Tag Archives: renounce u.s. ctizenship

“Hitching a ride” – FATCA – The Trojan Horse of the Hire Act – Updated with Roger Conklin comment

Hitching A Ride – Is A “Trojan Horse” Provision Legitimate?

 

 

In order for legislation to have “moral force”, it should at a minimum:

1. Be read by legislators prior to it becoming law; and

2. Not contain provisions that are unrelated to the main purpose of the legislation – i.e. NOT “hitch a ride”

“Hitching a ride”** is especially easy if the Congressmen don’t read the legislation.  Nancy Pelosi commenting in relation to Obamacare, noted that it was important for Congress to pass the bill, so that the American people (and presumably Congress) could learn what was in it.

FATCA is unrelated to the  purpose of the HIRE Act. It simply “hitched a ride” into the Hire Act. Who knows how many Congressmen read and understood the Hire Act prior to voting in favor of it? Provisions that “hitch a ride” into legislation are analagous to  soldiers left inside a Trojan Horse*. Once the primary legislation takes effect, the “hitchhiker provisions” will be unleashed on an unsuspecting public.

FATCA has been referred to as the “neutron bomb” of international finance. It is the most dangerous act of American Imperialism ever.  It will  hasten the demise of the U.S. as a world power. Continue reading

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FATCA and FBAR make U.S. born children virtually unadoptable for non-U.S parents

I’ll have to admit I had not thought of this. Although it is clear that FATCA and FBAR have combined to make non-U.S. citizens reluctant to have any kind of financial relationship  with a U.S. citizen,  a new problem has surfaced. In hindsight this is perfectly obvious. A British Columbia adoption agency  is disseminating information which explains what happens if a U.S. citizen is adopted. The agency states that:

“Whether your child lives in Canada as an American citizen, or unless and until they eventually renounce their American citizenship, they must file tax returns every year (if they have income), and if they have any qualifying financial accounts must file FBARs every year.” Continue reading

OVDI Collateral Damage The Story Must Be Told

Those of you reading this blog are familiar with my conviction that the U.S. has completely abandoned its historical and constitutional roots. Let me be more precise. It is the Government of the United States that is the problem. The country is run by one of two private clubs – I am referring to the Democrat and the Republican parties.  America’s first president George Washington – feared and opposed political parties. In any case, I want to make a specific point: The country and the political process is for the people – not for the politicians, not the IRS, not the political parties, not the mainstream media. November 12, 2011 was the annual celebration of a day for our veterans of armed conflict. During World War II, the allied powers went to war to protect their freedom and liberty from the axis powers. Freedom and liberty is NOT the natural order of the universe. Continue reading

Exit tax triggered by renouncing U.S. Citizenship

You need to find one!

More and more U.S. expats are voting with their feet and opting to renounce U.S. citizenship. Renouncing your U.S. citizenship may or may not make sense for you. If you are considering renouncing your U.S. citizenship, the question that most people ask before taking any step is:

“What are the tax consequences of renouncing U.S. citizenship?”

The following is an excerpt from a comment on the Americans Driven To Divorce article on the Globe and Mail site:

“And for the correction: the definition of “wealthy” is based upon total assets and having paid and average of $150,000 of tax over the past 5 years ( not annual income ). Since most do not trigger that threshhold, the entire process is really not that burdensome at all.”

Do you see any mistake(s) in this? I believe that there are (is). Continue reading

Open letter to Mitt Romney

Dear Presidential Candidate Romney:

I am writing this open letter to you because I believe that you will be the next President of the United States of America. I respect you for your commitment to public service. I respect your patriotism. I am aligned with you when you say that “you will never apologize for America”.

I want to alert you to an issue that may force you (for all practical purposes) to have to “apologize for America”. Of course, you can change this. Although I am certain that your commitment to public service will continue irrespective of whether you become our next president, I do believe that you are America’s best option to guide the country for the next eight years. I support you. You have repeatedly said that you would “never apologize for America”. Continue reading

McKenna Globe Article – Comments on the comments

Yesterday I posted about Barrie McKenna’s article about American citizens in Canada renouncing  U. S. citizenship. Renouncing U.S. citizenship is a painful decision for many expats. Furthermore, there some expats renouncing U.S. citizenship will be hit with the exit tax. You must learn about the tax consequences of renouncing U.S. citizenship before you do it. As good as the Globe article was the number of comments was astounding. Incredibly 730 comments were posted in 24 hours. The comments were incredibly illuminating – recommend them to you. There is clear anger at the U.S. government. One of the most interesting comments came from the U Continue reading

Globe and Mail – Americans in Canada driven to divorce

Link to Article:

Americans in Canada driven to divorce from their country

This is a desperate time to be a U.S. expat. An “ignorant and arrogant” U.S. Congress (to use the language of American Citizens Abroad) along with Carl Levin, Barack Obama, Timothy Geithner and Douglass Shulman are destroying the lives of American citizens who happen to live outside the United States. It is difficult to describe the state of sheer terror that U.S. expats are living under. The bottom line is that the U.S. is threatening monetary penalties which, if implemented, will force U.S. expats to liquidate their assets (homes, RRSPs, etc.) and pay the IRS. U.S. citizenship is such a liability that there will be a number of marriages (which are already on shaky ground) that will end because the non U.S. spouse will not want to be reported to the IRS. Would you want to be married to somebody if it meant that all of your financial information would go to the IRS? To understand the exact reasons and the how this came about, I encourage you to read other parts of this blog. But, the “bottom line” is what it is. Continue reading