Normally averaging hundreds per year, last year the U.S. had almost 1,800 citizens renounce their citizenship and move overseas. The number of wealthy Americans dropping their citizenship has grown sevenfold in the four years since a whistleblower at UBS prompted a crackdown on tax evasion, according to a separate Bloomberg report.
The latest, Facebook co-founder Eduardo Saverin, stands to potentially save hundreds of millions of dollars by giving up his citizenship, and according to an immigration attorney and expert on citizenship matters, saving on taxes – especially capital gains duties – is usually the reason people make the decision.
John Dorrance III, the heir to the Campell’s Soup fortune, ditched his U.S. citizenship and moved to Ireland before selling his stake in the family business, according to Forbes.
http://www.foxnews.com/politics/2012/05/11/renouncing-citizenship-is-usually-all-about-benjamins-say-experts/
http://www.bloomberg.com/news/2012-05-01/wealthy-americans-queue-to-give-up-passports-in-swiss-capital.html
http://www.huffingtonpost.com/2012/05/11/eduardo-saverin-us-citizenship_n_1510099.html
The Government actually publishes quarterly lists of Americans renouncing their citizenship.
https://www.federalregister.gov/articles/2012/04/30/2012-10274/quarterly-publication-of-individuals-who-have-chosen-to-expatriate
And as a parting remembrance, the IRS has one final departure tax for those leaving after renouncing their citizenship.
http://www.bna.com/irs-issues-guidance-n2147484234/
As the United States continues its downward spiral of economic ruin, socialistic agenda, and class warfare, we can only expect this trend to increase.
By: joe prole
In: Regional News, Politics
Tags: Atlas Shrugged, Expatriotism, Tax regulations, Unintended consequences
Location: United States (load item map)
Marked as: approved
Views: 1497 | Comments: 60 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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Fewer greedy bastards?
Works for me.
Posted May-12-2012 ByVitriolKOF (73.40) 
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Leaving your country because a percentage of your billions will be taken......life is so hard when you are rich
Posted May-12-2012 ByItchy999 (458.80) 
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This is just a pure tax scam. Most of these people are not really leaving US, they are just renouncing their citizen ship so they are not taxed. Here is a very simple solution to this problem. If you renounce your citizenship you will be taxed 80 percent on the money you made in the US because you are taking that money out of circulation.
Posted May-12-2012 ByZumbee (293.28) 
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@Zumbee That's pretty punitive, wouldn't you say? Instead of punishing success, or the model of success, I say we reduce tax, so those that come here looking for a free ride renounce THEIR citizenship.
Posted May-12-2012 ByChumCannon (1458.62) 
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@ChumCannon
Believe it or not I am anti tax myself but this is just a pure abuse of honest tax payers. I agree with you if these were just a small businessmen that had a few million dollars. You are looking at people with hundreds of millions or even billions of dollars. Most of them have been in right place and right time and their wealth has nothing to do with how hard they worked. It is just matter of greed and selfishness. They should tax these people to death and lower the tax for the More..
Posted May-12-2012 ByZumbee (293.28) 
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@Zumbee
More taxes for the rich and less for the middle classes, sounds good,but the Republicans would never allow it, they gotta look after their wealthy pals, know what I'm saying.
Posted May-12-2012 Bywerdum12 (254.00) 
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Yep. The billionares will continue to outsource their jobs and production for the billions of dollars of crap they sell to us in the USA. And rather then invest in the American economy and create jobs here, they will slink away with all the money as well. There is no logical reason for them NOT to.
Posted May-12-2012 ByEva_Destruction (2728.24) 
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Send them all to mexico, blood sucking fucks- Once the wolves are finished with the carcass, they move on for the next kill.
Posted May-12-2012 Byeire32 (100.00) eire32 View Channel Send Message
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Every Western country has people leaving to other countries all the time.
It's not new and it's not all about Tax evasion.
If you had millions of Dollars would you choose an island paradise or Detroit?
Posted May-12-2012 ByBrian Stewart (166.30) Brian Stewart View Channel Send Message
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@Brian Stewart
Leaving yes. Renouncing citizenship to avoid taxes, not as much.
And betcha that island or country is a tax haven.
Posted May-12-2012 Byjoe prole (1653.70) 
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@joe prole
Well like an earlier commenter said, one of the guys left for Ireland and the tax rate is higher there.
So maybe the type of beer is a factor too.
