Expats Renoucing Citizenship

[JourneyOfLife]

My knee jerk response is to be offended and a bit defensive......Byyyyyyyyyyyye! Don't let the door hit you in the *** on the way out.


But if you look deeper most of these people are complaining about tax filing requirements... in reality, they left the US (some of them long ago) and made lives in other countries with foreign spouses or partners. If they are dropping citizenship, they obviously have made their mind up to live in another country permanently. Because doing it only for the purposes of a tax protest is, uh, well, you know.


Why expats are ditching their U.S. passports (http://money.cnn.com/gallery/pf/2014/03/10/expat-taxes-citizenship/index.html)


The problem is, if it were really easy and legal to game the tax system... everybody would be doing it.

The more recent crackdown (last few years) by the IRS is related to people hiding money in offshore financial institutions.

Here is another article about one case about avoiding taxes if you are interested.

Swiss government peels back bank secrecy rules - May. 29, 2013 (http://money.cnn.com/2013/05/29/news/economy/swiss-bank-secrecy/index.html)

[Topspinmo]

I have Nothing to hide:1rotfl::1rotfl:

[rp001]

Good riddance. Now get the corporate monies repatriated or they can leave too!

[graciegirl]

Good riddance. Now get the corporate monies repatriated or they can leave too!



I don't understand. Many areas give tax breaks to have large corporations come to their area because they provide jobs. Large companies are the mainstay of our economy and deserve the shelters and breaks that they legitimately take in order to continue and grow. They often manufacture, or provide invaluable service to our entire country.


I have never heard them maligned before moving here.


If someone becomes a CEO they make big bucks. What if it were your son or daughter or husband or yourself, I always want to ask people who are so blindly and adamantly against big business.


We teach our children to succeed and to become independent but for heavens sake, don't become rich. That is shameful?

[Golfingnut]

I think MOST Big businesses are in the process of destroying America. Most take and take bucket loads and then sprinkle back just enough to fool the masses.

[gomoho]

How many more people would be unemployed without big business? You have the option to support a business or not - if you don't think a business has fair business practices then don't support them. Fool me once shame on you, fool me twice shame on me.

[graciegirl]

Good riddance. Now get the corporate monies repatriated or they can leave too!



I am sorry. I wasn't paying attention. I was defending big business and you were talking about corporations doing business abroad.


Sorry. Knee jerk reaction.


I still think that we lived a very good life because Sweetie worked for a large corporation.

[TexaninVA]

I think MOST Big businesses are in the process of destroying America. Most take and take bucket loads and then sprinkle back just enough to fool the masses.

Well maybe ... my issue is crony capitalism where the biggest companies have inside stroke with whatever party is in power, and then use their connections for unfair economic advantage.

The newly elected governor of Virginia is an excellent example of that.

[Bucco]

Well maybe ... my issue is crony capitalism where the biggest companies have inside stroke with whatever party is in power, and then use their connections for unfair economic advantage.

The newly elected governor of Virginia is an excellent example of that.

Always been that way. Theo. Roosevelt, when in both terms in the early 1900's spent much of his presidency controlling the influence of large corporations,so it has not changed in over 100 years. Those who shrilly shout do not read history.

Large corporations are both good and bad, but this country simply ceases to grow in any way without these large corporations being major players. To say anything else is ignoring history and facts.

Last few election cycles we hear about tax reform, but it just stops after the elections.

[billethkid]

and why do some believe it is only the "people" who the owners (including stockholders) or operators (CEO is used most often) are the bad, selfish, greedy ones.

The traits being being assigned are present wherever there are human beings. It doesn't matter whether we are talking people with big bucks or who those who have the bigger, better card board box to live in.

It is all well and good for those who have a cause against big business to paint "it" as the bad guys....right? Wrong? Or indifferent.

We all know if it were not for big business many or maybe more accurately most of us would not be where we are today.

I am not defending big business per se'......just noting that the ills pointed out are present in any mix of people.

[Golfingnut]

Well maybe ... my issue is crony capitalism where the biggest companies have inside stroke with whatever party is in power, and then use their connections for unfair economic advantage.

The newly elected governor of Virginia is an excellent example of that.

