112 thoughts on “John Richardson Interviewed by IRS Medic”
Two thumbs up for a good interview.
100% correct: the USA should NOT be allowed to apply US tax code to OTHER COUNTRY’S residents. Full-stop!
That, is it. Simple & precise. ALL problems solved.
Cheers
Many states within the US have little or no inheritance tax. In other countries inheritance is substantial.
But that is of no importance to the IRS, they still want US citizens to file tax returns and pay taxes on income, profits, gains, etc. taxes that are not applicable in many or most other countries.
A double whammy for a number of US citizens living abroad.
The US considers the whole world as a source of income through taxation and would love to be able to tax also non-US citizens.
At the same time the super rich US citizens will pay even less taxes than before after the new Trump tax reform.
The US is turning into a society of rich and poor people, and nothing in between, and want the same to happen to the rest of the world.
All you need to do, USA, is join the rest of the civilised world in residency based taxation. It would be good for you, good for the people you are terrorising and it might just halt the growing awareness that you are becoming the kind of country that you once condemned.
Americans are no longer free to leave, certainly not with their money.
And my US accountant friend on another forum, the one that states that US taxes are no problem for those living overseas, has now grouped the Isaac Brock society in with the flat earth society and refuses to discuss it any more.
Unreal.
@Mike your accountant friend as you mentioned loves getting money from compliance of us expats. He and his buddies want it milk out us expats. It does not matter to him you can go to hell as long as he makes money. All the tax attorneys/CPA in US and outside US are compliance condors not your friends ever as they want to milk your savings dry. Of course you are their bread and butter why give them your savings that you are making overseas, paying local taxes. Now the US govt wants to reach in your cookie jar too overseas. You are not using any of their services, no roads, no infrastructures etc so why pay them or pay their condors even for compliances. I complied and I am regretting ever since that decision. Get out and renounce if you have another great passport. I am in sort of that loop myself. Wish I had not complied a long time. Now I have to pay a compliance condor every year when I have even not lived in USA for past 7 years. Banks and brokerages are denying their services everyday to US citizens overseas even your local banks and brokerages. There is never going to be any repeal of CBT from all their actions. Not even if 9 million of us renounce. If any congressman even tries to get a bill he would be branded a traitor to motherland and sacked immediately. Homelanders would never understand our plight as evident in Washington post comments and other articles recognizing our ordeal living outside the US. The newspaper articles were sympathetic to us but comments were all harsh and people brandished us as traitors . This is the mindset of the homelanders.
Well, Harrison, if this particular condor has any overseas clients as he claims, they are in a world of trouble with a CPA that thinks applying the FEIE means all your worries are over!
Yes, I have seen the US homelander opinion of those Americans who choose to live elsewhere. You’re a bunch of ungrateful tax avoiding traitors and the more pain you suffer, all the better as far as they are concerned.
And yes, simply ignoring the USA is most definitely an option for many.
@Mike I hear ya. Unfortunately you can’t even ignore anymore unless you live on cash and get paid by cash as banks all across are getting vigilant and making you sign forms which you can’t simply ignore anymore. If you tell them you are from US they will mostly close your account. Remember they are making you sign FATCA forms these days. I don’t know about Canada but every country now is making everyone sign this form to continue their accounts. I complied since I moved here but it is costing me a lot and every now and then I get a letter or phone call here is your final check your account is closed due to your blue toxic passport. Get rid of this passport and we shall be glad to have you back as a customer. I am not joking this is happening to a lot of expats. HK banks are terribly scared of US taint and so are Singapore, Asian banks. Even Mauritius and African banks are now ejecting US clients.
To me, the only interesting comment was from Anthony Parent who said in essence
that he knows of IRS revenue agents who refuse to work on files from out of country taxpayers because it is a waste of their time.
Sounds quite plausible. He points out they can’t be fired for insubordination because the IRS is already so short staffed and there isn’t the money to replace them.
Mr. Parent has posted it at Tax Connections; comments available
Stop imposing the U.S. IRS Tax code on people who are tax residents of other countries.
