:39
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Re: New US taxes likely coming for those who give up US Citizenship

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Where did he make his fortune?
I think, if he'd been living in Singapore for a year and he only sold his FACEF**K Stock during yesterdays flotation, then he probably made his money in Singapore, right?
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  #29  
Old 19.05.2012, 17:40
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Re: New US taxes likely coming for those who give up US Citizenship

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Exactly. Watch out, space beings!
Ob better still,

"Watch this Space!!!"
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  #30  
Old 19.05.2012, 20:26
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Re: New US taxes likely coming for those who give up US Citizenship

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Just FYI, this guy (Saverin) started the process to give up his citizenship last January (2011). That process was finalized last September (2011), at which time he likely paid a $450 fee and a 30% exit tax on his global net worth. And now they're trying to propose a way to make him pay again? How many times is one supposed to pay until the govt is satisfied?

And again, what about US corporations such as General Electric, ExxonMobil and at least 28 others who make their fortunes in the US, and engage in transfer pricing and other tax avoidance schemes and loopholes, so they end up paying ZERO in taxes and bilking the government out of trillions in revenues??? Where is their "patriotism"? Where is their loyalty? To their bottom line, that's where! And these same corporations have the gall to complain about the corporate tax rate being too high. How can they complain while they pay ZERO??? It's sheer greed.

What about imposing higher taxes on companies that move US jobs overseas?

And Schumer, Casey, Obama, et al. don't lift a finger to change the system that allows this to happen. Instead, they invent new ways to punish Saverin (because they're personally offended by what he did) and the rest of us with the likes of the Ex-Patriot Act, FATCA, threats of passport revocation and other Draconian measures to confiscate whatever we have.

I hate to say this, but the US is beginning to resemble the former Soviet Union more and more!
Great post! And yes, US is becoming what they fought against before: communism. Eventually they will be restricting US citizens from leaving the country if they have or earn a certain amount of money. America is in a "time-warp." They think they are still this great nation that everyone loves and wants to be apart of. They will find more US citizens relinquishing their passports. Being American outside of the country, heck even inside the country, is becoming nothing but a burden.
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  #31  
Old 19.05.2012, 22:20
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Re: New US taxes likely coming for those who give up US Citizenship

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What?

So, they're going to tax.... aliens too?

Only on their US investments....
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