Not only do our Olympic athletes have to pay taxes on their medals and prizes – chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes “worldwide” income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.
Thanks for this article. Roger Conklin left Brazil in 1977 because Congress wanted to tax him and his business in Brazil and the Brazillian government would not let him pay anything. He and the other expats in Brazil either left Brazil or renounced their US citizenship. Then, the French step in and gave French telecommunications companies the business that Conklin’s company would have directed to American companies. That was, he estimates, a billion dollars worth of business. Conklin has testified before Congress that citizenship-based taxation is the actual cause of the trade deficit, because it makes it impossible for Americans to compete with foreigners in an overseas setting. Congress has cut off its nose to spite its face. You people are ill-served by your legislators and need to have some smarter leadership.I’ve lived in Canada since 1986, with three year hiatus in Europe. US expats who live abroad understand what it means to be at a competitive disadvantage. That’s why I relinquished my US citizenship last year, because the IRS was after my wealth. The IRS has threatened our bank accounts with 383% FBAR fines (see “When government turns predator”). We are expats, who have normal checking accounts, retirement accounts and everything else to carry out our lives here abroad. We are not money launderers, terrorists. We are not tax cheats–so the IRS and your media has portrayed us. We are law abiding tax paying residents abroad.
The relinquishments of US citizenship are in the thousands (not the puny Q2 189 that WSJ reported last week–they were using the faulty incorrect lying data that the US government provides). I think that the number of relinquishments per year under Obama is around 10,000-25,000 and hope to write an article to that effect for the American Thinker. Peter W. Dunn, Isaac Brock Society