@all. I agree with you all in principle as I am in the same boat as you are in. Seriously thinking of renouncing my US citizenship but I love USA too much as it is my adopted country and the country of my children. They love US but I don’t want to live there and I would like only to visit sometimes. US extra territorial law is making all our lives out of US difficult if not impossible.
As I stated before if any Congressmen tries to pass this law he/she will be brandished a traitor to motherland and immdiately sacked by homelanders. An executive action is required to accelerate this process as legislative is too scared of their jobs. The compliance indistry has got its hands in this cookie jar too and they don’t want to leave their cash cows. On the surface they will all try to sympathize with you but do not trust anyone of them and do your own research. As many expats are finding banks and brokerages closed on them, they are now finding their lives very difficult outside US. This is the intention of US govt. I talk to many expats outside the forum and they are sick of being denied banking services.
US will not stop CBT ever rest assure as I understand of compliance condors and US congressmen. Only option left unfortunately is what Patricia Moon did years ago and everyday I think of it too. If UK hadn’t pulled a Brexit, I would have invested in Portugal too to move to U.K. later as UK was the best in EU. Germany is stronger but there are language barriers to deal with and rest of EU is nothing like U.K.
My two criticisms of this interview are that the interviewers didn’t let the guest speak enough. Interview means ask brief questions and let the interviewee talk. The other is the interviewer lady never answered the question about when its a good time to inform your foreign born children of their US indica and how to you break the news to them.
As for the children, they must be informed as soon as you the parent becomes aware of it. I also believe that ALL children even those born in USA must do this as well in case their children’s future has them living “overseas” someday. This is after all, the year 2018 and CBT was instituted during the civil war years.
The way to break the news to your children that they were born into slavery will depend on their age. Me personally, I had to go through a year of realizing that I myself am a slave, then overcome the fact and become stronger. Once I was ready, I took the teenaged kids on a hike and broke the news to them. My talk lasted about an hour. Their decision is to renounce once they come of age, and they didn’t go through the aganozing mental trip about it like I did simply because the empire’s brainwashing didn’t work on them!
John Richardson is probably the only lawyer I’d like to have casual conversation with, usually I can’t stand them. This guy brings up so many points even though he only spoke through 5% of the time of the video.
I took notes and thanks for the reference to the book “Tax and Civilization” I’ll be looking for it.
This is an excellent interview to listen to should you be hearing about CBT for the first time. I wish there’d have been something like this when I first heard about it 7 years ago, my decision making process would have benefited greatly from it.
I hope that Mr Richardson would have another opportunity to talk about the Tax Cuts and Jobs Act’s Transition Tax that is being imposed on USC’s in other countries who own corporations operating solely in the country where they reside. I suspect many compliance people are whistfully looking back to the days when the picking was easy before this new tax came along. Many so-called compliant USC’s are now faced with crippling “repatriating” taxes or the decision to no longer file US taxes. It also wouldn’t surprise me if many in the compliance industry began to refuse to do the taxes of those affected – it’s just that bad.
I should say talk “more” about the Transition Tax as it was discussed in some detail.
@escaped slave. Many ex US citizens in HK who renounced still love and miss US. I know I do miss it too sometimes the huge open spaces and houses and many people from all over the world want to move to USA. Only when they get older and deal with insurance etc or live in another country they realise what CBT holds for them. Many of us don’t have to pay taxes but have to put up with useless compliances that cost us and then have to put up with bank denials and other issues. Can’t buy foreign mutual funds either. Many brokerages don’t allow US citizens or if they all allow them don’t allow them to buy a few things to avoid conflicts with US laws binding them. There is a plethoras of issues with US citizenship. Children or young adults like my kids don’t have that problem and for them US is a heaven. I know many in Mideast/Asia would love to move to USA and they have seminars for rich arabs/Indians to buy US residency and citizenship through investment every now and then that I read about in newspapers in Saudi Arabia or Gulf countries. Here in HK too they did seminars for rich Chinese wanting to move to US. Once they realise the impact of CBT when I told a lot of rich people about it they all stated we are so glad we never applied for this monstrosity.
