Cross posted from RenouceUScitizenship
Warning!! If you don’t want to read this whole post, but want only to understand the bottom line, read this comment. – Furthermore, if you care about your fellow man, spread this information far and wide!
US uses #americansabroad to exact tribute from other nations isaacbrocksociety.ca/2012/06/12/the… and #PFICs + renounceuscitizenship.wordpress.com/2012/06/12/how…#FBAR #FATCA #OVDI
— U.S. Citizen Abroad (@USCitizenAbroad) June 13, 2012
As I finish this post I note that our very own Petros has written a wonderful post on the same theme. I begin by borrowing from his post where he notes that:
I have maintained that the actions of the United States government in recent years, reaching across borders to exact tribute from subjects who live within the jurisdiction of other sovereign countries, are hostile acts; this extra-territorial tax crack-down is potentially a casus belli. In earlier epochs, nations went to war in order to exact tribute. We are witnessing the United States presiding over the destruction of the world order which it was instrumental in creating after the end of World War II. It is only a matter of time before the nations realize that the United States has attacked them on several fronts in this financial war. Perhaps journalists will be the last to know, as most of them still seem to have a man crush on President Obama.
Exactly 200 years after the war of 1812, the U.S. appears to be on the attack again. How? By sending its citizens to other countries and then “exacting tribute” from them in a way that harms other governments.
Interestingly, this week, the following comment was on the ACA Facebook page:
I say with every ounce of facetiousness I can muster up: Every government of the world should stop letting Americans come to reside in their country. Eventually the ones that have slipped in before the draw bridge was raised will die off, leaving each country sanitized of these toxic elements. No more punishment for leaving the homeland, no more drain on anyone’s resources trying to hunt us down. Citizenship based taxation, the sacred cow of stupidity.
The author is correct. Countries must protect their sovereignty. Therefore, U.S. citizens should be banned from immigrating to any other country. U.S. citizens are a threat to the fiscal stability and sovereignty of any country. There are a number of reasons: including the inability of U.S. citizens to participate in normal financial planning and other vehicles of self reliance. I intend to do a series of posts exploring this theme. Today (as we get to the June 15 tax filing deadline) I offer you the “PFIC Edition”. Continue reading