https://twitter.com/#!/renounceus/status/204151984364859393
Some of you have already commented here – the comments are interesting. You know, I had a thought yesterday:
Do you think it is possible that the U.S. would be better off with a new president? Do you think it is possible?
This is an excerpt from a long post at RenounceUScitizenship
Many “Homelanders” simply cannot:
– conceive that, U.S. citizens find better places to live;
– conceive that the U.S. is no longer the country envisioned by the Founding Fathers;
– see that the U.S. is no longer the free country that it once was;
– believe that many Americans want to renounce, and that they are willing to pay (in the form of Exit Taxes) to do it. Continue reading
https://twitter.com/#!/renounceus/status/203578815455297537
Cross posted from RenounceUScitizenship
https://twitter.com/#!/renounceus/status/203105755249909761
As you know the FATCA hearings on taking place in “Form Nation”. The U.S. is trying to impose FATCA on the world. Can the world’s biggest debtor tell the rest of the world what to do? A comment on an earlier post, about the U.S. seeking to impose FATCA on the world, had the following thoughts on debt:
The US is trying to make use of the old adage “you owe the bank $1000 dollars it’s your problem, if you owe the bank $100M its the bank’s problem”
However this is a short term strategy because the “bank” will eventually get itself out of that situation by crisis or planned divestiture. No country has ever solved its debt problems without giving up influence or power by not paying.
The Americans actually believe they owe so much to China that they won’t flinch. The creditor always has the upper hand eventually whether the debtor wants to believe that or not.
The day will come when they will decide the US is too much of a liability to support perhaps like the EU and Greece today. Debtors very rarely get the upper hand on creditors without paying a big price. The US should concentrate on improving its hand by domestic means and not rely upon China to flinch – they may not.
John Templeton, one of the world’s greatest investors once commented that:
Those who spend too much will eventually be owned by those who are thrifty. Continue reading
In “Planet U.S.A”, the U.S.A. isn’t everything – it’s the only thing! The U.S. is of course also the world’s number one debtor. As was argued in a post yesterday, the U.S. is, through its attempts to increase the money supply, inflicting a vicious inflationary tax on the rest of the world. But, then again, they are the U.S. Therefore they can do what they want (or can they). How much longer is the rest of the world going to tolerate this? As one commentator noted, when it comes to other countries, the U.S. is kicking them in the banks. Of course, FATCA, the new Berlin wall of the financial system is a big part of this. Continue reading
Cross posted from RenounceUScitizenship
You can pay the Exit Tax NOW, or the Estate Tax LATER!
Sir John Templeton was one of the world’s greatest investors. In 1955 he founded the Templeton Growth Fund in Toronto, Canada. Of course, it is now a PFIC. and PFICs are “tax cancer” for U.S. citizens. U.S. citizens who invest in it will be severely punished. A good explanation of how PFICs work is here. (If you are U.S. citizen you should consider selling all non-U.S. mutual funds.) In 1969, John Templeton renounced his U.S. citizenship and moved to the Bahamas. In so doing, he avoided the U.S. estate tax. Furthermore, at the time that he renounced, the U.S. did not have an “Exit Tax”.
Continue reading
Great analysis! Thanks Dan.
https://twitter.com/#!/renounceus/status/201047860702224384
Cross posted from RenouceUScitizenship
https://twitter.com/#!/renounceus/status/200946182908948480
The OVDI Winners and Losers
The Winners: OVDI and OVDP have been fantastic deals for: big time tax cheats resident in the United States and the “cross border professionals” who have will continue to profit from them for years to come. The big time tax cheats have settled with the IRS for pennies on the dollar. They will retain enough of their wealth to live happily for the rest of their lives. The “cross border professionals” (if they really are “professionals”) have generated enough business to fund their retirements.
The Losers: OVDI and OVDP have been vicious assaults on: Immigrants to the U.S., Green Card Holders and U.S. citizens living outside the United States. For them OVDI is a guarantee that their years of saving, investing, hard work, financial responsibility and attempts to comply with the law as they understood will lead to their financial ruin. Why did they enter OVDI? Why would they enter OVDI? More on that in a moment.
The Biggest Loser: Surprise! It’s the IRS and the U.S. government. By allowing U.S. citizens abroad, immigrants and green card holders to be part of the OVDI shakedown, and changing the rules of OVDP mid-stream, they have so eroded their credibility, that honest people are afraid to comply with laws that they are just learning about. It’s in the long term interest of the U.S. government to encourage tax compliance. Instead, citizens are renouncing, immigrants are leaving, and Green Card holders are turning in those cards. The word is out. People who would have immigrated to the U.S. will now go elsewhere. The United States of America has depreciated its most valuable assets – “credibility” and “moral capital”. Both educated people and real estate investors (and others) may be reluctant to immigrate to the U.S. But, this is a subject for a separate post.
This post is for immigrants – Those who currently reside in “Form Nation“ Continue reading
https://twitter.com/#!/renounceus/status/199852579214204929
Phil’s blog post is a “must read” (The Isaac Brock Society is mentioned). Full of all kinds of great ideas – including teaching how people how to get at “Private Letter Ruling”. Also, some interesting “non legal advice” thoughts on the FBAR problem. You will find the actual paper that was submitted to the IRS here. The paper was supported by the New York Society of CPAs.
Phil, thanks again for your help and support!
