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Started By
Message
Tax rules cause record number of Americans to renounce citizenship
Posted on 9/10/14 at 11:55 am
Posted on 9/10/14 at 11:55 am
quote:LINK
Expatriate Americans are renouncing U.S. citizenship in record volumes because of increasingly onerous tax-filing requirements-and the number doing so is likely to continue rising.
In the first six months of 2014, 1,577 Americans expatriated their citizenship, according to data from the IRS- the U.S. tax authority.
Last year as whole, 2,999 Americans officially cut their ties to the U.S.-over three times more than in 2012 and far above a previous record of 1,781 in 2011.
"What is really driving Americans to expatriate is not that they do not want to pay taxes. What is driving them crazy is that now filling out tax returns is much more complicated-it requires tremendous work in terms of tax-record keeping and then it can cost thousands of dollars to get a competent person to fill it (the tax return) out," David Kuenzi, the founder of Thum Financial Advisors, told CNBC.
15
Posted on 9/10/14 at 11:57 am to LSURussian
Unpossible.
The progs will tell you that you can just tax people with money, ad infinitum, and they'll just quietly pay it and pay it. They won't alter their behavior, redirect their resources away from production and towards tax avoidance strategies or vote with their feet.
Unpossible.
The progs will tell you that you can just tax people with money, ad infinitum, and they'll just quietly pay it and pay it. They won't alter their behavior, redirect their resources away from production and towards tax avoidance strategies or vote with their feet.
Unpossible.
Posted on 9/10/14 at 11:59 am to LSURussian
Impossible. You are a racist. That's the real problem here.
Only a bigoted hick would want to simplify our tax code.
Only a bigoted hick would want to simplify our tax code.
This post was edited on 9/10/14 at 12:05 pm
Posted on 9/10/14 at 12:00 pm to LSURussian
I can't wait for the Democratic legislation to punish these unpatriotic fricks.
Posted on 9/10/14 at 12:01 pm to Ace Midnight
quote:
The progs will tell you that you can just tax people with money,
Did you read the article? The issue is the complexity of their return, not the tax rate.
Posted on 9/10/14 at 12:01 pm to Ace Midnight
quote:
Unpossible.
The progs will tell you that you can just tax people with money, ad infinitum, and they'll just quietly pay it and pay it. They won't alter their behavior, redirect their resources away from production and towards tax avoidance strategies or vote with their feet.
Even better, they'll tell you the solution will be to set up laws to confiscate ALL their money if they try to leave!
Posted on 9/10/14 at 12:01 pm to LSURussian
quote:
What is driving them crazy is that now filling out tax returns is much more complicated-it requires tremendous work in terms of tax-record keeping and then it can cost thousands of dollars to get a competent person to fill it (the tax return) out,
Indeed. It really is crazy that it's become like this. You actually have to pay someone to figure out how much of your money you should give to the government. How messed up is that?
Yes, anybody can take the time to figure it out themselves, but you have to ask yourself the question "I'm giving my money to the government. Why should I need to also take personal time out of my life to figure out how much I should give them?"
Fair Tax, Flat Tax, whatever. Just simplify the sh*t.
Posted on 9/10/14 at 12:02 pm to LSURussian
quote:
Expatriate Americans are renouncing U.S. citizenship in record volumes because of increasingly onerous tax-filing requirements-and the number doing so is likely to continue rising.
Posted on 9/10/14 at 12:07 pm to UGATiger26
quote:
Just simplify the shite.
Politically speaking, this appears to be nearly impossible at the moment.
Posted on 9/10/14 at 12:08 pm to LSURussian
But in a good way.
:808:
:808:
Posted on 9/10/14 at 12:10 pm to LSURussian
quote:
What is driving them crazy is that now filling out tax returns is much more complicated-it requires tremendous work in terms of tax-record keeping and then it can cost thousands of dollars to get a competent person to fill it (the tax return) out," David Kuenzi, the founder of Thum Financial Advisors, told CNBC.
Tax forms might be complicated, but that's not the reason they're renouncing their citizenship. The conundrum pro-govt types face is that people in a free society will act on their own best interests, and not be submissive to a govt that wants to take too much from them.
Posted on 9/10/14 at 12:10 pm to LSURussian
AMF
Posted on 9/10/14 at 12:11 pm to The Spleen
quote:bullshite
The issue is the complexity of their return, not the tax rate.
Posted on 9/10/14 at 12:12 pm to LSURussian
quote:
What is driving them crazy is that now filling out tax returns is much more complicated-it requires tremendous work in terms of tax-record keeping and then it can cost thousands of dollars to get a competent person to fill it (the tax return) out,"
I'm all for simplifying the tax code, but this just isn't true. It's easier than ever to do your own taxes.
Posted on 9/10/14 at 12:12 pm to LSURussian
I hope they enjoy their new home. America, even with its complex tax code, is the greatest home someone can have.
Posted on 9/10/14 at 12:13 pm to Old Hellen Yeller
quote:
I hope they enjoy their new home. America, even with its complex tax code, is the greatest home someone can have.
who said they're going anywhere?
Posted on 9/10/14 at 12:16 pm to Green Chili Tiger
quote:For people living and working overseas and having to coordinate their U.S. income taxes with the tax code of their host country and then take the ex-pat income exemption for those who qualify?
I'm all for simplifying the tax code, but this just isn't true. It's easier than ever to do your own taxes.
Posted on 9/10/14 at 12:17 pm to Old Hellen Yeller
quote:
I hope they enjoy their new home.
I have a feeling they will. The folks leaving the US for financial reasons probably have the smarts to leave for a location that suits their needs.
Posted on 9/10/14 at 12:17 pm to lsuroadie
quote:
bullshite
So you didn't read the article either?
Posted on 9/10/14 at 12:22 pm to son of arlo
quote:
I have a feeling they will. The folks leaving the US for financial reasons probably have the smarts to leave for a location that suits their needs.
The choice of which banana republic to call your tax home isn't taken lightly, I'm sure.
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