Regrading incentives for a Americans at home to oppose CBT, there’re other reasons, beyond plaaning to move aboard:
1. CBT is immoral. This isn’t stressed enough. Americans at home are generally moral people, and shouldn’t let the lives of persons abroad to be destroyed.
2. By allowing the tax code to run wild, and letting the IRS impose onerous penalties, disconnected from any tax liability, they build their own prison. USA is making trading with it difficult and expensive. By being a violent gangster, USA is isolating itself from the civilized world.
@Bob
All what you say is true, yet I am afraid it just doesn’t as they say “play well in Peoria”.
The American public in general only worries about what is happing at home and don’t really see the extended big picture. There are very few who have the opportunity to work abroad, or to marry and live abroad or to even understand international business economics. In a way it is similar to Britain and Brexit, America first, Britain first, with little understanding that both countries are effectively cutting off the opportunities for their citizens to live and work abroad. I also detect a certain amount of anger from my own American resident kids who fully understand the situation yet refuse to discuss it saying there is nothing they can do about it and besides they have to get on with their own lives and problems.
“In a way it is similar to Britain and Brexit, America first, Britain first, with little understanding that both countries are effectively cutting off the opportunities for their citizens to live and work abroad.”
Without wishing to go off on an unrelated discussion, I have to say I very much disagree with that. Brexit is about the UK being able to interact and trade with the world without interference and obstacles from the protectionist EU.
It is absolutely NOT about cutting ourselves off, just the opposite.
There will still be lots of trade with the EU one way or another, it would be a disaster for the EU otherwise.
As to the opportunities to live and work abroad, generally speaking the work has to come before the living, and the work does not tend to be stacking shelves in supermarkets. Highly skilled folk in the UK will still be getting jobs and be living in the EU and the other way around of course. Ways will be found to make that happen with minimal bureaucracy.
I do tend to remind people that living in Brussels I met people from all over the world who were working their, many with absolutely no automatic “right” to work there at all.
No, Brexit is nothing like the isolationism displayed by the USA.
I agree that few US citizens give a damn about their extraterritorial taxation being immoral, those folks have to pay their fair share!
“2. By allowing the tax code to run wild, and letting the IRS impose onerous penalties, disconnected from any tax liability, they build their own prison. USA is making trading with it difficult and expensive. By being a violent gangster, USA is isolating itself from the civilized world.”
That’s exactly what is happening.
On another forum is a small British company asking why the hell they have to complete US tax paperwork in order for a US company to pay them for work done and who are wondering if it’s worth the trouble.
It’s now usually worth going to any trouble it takes in order to steer clear of having any connection to the USA, including marrying, going in to business, having any investment funds there…..
@ Mike
I think we have had this discussion before and will have to agree to disagree but I would like to add that the Irish embassy have seen their applications for Irish citizenship go up fivefold from UK citizens wishing to retain the ability to live and work in Europe, my children included.
My daughter does not stack shelves, she has degrees from both Harvard and Oxford and was told in a recent interview that to be considered for a job in Switzerland she should have an EU passport in hand.
Applications for UK citizenship have also skyrocketed. It is normal that people are concerned, even if I believe many of their concerns are unwarranted.
I’m sure an EU passport would make life easier for getting a job in the EU, but it’s not an essential now and it’s unlikely to be an essential after Brexit, particularly for high level jobs.
Again, I know many people working in Brussels right now who do not have any EU citizenship.
The UK is not withdrawing from trading with the world, very far from it. The situation with Brexit and the US becoming increasingly hostile to the world is not comparable. Brexit is about getting trade with the world, not halting it.
Mike
These people working in the EU already have jobs. When my daughter was looking recently it was evident that nearly all of the jobs advertised stated they required EU citizenship.
