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The U.S.'s crackdown on global tax evaders is leading to a record number of people renouncing their citizenship, and its effects are being felt keenly in Asia -- now the world's wealthiest region by household assets.

A growing number of wealthy Americans in Asia -- and others with green cards -- are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.

Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.

The U.S. Congress estimates that tax evasion by U.S. citizens results in losses of up to $100 billion a year. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.

"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates.


Read more: http://www.foxnews.com/politics/2013/08 ... z2bmqXWv00" onclick="window.open(this.href);return false;

houndawg wrote:fvcking parasites want a free ride

Baldy wrote:

houndawg wrote:fvcking parasites want a free ride

Exactly...and that is why the hosts are renouncing.

houndawg wrote:fvcking parasites want to be democrats

Ivytalk wrote:Kalm, houndawg, Douches1Bagg and JellyBelly can kick their own sorry azzzes out the door!

ALPHAGRIZ1 wrote:

Ivytalk wrote:Kalm, houndawg, Douches1Bagg and JellyBelly can kick their own sorry azzzes out the door!

Not without the governments help they cant.

kalm wrote:

ALPHAGRIZ1 wrote:

Not without the governments help they cant.

These types are probably shrewd, cunning, businessmen types who had the fortune of a favorable upbringing and/or had the right amount of selfishness...perhaps mixed in with a touch of sociopathic behavior to be successful. They also lack the intellectuality and appreciation of the larger picture to appreciate their good fortune at being American and thriving within a system a system that provides the opportunity.

At least Alpha admits he hates the country...

Like I said...they're all replaceable...Ingrates...

Chizzang wrote:Everybody's on the take...
It's a big 'ol money pot and everybody's got a hand in there

Corporate welfare has never been higher
Freeloading individual programs are available for damn near anybody

Our fearless leaders handed out 78 billion in federal tax breaks to U.S. oil companies in 2011
Let that sink in for a few seconds / reports show that in 2010 there were over 800 Oil Lobbyists in Washington

Everybody has their hands in the pie

Cluck U wrote:

Chizzang wrote:Everybody's on the take...
It's a big 'ol money pot and everybody's got a hand in there

Corporate welfare has never been higher
Freeloading individual programs are available for damn near anybody

Our fearless leaders handed out 78 billion in federal tax breaks to U.S. oil companies in 2011
Let that sink in for a few seconds / reports show that in 2010 there were over 800 Oil Lobbyists in Washington

Everybody has their hands in the pie

Wait...by "tax breaks" you mean they actually get to keep more of the money they make, rather than have the government take more away (and give it to people who didn't earn it).

Chizzang wrote:Everybody's on the take...
It's a big 'ol money pot and everybody's got a hand in there

Corporate welfare has never been higher
Freeloading individual programs are available for damn near anybody

Our fearless leaders handed out 78 billion in federal tax breaks to U.S. oil companies in 2011
Let that sink in for a few seconds / reports show that in 2010 there were over 800 Oil Lobbyists in Washington

Everybody has their hands in the pie

AZGrizFan wrote:I thought Obama was going to be our savior?

The U.S.'s crackdown on global tax evaders is leading to a record number of people renouncing their citizenship, and its effects are being felt keenly in Asia -- now the world's wealthiest region by household assets.

A growing number of wealthy Americans in Asia -- and others with green cards -- are exploring whether to renounce their U.S. citizenship or give up their green cards to avoid onerous tax obligations.

Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.

The U.S. Congress estimates that tax evasion by U.S. citizens results in losses of up to $100 billion a year. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.

"When I became an immigration lawyer 30 years ago, people really were excited about going to America. Now, more than half of my clients are people thinking of other alternatives rather than people seeking to immigrate to America," said Eugene Chow, the principal of Chow King & Associates.