Your so right

[Indydealmaker]

Good riddance. Now get the corporate monies repatriated or they can leave too!

Most U.S. companies that move off shore or move jobs off shore are chasing expanded profits. At first that sounds greedy and disloyal.

However, you need to remember that most companies that do so are publicly held corporations. The stockholders drive this constant demand for ever increasing profits, often at the expense of long-term investments and R&D.

Important to note that if you have investments in funds, pensions, UNION PENSIONS, you have contributed to sending jobs and corporate tax revenues overseas.

[Golfingnut]

Most U.S. companies that move off shore or move jobs off shore are chasing expanded profits. At first that sounds greedy and disloyal.

However, you need to remember that most companies that do so are publicly held corporations. The stockholders drive this constant demand for ever increasing profits, often at the expense of long-term investments and R&D.

Important to note that if you have investments in funds, pensions, UNION PENSIONS, you have contributed to sending jobs and corporate tax revenues overseas.

Very sad, but true. I would be easy to dress up Wall Street and those that make money investing money, as American greed. No labor, no crop or product, just gambling on the market and that like Vegas as lazy greed. We have way too many people other than the working man and women. They don't produce, they just use.

[njbchbum]

Just a couple of musings after reading this thread:

I do get a chuckle when our posters start to whine about $$ being 'offshored' in order to avoid paying taxes! Makes me wonder if they are the same posters who promote becoming Florida residents in order to avoid paying a personal income tax here as is paid in other states.

When was the last time a poor person started a new business with lots of employees in the U.S.?

Why do people condemn success rather than aspire and encourage others to be successful?

[Bucco]

Just a couple of musings after reading this thread:

I do get a chuckle when our posters start to whine about $$ being 'offshored' in order to avoid paying taxes! Makes me wonder if they are the same posters who promote becoming Florida residents in order to avoid paying a personal income tax here as is paid in other states.

When was the last time a poor person started a new business with lots of employees in the U.S.?

Why do people condemn success rather than aspire and encourage others to be successful?

My opinion....they are condemned because they are TOLD they should condemn them.

There is no thought put into it.....we just had an election that had the most money in the history of the USA deposited in one coffer and we applaud THAT, but generally we are told that we should be against big business.

If they disappear, trust me.....we have no economy. Most of this class warfare is simple politics with not logic at all, which does not mean we do not have poor people who need help at times, but their poverty or lack of anything is not a result of the corporation gain.

[Golfingnut]

I am sorry. I wasn't paying attention. I was defending big business and you were talking about corporations doing business abroad.


Sorry. Knee jerk reaction.


I still think that we lived a very good life because Sweetie worked for a large corporation.
Help me

[perrjojo]

Just a couple of musings after reading this thread:

I do get a chuckle when our posters start to whine about $$ being 'offshored' in order to avoid paying taxes! Makes me wonder if they are the same posters who promote becoming Florida residents in order to avoid paying a personal income tax here as is paid in other states.

When was the last time a poor person started a new business with lots of employees in the U.S.?

Why do people condemn success rather than aspire and encourage others to be successful?
:agree:
Years ago I would complain about the salary my husbands CEO made. My husband replied, I want him to make lots of money because that means maybe I will too someday. Why condemn those with large salaries? Why not work hard and aspire to make that salary too?

[Bucco]

:agree:
Years ago I would complain about the salary my husbands CEO made. My husband replied, I want him to make lots of money because that means maybe I will too someday. Why condemn those with large salaries? Why not work hard and aspire to make that salary too?

Actually in Washington the last few days, one side is accusing the other side or protecting large corporations tax breaks for moving overseas.

Problem is,,there is no such tax break !!!!

Makes you wonder

[mickey100]

Just a couple of musings after reading this thread:

I do get a chuckle when our posters start to whine about $$ being 'offshored' in order to avoid paying taxes! Makes me wonder if they are the same posters who promote becoming Florida residents in order to avoid paying a personal income tax here as is paid in other states.

When was the last time a poor person started a new business with lots of employees in the U.S.?

Why do people condemn success rather than aspire and encourage others to be successful?

I don't condemn their success - of course any astute business person will take advantage of a tax break, but surely the laws need to be changed.

[Bucco]

I don't condemn their success - of course any astute business person will take advantage of a tax break, but surely the laws need to be changed.