Britain will find it very difficult not being part of a trading group. Even old friends such as Australia and India will try to extract their pound of flesh, they have already told the UK they have to relax immigration if they want free trade.
Mike, we should not hijack this thread and I am the culprit, but it has been so devisive. I have old friends in the UK who no longer talk to each other.
“few US citizens give a damn about their extraterritorial taxation being immoral”
Do we have any hard evidence for this? I’d like to believe this isn’t true. Such a self-defeating statement would go against any effort to educate the public and achieve change.
I do believe that if the public becomes aware of the horrendous implications CBT/FATCA imposes on persons abroad, some at least would oppose it.
@Heidi I have to agree with you here on UK doing Brexit. Its costing London already a lot of financial jobs. In a few years time when U.K. finally does a hard exit, trading and other problems start. Remember united we stand always alone we fall. Anyways we are here to discuss more extra territorial nightmares of US and we are getting off the subject guys. Just received an email from my CPA that renouncing is best option now as US is going to be more problems for having any small business operated by Americans overseas in their countries as you already know the problems discussed in the group. We will get severe taxes on top of what some of us already pay. Thanks Republicans and Trump for giving another headache as if we didn’t have enough with Obama and Democrats. I had lost trust in both of them years ago as they never did anything for their constituents even. Big corporations only count we don’t!
@Bob.
“I do believe that if the public becomes aware of the horrendous implications CBT/FATCA imposes on persons abroad, some at least would oppose it.”.
I disagree with you on this as homelanders called us traitors to motherland in many comments on articles published on various newspaper websites about the plight of American expats and FATCA destroying families and people renouncing in droves since 2010. One only becomes aware of it when one is in this position.
@Bob
“Do we have any hard evidence of this?”
All I can say is that I can quote the words of my well educated US resident dual citizen children who know how it has affected their parents and have said,
“Look, we live here in the US we don’t like CBT but it does not effect us, and there is nothing we can do about it. We have enough problems to deal with here without taking on expat causes”
Two thumbs up for a good interview.
100% correct: the USA should NOT be allowed to apply US tax code to OTHER COUNTRY’S residents. Full-stop!
That, is it. Simple & precise. ALL problems solved.
Cheers
Many states within the US have little or no inheritance tax. In other countries inheritance is substantial.
But that is of no importance to the IRS, they still want US citizens to file tax returns and pay taxes on income, profits, gains, etc. taxes that are not applicable in many or most other countries.
A double whammy for a number of US citizens living abroad.
The US considers the whole world as a source of income through taxation and would love to be able to tax also non-US citizens.
At the same time the super rich US citizens will pay even less taxes than before after the new Trump tax reform.
The US is turning into a society of rich and poor people, and nothing in between, and want the same to happen to the rest of the world.
All you need to do, USA, is join the rest of the civilised world in residency based taxation. It would be good for you, good for the people you are terrorising and it might just halt the growing awareness that you are becoming the kind of country that you once condemned.
Americans are no longer free to leave, certainly not with their money.
And my US accountant friend on another forum, the one that states that US taxes are no problem for those living overseas, has now grouped the Isaac Brock society in with the flat earth society and refuses to discuss it any more.
Unreal.
@Mike your accountant friend as you mentioned loves getting money from compliance of us expats. He and his buddies want it milk out us expats. It does not matter to him you can go to hell as long as he makes money. All the tax attorneys/CPA in US and outside US are compliance condors not your friends ever as they want to milk your savings dry. Of course you are their bread and butter why give them your savings that you are making overseas, paying local taxes. Now the US govt wants to reach in your cookie jar too overseas. You are not using any of their services, no roads, no infrastructures etc so why pay them or pay their condors even for compliances. I complied and I am regretting ever since that decision. Get out and renounce if you have another great passport. I am in sort of that loop myself. Wish I had not complied a long time. Now I have to pay a compliance condor every year when I have even not lived in USA for past 7 years. Banks and brokerages are denying their services everyday to US citizens overseas even your local banks and brokerages. There is never going to be any repeal of CBT from all their actions. Not even if 9 million of us renounce. If any congressman even tries to get a bill he would be branded a traitor to motherland and sacked immediately. Homelanders would never understand our plight as evident in Washington post comments and other articles recognizing our ordeal living outside the US. The newspaper articles were sympathetic to us but comments were all harsh and people brandished us as traitors . This is the mindset of the homelanders.
