July/13 @Mopsicktaxlaw writes on "Being an American" http://t.co/p45vzgU4Ab – July/14 As #FATCA Hunt begins issue: "Being #Americansabroad"
— U.S. Citizen Abroad (@USCitizenAbroad) June 30, 2014
Mr. Mopsick’s post includes:
I also highly commend to everyone, particularly our dear friends to the north, Victoria’s piece on the Franco American Flophouse published July 25, 2013. “On Being An American.” I trashed a draft blog of my own “on being an American” which I was struggling with before the Fourth of July. I was searching for words to express the feeling Victoria captured so eloquently below which I am sure has resonated with Americans abroad.
As we approach the 4th of July – Independence Day – one must ask whether the there is a difference between “Being an American” and “Being an American Abroad”. Another year has passed.
– the formal relinquishments of U.S. citizenship continue to grow
– the informal relinquishments of U.S. citizenship (run and hide) are going through the roof
– the rollout of “FATCA Hunt” is forcing Americans abroad to hide their “USness”
– the U.S. Congress has shown no interest in freeing Americans abroad from the “prison of citizenship-based taxation” – AKA taxation based on place of birth
Tomorrow July 1, 2014 marks the Official start of FATCA Hunt.
As Americans abroad contemplating the arrival of Independence Day:
What are your thoughts on the MEANING of being an American abroad?
What message would you like to send to America this Independence Day?
@Living to Renounce
You are so right about Americans abroad are not really Americans. The ones who work temporarily abroad or US military and their familes but most of the 7 million or so feel their US indica is a great burden. It is frustrating being treated as a criminal by the IRS. It is sad you have spend much of your retirement savings to be free.
@Repeated
It is sad that you see your child’s future so dark. It is horrifying.
@Living to renounce
If you own half of the company- how can that NOT be taxed in America?
@Polly
Honestly, I don’t know. But my accountants assured me the US cannot touch the company. Had I owned 51%, it would be another story, but as it is I do not control it.
But I still need to file income tax returns and FBARs – where’s the logic in that?
I agree with a previous post. Paying taxes is something I don’t mind paying if I get something out of it. America has no right to tax people in other countries, steal money from that country’s economy, and give nothing back in return.
America is basically trying to skim whatever may be left over after foreign tax credits and the foreign income exclusion is applied. Ninety nine percent of Americans abroad feel no need or compulsion to file their 1040s, FBARs or anything other form the IRS produces for the above reason.
If someone can find in history a country that has succeeded long term by hacking off all it ex-pats please name it.
After 1 July 2014 renunciations will continue to rise, and there will also be a knock on effect with people taking on board US citizenship. I predict green card holders will increase because they can ‘dump’ the US tax system after handing in the green card once they tire of the US.
Unless the rest of the world switches from RBT to CBT, US citizenship will be amongst the most toxic on the planet.
Re: Meaning of being an American abroad: It means being hunted to the ends of the earth as if we were tax-evading scum.
Re: My Independence Day message to America: F___ you and get the hell out of my country!
@Don
Problem with the GC.. after a certain number of yrs… they consider GC holders as citizens without voting & representation if u live there or not… must pay an exit tax to get out of the tax system… even if u own nothing in the US… Don’t care what anyone says…. tons & tons of GC holders in canada because it use to be a good thing to have both… foot on each side so to speak. Even if the darn thing is expired… u are still on the hook if u didn’t formally give it back which I knew nothing about. I had/have residence in other countries… when it expired… u can easily get it back if u re-apply. If u don’t re-apply… its over… that is what I thought would happen to the GC… expire… move on… who knew about formally giving it back… its a hidden secret so yrs down the line… gotcha.. give me your funds cause u are a fake citizen to the US… Need help… ask your country… don’t ask the US… we only want all your funds u owe us
News Note: After China blinked and agreed to FATCA, so did Malaysia. Thailand has not signed an IGA but is implementing FATCA with a vengence. All banks, whether they would be deemed compliant or not are looking for indicia of ‘US Persons’ and have already started to send data to the Bank of Thailand. Scarlet letters are already being pinned on those that are identified as US property.
I never thought I would be envious of those not born in the USA – but I am now – and quickly coming to the realization that renouncment may be the only way to freedom.
“I never thought I would be envious of those not born in the USA – but I am now – and quickly coming to the realization that renouncment may be the only way to freedom.”
@Steve
Very well said. The politics of envy which is so often used for vilifying expats has now boomeranged and taken on a whole new meaning.
Tomorrow America will celebrate the 4th of July, when 56 brave souls signed a Declaration of Independence from Great Britain 238 years earlier.
This begs the question, how many brave souls will be signing their own Declarations of Independence from America this year?
If Innocente’s estimates are right, the number will easily exceed 5,000, maybe even 6,000.
Let Freedom ring!
@US person foreigner @Don
It may be that short-term greencard holders increase, since the treatment of long-term greencard holder is too harsh. My husband will be warning a greencard holder from a wealthy Indian family about this tax trap. I can easily warn 120-150 young people a year. American revolutionaries had it right: ‘Taxation without Representation is tyranny.’
@Repeated
It is sad that you are so worried about your child. My child commented (with no prompting from me) that in his class there were two separate groups of children: those who really wanted to move to the U.S. and those who had actually been there. He has no interest in living in the U.S. (too hot, too dependent on cars, too much suburban sprawl, basically), so we will be exiting at some point. .
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