Cross posted from RenounceUScitizenship
#americansabroad Does the Schumer bill provide incentives to renounce or incentives to remain a US citizen? Converse: isaacbrocksociety.com/2012/05/22/ex-…
— U.S. Citizen Abroad (@USCitizenAbroad) May 23, 2012
Schumer bill provides strong incentive to NOT pay the expatriation tax – isaacbrocksociety.com/2012/05/22/ex-… – but it’s stupid for other reasons too #FBAR
— U.S. Citizen Abroad (@USCitizenAbroad) May 22, 2012
The following comment from the Isaac Brock Society about the Schumer Casey Ex-Patriot Act is deserving of a separate post and discussion:
Interesting to see the various responses to the new bill on how it will affect renunciations.
@Eric: you quote Simon Black saying: “More importantly, this bill is also a major deterrent for people who are thinking about renouncing US citizenship today. The passage of this law will undoubtedly cause many people who were considering expatriation to abandon the idea altogether as the thought of being permanently barred from entry is too much to bear.”
@Gabriel says: “Previously I was conflicted about renouncing. I have no need of my citizenship, but it seemed foolish to close a door unnecessarily. Now the message is loud and clear – get out while you still can.”
Both are undoubtedly true. This will cause major anguish to people whose future will be profoundly altered by this bill in ways they are utterly unable to predict. Even the threat of banishment is cruel and unusual punishment. It has placed many many people, myself included, at a clear fork in the road of our lives.
I hear tell that many conservatives are furious about the bill and are letting Boehner know it. If he backs off his support for the bill, it won’t pass. Wouldn’t it be nice if we could all just put this catastrophe behind us and go back to the mere nightmare we were living in a few days ago?
Your thoughts and comments?
@Geeze: Here’s your chance. Contact Eduardo. Develop a business with him. Become his Brazilian partner. Say Adeus (Is that right?). Be called a traitor. Get on with your life.
You might want to contact this Gabrielle Levy woman. She wrote a piece somewhat in favor of Schumer’s legislation but not strong enough to get on the Wall of Shame yet.
Report: Renouncing U.S. Citizenship Increased Tax Bill For Facebook Co-Founder Eduardo Saverin
Well, this subject is getting old and tired, but wanted to put this here for the records…
On the 25th of May, there was a story on the WSJ.
New Taxes for ‘Renouncers’?
I must have been asleep on the job… Actually I think I was traveling and pondering disagreements between Attorneys on QDs, so not doing all my media search as I usually do. 🙂
It was written by Laura Saunders and I missed it. 140 comments I see Too old to add a comment now.. but boy there are some good ones! However, none from Brockers that I immediately recognized.
I will highlight this one…
Bacha (baby), you mentioned “Asians” in your reply to Catherine as those being impacted. I couldn’t agree with you more.
We are originally from India and we settled in USA for 20 years. As first we were so happy to be there but we saw the decline first-hand year after year. For three years we tried to go back to India but we could not. My husband is an IT pro and despite going on several interviews in India could not land a job. The reason is the massive competition from other NRIs (non resident Indians) from USA trying to do the same thing that we wanted to do. So his American graduate education and experience was not that helpful.
To all the Americanos that think that all Indians are happy in USA, I say KAPPAL, TOBAA, DHURR NE MATEE! (loosely translated it means MY FOOT!) Many NRIs in USA know that the country is headed downward (the smart ones, anyway) but due to various reasons cannot leave.
Anyway, after years of trying we were finally offered a position in Singapore and we took it and moved last year after selling our house in New Jersey.
As you said we are not the only ones. We know of Chinese, Koreans, and others that have gone back, and some to third countries like Canada and Australia. Life in many other countries is now much better than USA. This is a fact. As word gets out more and more will think differently. And, as things continue to get worse in USA and USA government makes it harder to stay American, more will simply give up USA citizenship.
My question is, what is happening to USA? It was the cleanest, richest, freest place. Now it is little more than a third world country in disguise, the disguise being the massive assistance the government gives to the people at large.
I remember going from New York to Hong Kong once many years ago, and then to Singapore and Mumbai. When we first arrived at Hong Kong airport and got out we thought how fortunate we were to live in USA! Hong Kong seemed dirty and old and USA was great. Same thing all over Asia. Then our last trip from USA to Asia before leaving USA for good was in 2005. It was exactly the opposite feeling. The main Asian cities are gleaming and the infrastructure is so good. Coming back to Newark via Los Angeles we felt we were coming back to an underdeveloped country. So many streets are dirty, so many corners are wassey (smelly).
Yes. You are right. USA is on the way down and we are thankful to be out of there for good. And you are also right in that many, many more people than what is reported are leaving for good. Here in Singapore I met another Indian couple that used to live in USA and also gave up their green cards. This is the long term trend.
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