Well, Harrison, if this particular condor has any overseas clients as he claims, they are in a world of trouble with a CPA that thinks applying the FEIE means all your worries are over!
Yes, I have seen the US homelander opinion of those Americans who choose to live elsewhere. You’re a bunch of ungrateful tax avoiding traitors and the more pain you suffer, all the better as far as they are concerned.
And yes, simply ignoring the USA is most definitely an option for many.
@Mike I hear ya. Unfortunately you can’t even ignore anymore unless you live on cash and get paid by cash as banks all across are getting vigilant and making you sign forms which you can’t simply ignore anymore. If you tell them you are from US they will mostly close your account. Remember they are making you sign FATCA forms these days. I don’t know about Canada but every country now is making everyone sign this form to continue their accounts. I complied since I moved here but it is costing me a lot and every now and then I get a letter or phone call here is your final check your account is closed due to your blue toxic passport. Get rid of this passport and we shall be glad to have you back as a customer. I am not joking this is happening to a lot of expats. HK banks are terribly scared of US taint and so are Singapore, Asian banks. Even Mauritius and African banks are now ejecting US clients.
To me, the only interesting comment was from Anthony Parent who said in essence
that he knows of IRS revenue agents who refuse to work on files from out of country taxpayers because it is a waste of their time.
Sounds quite plausible. He points out they can’t be fired for insubordination because the IRS is already so short staffed and there isn’t the money to replace them.
Mr. Parent has posted it at Tax Connections; comments available
https://www.taxconnections.com/taxblog/latest-podcast-guest-tax-attorney-john-richardson/?#.WnJXTogbOM8
A key message from John is that the U.S. should:
Stop imposing the U.S. IRS Tax code on people who are tax residents of other countries.
@all. I agree with you all in principle as I am in the same boat as you are in. Seriously thinking of renouncing my US citizenship but I love USA too much as it is my adopted country and the country of my children. They love US but I don’t want to live there and I would like only to visit sometimes. US extra territorial law is making all our lives out of US difficult if not impossible.
As I stated before if any Congressmen tries to pass this law he/she will be brandished a traitor to motherland and immdiately sacked by homelanders. An executive action is required to accelerate this process as legislative is too scared of their jobs. The compliance indistry has got its hands in this cookie jar too and they don’t want to leave their cash cows. On the surface they will all try to sympathize with you but do not trust anyone of them and do your own research. As many expats are finding banks and brokerages closed on them, they are now finding their lives very difficult outside US. This is the intention of US govt. I talk to many expats outside the forum and they are sick of being denied banking services.
US will not stop CBT ever rest assure as I understand of compliance condors and US congressmen. Only option left unfortunately is what Patricia Moon did years ago and everyday I think of it too. If UK hadn’t pulled a Brexit, I would have invested in Portugal too to move to U.K. later as UK was the best in EU. Germany is stronger but there are language barriers to deal with and rest of EU is nothing like U.K.
My two criticisms of this interview are that the interviewers didn’t let the guest speak enough. Interview means ask brief questions and let the interviewee talk. The other is the interviewer lady never answered the question about when its a good time to inform your foreign born children of their US indica and how to you break the news to them.
As for the children, they must be informed as soon as you the parent becomes aware of it. I also believe that ALL children even those born in USA must do this as well in case their children’s future has them living “overseas” someday. This is after all, the year 2018 and CBT was instituted during the civil war years.