Keep that thought in mind as you vote. If you recall, we heard VOLUMES during the last campaign and before and NOTHING has even been forwarded to discuss or discussed at all. The tax code needs revision


Raising or lowering taxes is NOT a revision of the entire outdated tax codes. If you read...there are full books written on this subject...some go as far as eliminating the IRS totally.

[Golfingnut]

Does anyone have a solution?

[DaleMN]

I say we just take back our country. :doh:

[JourneyOfLife]

Here is an interesting documentary presented by American economist, author and professor Robert Reich.


"Inequality for All"


It can be viewed on netflix (streaming)

Before you get your political hackles up, be a little open minded.


Inequality for All - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Inequality_for_All)




It does have some political overtones. But it also describes why our economy has suffered over the last 35 years.

The two main issues: Globalization and Technology.

No major economist disputes the effect of these two forces on the middle class.

You may not agree with every point made.... but trust me, it is very very interesting.

Some of the points made, no one can deny. The best solutions are often debated.

His main fix: Education. The problems is, fewer people can afford it.


From an economic stand point, as middle class wages shrink, our economic engine sputters since our economy is consumer driven.

There is a rich vs middle class discussion. It is not a rant and it definitely cannot be disputed.

Bottom line: as wealth collects at the top, the top only spends so much on stuff. As the middle class spends less, our economy suffers.

His view on the "class warefare" hyperbole and "job makers" are interesting too.

No matter where one is on the topic, they will find it interesting and educational.

[villagerjack]

I think MOST Big businesses are in the process of destroying America. Most take and take bucket loads and then sprinkle back just enough to fool the masses.


If they leave, will you take up the slack and employ these workers? If not, what do you suggest they do to support their families?

[villagerjack]

Here is an interesting documentary presented by American economist, author and professor Robert Reich.


"Inequality for All"


It can be viewed on netflix (streaming)

Before you get your political hackles up, be a little open minded.


Inequality for All - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Inequality_for_All)




It does have some political overtones. But it also describes why our economy has suffered over the last 35 years.

The two main issues: Globalization and Technology.

No major economist disputes the effect of these two forces on the middle class.

You may not agree with every point made.... but trust me, it is very very interesting.

Some of the points made, no one can deny. The best solutions are often debated.

His main fix: Education. The problems is, fewer people can afford it.


From an economic stand point, as middle class wages shrink, our economic engine sputters since our economy is consumer driven.

There is a rich vs middle class discussion. It is not a rant and it definitely cannot be disputed.

Bottom line: as wealth collects at the top, the top only spends so much on stuff. As the middle class spends less, our economy suffers.

His view on the "class warefare" hyperbole and "job makers" are interesting too.

No matter where one is on the topic, they will find it interesting and educational.


Cost of education rose primarily because of easy access to government loans ...to support primarily Liberal Colleges and Universities.

[Barefoot]

It is all well and good for those who have a cause against big business to paint "it" as the bad guys.... We all know if it were not for big business many or maybe more accurately most of us would not be where we are today.

Absolutely.

[villagerjack]

Does anyone have a solution?

Stop double taxation for owners of corporations. First the corporations are taxed then the owners are again taxed on the same income when they receive their dividends.

[JourneyOfLife]

Cost of education rose primarily because of easy access to government loans ...to support primarily Liberal Colleges and Universities.

Boy if things were just that simple!

That is little more than a political sound bite some group fed you.

Read about it. There are plenty of studies on the issue.

There are many interconnected issues.

[villagerjack]

That is little more than a political sound bite some group fed you.
.

Hardly. Perhaps Reich is feeding you?

[JourneyOfLife]

Hardly. Perhaps Reich is feeding you?

No... Nice try!

But I do read a lot.

Cost of education has had a lot of press and there have been many non-partisan studies.

Universities got caught by surprise with that financial crisis and have been forced to look at some of their practices that have driven up costs.

Take some time to read about it. You can hardly do an internet search and not find a study.

Just make sure the author or funding organization is not biased too much.

Reich... did not comment much on education other than the recognition that as higher paid middle class workers (with less education) lose their jobs to globalization and technology... Education is increasingly the path to middle class wages!