There's A Law That Takes Away Money If You Leave U.S. Citizenship?

There's A Law That Takes Away Money If You Leave U.S. Citizenship?

www.mainstreet.com

A lot of people probably can't understand why someone would voluntarily give up American citizenship -- but if someone wanted to do that, they'd now incur financial penalties for it.

Congress just passed a new law that will stop your capital -- or at least a good portion of it -- at the border, should you decide not to be a U.S. citizen anymore. Is it, perhaps, in preparation for the possibility that Americans might rebel at the debt and taxes incurred by their government by leaving for lower-tax locales?

(visit the link for the full news article)

everything is becoming more obvious...

www.mainstreet.com
(visit the link for the full news article)

Yeah, I think this is jacked up!

All of your net worth is taxed as if you are selling everything you own. Now, if I actually had a yard sale and did sell everything, they could not do that. The house I get, but all of the rest of the assets which have already been earned and taxed!? That's bogus. They just want to keep the money as the rats are smart enough to know when the ship is sinking.

Well, I suppose that those of us who can actually afford to leave the country and start a new life somewhere will just have to find and creative methods for smuggling their money out of the country.

One of the best ways I've heard is high end collector's watches. If you buy a watch that's worth $500,000 it will probably still be worth $500,000 no matter what country you go to as long as you find someone who knows watches. Plus you can just wear it on the plane. Think about it, you could smuggle a million dollars just buy wearing expensive jewelry and watches as long as you had a fence at your final destination.

Of course, leave it to me to think this is an outrage!

Did they stop Haliburton's capital when it left for Dubai?

Do they stop ANY corporations capital when they leave here and go 'off shore' as the lawyers like to put it euphemistically?

Corporations and such can have tax-exempt off-shore 'holdings' but that's OK. If Mr smith wants to move to Tahiti with his life savings of, what, say a million dollars, he's to be punished?

This is just another indication that the corporate citizens have rights and privileges that the common citizen doesn't!

This is pretty low. The article doesn't mention the penalties of evading these taxes though. So if you move to another country, get citizenship there, and then ditch your American citizenship, who is going to come after you if you don't pay the tax?

It's odd, but when I began reading this thread my I started hearing these strange double beeps which were definitely coming from this window. I had to close the window and open a new one. Anyone else hear this? LOL and no they were not warning bells inside my own head!

I don't see the problem. If you were to give up citizenship, wouldn't you already have your assets in another country?

This should not be difficult to work around.

If you want to leave, simply liquidate yourself and transfer it first.

Relax. There's a thing called dual citizenship. The U.S. doesn't like it, but doesn't have the wherewithall to prevent it, plus there's more than a few American politicians and bussiness folk that have them. The U.S. doesn't want assets to leave the nation, and that's understandable. Foretunately, there's also a thing called "investments".