The way to break the news to your children that they were born into slavery will depend on their age. Me personally, I had to go through a year of realizing that I myself am a slave, then overcome the fact and become stronger. Once I was ready, I took the teenaged kids on a hike and broke the news to them. My talk lasted about an hour. Their decision is to renounce once they come of age, and they didn’t go through the aganozing mental trip about it like I did simply because the empire’s brainwashing didn’t work on them!
John Richardson is probably the only lawyer I’d like to have casual conversation with, usually I can’t stand them. This guy brings up so many points even though he only spoke through 5% of the time of the video.
I took notes and thanks for the reference to the book “Tax and Civilization” I’ll be looking for it.
This is an excellent interview to listen to should you be hearing about CBT for the first time. I wish there’d have been something like this when I first heard about it 7 years ago, my decision making process would have benefited greatly from it.
I hope that Mr Richardson would have another opportunity to talk about the Tax Cuts and Jobs Act’s Transition Tax that is being imposed on USC’s in other countries who own corporations operating solely in the country where they reside. I suspect many compliance people are whistfully looking back to the days when the picking was easy before this new tax came along. Many so-called compliant USC’s are now faced with crippling “repatriating” taxes or the decision to no longer file US taxes. It also wouldn’t surprise me if many in the compliance industry began to refuse to do the taxes of those affected – it’s just that bad.
I should say talk “more” about the Transition Tax as it was discussed in some detail.
@escaped slave. Many ex US citizens in HK who renounced still love and miss US. I know I do miss it too sometimes the huge open spaces and houses and many people from all over the world want to move to USA. Only when they get older and deal with insurance etc or live in another country they realise what CBT holds for them. Many of us don’t have to pay taxes but have to put up with useless compliances that cost us and then have to put up with bank denials and other issues. Can’t buy foreign mutual funds either. Many brokerages don’t allow US citizens or if they all allow them don’t allow them to buy a few things to avoid conflicts with US laws binding them. There is a plethoras of issues with US citizenship. Children or young adults like my kids don’t have that problem and for them US is a heaven. I know many in Mideast/Asia would love to move to USA and they have seminars for rich arabs/Indians to buy US residency and citizenship through investment every now and then that I read about in newspapers in Saudi Arabia or Gulf countries. Here in HK too they did seminars for rich Chinese wanting to move to US. Once they realise the impact of CBT when I told a lot of rich people about it they all stated we are so glad we never applied for this monstrosity.
Regrading incentives for a Americans at home to oppose CBT, there’re other reasons, beyond plaaning to move aboard:
1. CBT is immoral. This isn’t stressed enough. Americans at home are generally moral people, and shouldn’t let the lives of persons abroad to be destroyed.
2. By allowing the tax code to run wild, and letting the IRS impose onerous penalties, disconnected from any tax liability, they build their own prison. USA is making trading with it difficult and expensive. By being a violent gangster, USA is isolating itself from the civilized world.
@Bob
All what you say is true, yet I am afraid it just doesn’t as they say “play well in Peoria”.
The American public in general only worries about what is happing at home and don’t really see the extended big picture. There are very few who have the opportunity to work abroad, or to marry and live abroad or to even understand international business economics. In a way it is similar to Britain and Brexit, America first, Britain first, with little understanding that both countries are effectively cutting off the opportunities for their citizens to live and work abroad. I also detect a certain amount of anger from my own American resident kids who fully understand the situation yet refuse to discuss it saying there is nothing they can do about it and besides they have to get on with their own lives and problems.
“In a way it is similar to Britain and Brexit, America first, Britain first, with little understanding that both countries are effectively cutting off the opportunities for their citizens to live and work abroad.”
Without wishing to go off on an unrelated discussion, I have to say I very much disagree with that. Brexit is about the UK being able to interact and trade with the world without interference and obstacles from the protectionist EU.
It is absolutely NOT about cutting ourselves off, just the opposite.
There will still be lots of trade with the EU one way or another, it would be a disaster for the EU otherwise.
As to the opportunities to live and work abroad, generally speaking the work has to come before the living, and the work does not tend to be stacking shelves in supermarkets. Highly skilled folk in the UK will still be getting jobs and be living in the EU and the other way around of course. Ways will be found to make that happen with minimal bureaucracy.