Posted May-12-2012 ByBrian Stewart (166.30) Brian Stewart View Channel Send Message
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At the darkest economic hour all the red-white-and-blue America-luving job-creators desert their fellow citizens.
Way to go, Patriots!
Posted May-12-2012 ByTuuri56 (115.40) 
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@Tuuri56 - and the GOP says we are suppose to respect these cretins?
Posted May-12-2012 Byviennachoirboy (193.02) viennachoirboy View Channel Send Message
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Anyone trying to interpret this as high taxes forcing migration of the wealthy need to think again....the example given is an individual moving to Ireland...
Ireland has a far, far higher personal tax-rate than the US
Posted May-12-2012 ByElegantDecline (2134.28) 
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@ElegantDecline I read the links and it said the capital gain tax laws are different there. Which is where the wealthy make all their money.
Posted May-12-2012 ByEva_Destruction (2728.24) 
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@Eva_Destruction You still pay 40% plus on all income in the higher tax band, as opposed to 35% in the US
Income tax is basically everything bar interest on capital
You have the lowest tax rates in the developed world
Posted May-12-2012 ByElegantDecline (2134.28) 
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@ElegantDecline then why are the billionares moving there?
Posted May-12-2012 ByEva_Destruction (2728.24) 
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@Eva_Destruction Lots of billionaires are not moving to Ireland...
Ireland has had to raise taxes in order to pay its huge euro-debts
Anyone leaving the US due to 'tax-reasons' is frankly a traitor, US tax is lower than all other developed nations
Posted May-12-2012 ByElegantDecline (2134.28) 
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@ElegantDecline
Not true about lower taxes than ALL developed countries. When you consider federal and state income tax, capital gains, and taxes from incomes from out of country, the U.S. is comparable to, or exceeds, most European countries. And that's not considering licenses and fees, ad nauseam.
Posted May-12-2012 Byjoe prole (1653.70) 
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If they don't want to pay their taxes then they shouldn't be allowed to compete in our markets (business or money). Any business they do here should come with a tariff like any other foreign competitor.
In short, the free ride is over.
Posted May-12-2012 Bymabutoo (195.66) 
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@mabutoo - Exactly!
Posted May-12-2012 Byviennachoirboy (193.02) viennachoirboy View Channel Send Message
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@mabutoo
Agreed! time for them to pay their fair share.
BTW are those tax cuts for the rich still in place? if they are they should fuck them off as well.
Posted May-12-2012 Bywerdum12 (254.00) 
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@werdum12 Yes, the 'Bush Tax Cuts' are set to expire 1 Jan 2013. We need to let them expire but revisit the tax code which is desperate need of an overhaul.
Posted May-13-2012 Bymabutoo (195.66) 
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@mabutoo spot on that is the correct buisness model unfortunately ethics are ignored for kickbacks
Posted May-13-2012 Bybrako (1314.34) 
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more room for me!
hello mansion, Im moving up!
Posted May-12-2012 BySpeckFettGulag (1117.20) 
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Let them go! How has the Campells soup heir contributed to society? Honestly, if these dweebs want to leave the US because of it's tax laws, they are going to be disappointed elsewhere. Europe? Much worse than the US in terms of taxes. Asia? Unless they want to constantly take anti-malarial drugs, the only countries that approximate life in the West has similar high taxes. What a laugh!
Posted May-12-2012 Byviennachoirboy (193.02) viennachoirboy View Channel Send Message
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Now THAT is Anti-American
Posted May-12-2012 Bypeterjames2009 (1020.10) 
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@peterjames2009 By definition.
Posted May-12-2012 ByTMoray1 (739.06) 
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Let them go they have been leaving the UK and are threatening to leave but guess what all those lovely places where the tax is lower tend to have disadvantages here in the UK you can live in peace be protected by the state and a relatively uncorrupt police access to top notch health care low crime especially extortion and uncorrupt local government.and a civil society and when it goes tits up where they move too well we should charge them in advance all the tax they have avoided + 100% tax for More..
Posted May-12-2012 Byanglosaxonwarlord (13631.74) 
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"The Rich Are Leaving the U.S. in Greater Numbers". Obviously following their overseas bank accounts, filled by the sweat of the working man/woman. Good riddance! Not Communism, realism!
Posted May-12-2012 ByNoGodButAlan (359.10) 
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Those poor greedy rich people, Obama should give them more tax cuts so they will stay.
Posted May-12-2012 Bywerdum12 (254.00) 
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