Posted: 9/13/2014
In The News Again
The media are full again of news how the U.S. government treats expats.
NPR radio reported 9/12/2014 that the fee for renouncing the U.S. citizenship very recently jumped from a few hundred dollars to $2000 or so (can’t remember the details and could not find it online).
The wall street journal reported today on the front page of “Money & Investing” in an article titled “” that expats face extreme difficulties to do ordinary banking and investments abroad, because U.S. and foreign banks have been intimidated by U.S. authorities to do business with alleged tax cheats. Here is a recent article about that.
A Bit Of Statistics & Background
I am presuming that most of these runciants are expats as well. Could be wrong! :-)
According to a Wikipedia article the number of U.S. citizens who renounced their U.S. citizenship climbed dramatically: “There were 235 renunciants in 2008, between 731 and 743 in 2009, and about 1485 in 2010. In 2011, there were 1781 renunciants. A total of 2,999 Americans renounced their citizenship in 2013.” This is under the Obama administration!
“The United States is the only country in the world which taxes nonresident citizens in the same manner as residents.” (from the same Wikipedia article).
Perhaps small numbers, but these are the proverbial canaries in the coal mine!
An Economic Illiterate U.S. President
The current U.S. President is perhaps the most economically illiterate of all U.S. Presidents next to Franklin D. Roosevelt. Or how do you explain the Great Recession?
A dim witted U.S. President Obama does not understand what impact the monstrous U.S. tax system has on civilian U.S. citizens who live and earn income abroad has. However, the U.S. Congress is not much better by not successfully addressing the issue.
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