I do tend to remind people that living in Brussels I met people from all over the world who were working their, many with absolutely no automatic “right” to work there at all.
No, Brexit is nothing like the isolationism displayed by the USA.
I agree that few US citizens give a damn about their extraterritorial taxation being immoral, those folks have to pay their fair share!
“2. By allowing the tax code to run wild, and letting the IRS impose onerous penalties, disconnected from any tax liability, they build their own prison. USA is making trading with it difficult and expensive. By being a violent gangster, USA is isolating itself from the civilized world.”
That’s exactly what is happening.
On another forum is a small British company asking why the hell they have to complete US tax paperwork in order for a US company to pay them for work done and who are wondering if it’s worth the trouble.
It’s now usually worth going to any trouble it takes in order to steer clear of having any connection to the USA, including marrying, going in to business, having any investment funds there…..
@ Mike
I think we have had this discussion before and will have to agree to disagree but I would like to add that the Irish embassy have seen their applications for Irish citizenship go up fivefold from UK citizens wishing to retain the ability to live and work in Europe, my children included.
My daughter does not stack shelves, she has degrees from both Harvard and Oxford and was told in a recent interview that to be considered for a job in Switzerland she should have an EU passport in hand.
Applications for UK citizenship have also skyrocketed. It is normal that people are concerned, even if I believe many of their concerns are unwarranted.
I’m sure an EU passport would make life easier for getting a job in the EU, but it’s not an essential now and it’s unlikely to be an essential after Brexit, particularly for high level jobs.
Again, I know many people working in Brussels right now who do not have any EU citizenship.
The UK is not withdrawing from trading with the world, very far from it. The situation with Brexit and the US becoming increasingly hostile to the world is not comparable. Brexit is about getting trade with the world, not halting it.
Mike
These people working in the EU already have jobs. When my daughter was looking recently it was evident that nearly all of the jobs advertised stated they required EU citizenship.
Britain will find it very difficult not being part of a trading group. Even old friends such as Australia and India will try to extract their pound of flesh, they have already told the UK they have to relax immigration if they want free trade.
Mike, we should not hijack this thread and I am the culprit, but it has been so devisive. I have old friends in the UK who no longer talk to each other.
“few US citizens give a damn about their extraterritorial taxation being immoral”
Do we have any hard evidence for this? I’d like to believe this isn’t true. Such a self-defeating statement would go against any effort to educate the public and achieve change.
I do believe that if the public becomes aware of the horrendous implications CBT/FATCA imposes on persons abroad, some at least would oppose it.
@Heidi I have to agree with you here on UK doing Brexit. Its costing London already a lot of financial jobs. In a few years time when U.K. finally does a hard exit, trading and other problems start. Remember united we stand always alone we fall. Anyways we are here to discuss more extra territorial nightmares of US and we are getting off the subject guys. Just received an email from my CPA that renouncing is best option now as US is going to be more problems for having any small business operated by Americans overseas in their countries as you already know the problems discussed in the group. We will get severe taxes on top of what some of us already pay. Thanks Republicans and Trump for giving another headache as if we didn’t have enough with Obama and Democrats. I had lost trust in both of them years ago as they never did anything for their constituents even. Big corporations only count we don’t!
@Bob.
“I do believe that if the public becomes aware of the horrendous implications CBT/FATCA imposes on persons abroad, some at least would oppose it.”.
I disagree with you on this as homelanders called us traitors to motherland in many comments on articles published on various newspaper websites about the plight of American expats and FATCA destroying families and people renouncing in droves since 2010. One only becomes aware of it when one is in this position.
@Bob
“Do we have any hard evidence of this?”
All I can say is that I can quote the words of my well educated US resident dual citizen children who know how it has affected their parents and have said,
“Look, we live here in the US we don’t like CBT but it does not effect us, and there is nothing we can do about it. We have enough problems to deal with here without taking on expat causes”