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Thread: U.S. Hikes Fee To Renounce Citizenship By 422%

  1. #1

    U.S. Hikes Fee To Renounce Citizenship By 422%

    Over the last two years, the U.S. has had a spike in expatriations. It isnít exactly Ellis Island in reverse, but itís more than a dribble. With global tax reporting and FATCA, the list of the individuals who renounced is up. For 2013, there was a 221% increase, with record numbers of Americans renouncing. The Treasury Department is required to publish a quarterly list, but these numbers are under-stated, some say considerably.

    The presence or absence of tax motivation is no longer relevant, but that could change. After Facebook co-founder Eduardo Saverin departed for Singapore, Senators Chuck Schumer and Bob Casey introduced a bill to double the exit tax to 30% for anyone leaving the U.S. for tax reasons. That hasnít happened, but taxes are still a big issue for many.

    To leave America, you generally must prove 5 years of U.S. tax compliance. If you have a net worth greater than $2 million or average annual net income tax for the 5 previous years of $157,000 or more for 2014 (thatís tax, not income), you pay an exit tax. It is a capital gain tax as if you sold your property when you left. At least thereís an exemption of $680,000 for 2014. Long-term residents giving up a Green Card can be required to pay the tax too.

    Now, the State Department interim rule just raised the fee for renunciation of U.S. citizenship to $2,350 from $450. Critics note that itís more than twenty times the average level in other high-income countries. The State Department says itís about demand on their services and all the extra workload they have to process people who are on their way out.

    http://www.forbes.com/sites/robertwo...enship-by-422/

  2. #2

    Re: U.S. Hikes Fee To Renounce Citizenship By 422%


  3. #3
    Administrator FSU_Jeep's Avatar
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    Re: U.S. Hikes Fee To Renounce Citizenship By 422%

    People actually want to leave this great country and will pay to do so?

    I know a few I am willing to pay the bill for if they will leave!

  4. #4

    Re: U.S. Hikes Fee To Renounce Citizenship By 422%

    If this great country keeps going the way it's going, leaving will be tempting.

    Hope I can afford to leave if it comes to that.

  5. #5

    Re: U.S. Hikes Fee To Renounce Citizenship By 422%

    This makes sense. It also proves, yet again, that those who assert that taxation is akin to robbery at the point of a gun are engaged in mind numbingly inaccurate hyperbole.

  6. #6

    Re: U.S. Hikes Fee To Renounce Citizenship By 422%

    Quote Originally Posted by UCLA
    This makes sense. It also proves, yet again, that those who assert that taxation is akin to robbery at the point of a gun are engaged in mind numbingly inaccurate hyperbole.

    Critics note that itís more than twenty times the average level in other high-income countries.



    This makes sense to you?

  7. #7

    Re: U.S. Hikes Fee To Renounce Citizenship By 422%

    Quote Originally Posted by UCLA
    This makes sense. It also proves, yet again, that those who assert that taxation is akin to robbery at the point of a gun are engaged in mind numbingly inaccurate hyperbole.
    I would say it does the exact opposite. It proves that taxation is in fact robbery , I would say extortion, at the point of a gun.

  8. #8

    Re: U.S. Hikes Fee To Renounce Citizenship By 422%

    With penalties like that I now understand why Alec Baldwin didn't leave.

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