Read more: http://www" onclick="window.open(this.href);return false;.foxnews.com/politics/2013/08/12/americans-renouncing-citizenship-in-record-numbers-seek-to-avoid-tax/?test=latestnews#ixzz2bmqXWv00

Chizzang wrote:

Cluck U wrote:
Wait...by "tax breaks" you mean they actually get to keep more of the money they make, rather than have the government take more away (and give it to people who didn't earn it).

I would like to point out that I am an advocate for the elimination of all energy subsidies, breaks, loopholes, incentives, and what have you, from oil and natural gas to wind and solar alike — because they all serve niche interests, distort free market signals, and further encumber our tax code.

What Liberals (such as myself) always conveniently neglect to mention about the attractive idea of eliminating oil company tax breaks - is that without an accompanying decrease in across-the-board rates, it’s really just a dysfunctional way of hiking taxes.... (am I right) Which is of course the goal

Liberals (such as myself) don’t want revenue neutrality
Secretly we want more revenue to pay for big-government stuff
and if anybody is honestly convinced that those (effective) tax hikes would come from the fat cats ill gotten gains rather than the backs of everyday consumers (which is, I might add, is everybody) they’re simply delusional...

That's why I say:
Gas should be $8 bucks a gallon

HI54UNI wrote:

Chizzang wrote:Everybody's on the take...
It's a big 'ol money pot and everybody's got a hand in there

Corporate welfare has never been higher
Freeloading individual programs are available for damn near anybody

Our fearless leaders handed out 78 billion in federal tax breaks to U.S. oil companies in 2011
Let that sink in for a few seconds / reports show that in 2010 there were over 800 Oil Lobbyists in Washington

Everybody has their hands in the pie

Link please. I googled it and came up with a 78 billion number that is a 2011-2015 projection. $31 billion of it is to ethanol, which I would hardly call big oil. And 23 billion are general business deductions that aren't oil specific.

kalm wrote:

ALPHAGRIZ1 wrote:

Not without the governments help they cant.

These types are probably shrewd, cunning, businessmen types who had the fortune of a favorable upbringing and/or had the right amount of selfishness...perhaps mixed in with a touch of sociopathic behavior to be successful. They also lack the intellectuality and appreciation of the larger picture to appreciate their good fortune at being American and thriving within a system a system that provides the opportunity.

At least Alpha admits he hates the country...

Like I said...they're all replaceable...Ingrates...

Chizzang wrote:

Cluck U wrote:
Wait...by "tax breaks" you mean they actually get to keep more of the money they make, rather than have the government take more away (and give it to people who didn't earn it).

I would like to point out that I am an advocate for the elimination of all energy subsidies, breaks, loopholes, incentives, and what have you, from oil and natural gas to wind and solar alike — because they all serve niche interests, distort free market signals, and further encumber our tax code.

What Liberals (such as myself) always conveniently neglect to mention about the attractive idea of eliminating oil company tax breaks - is that without an accompanying decrease in across-the-board rates, it’s really just a dysfunctional way of hiking taxes.... (am I right) Which is of course the goal

Liberals (such as myself) don’t want revenue neutrality
Secretly we want more revenue to pay for big-government stuff
and if anybody is honestly convinced that those (effective) tax hikes would come from the fat cats ill gotten gains rather than the backs of everyday consumers (which is, I might add, is everybody) they’re simply delusional...

That's why I say:
Gas should be $8 bucks a gallon

Ivytalk wrote:

kalm wrote:
These types are probably shrewd, cunning, businessmen types who had the fortune of a favorable upbringing and/or had the right amount of selfishness...perhaps mixed in with a touch of sociopathic behavior to be successful. They also lack the intellectuality and appreciation of the larger picture to appreciate their good fortune at being American and thriving within a system a system that provides the opportunity.

At least Alpha admits he hates the country...

Like I said...they're all replaceable...Ingrates...

Unlike your idols Taibbi, Greenwald and Snowden.

Baldy wrote:

kalm wrote:
These types are probably shrewd, cunning, businessmen types who had the fortune of a favorable upbringing and/or had the right amount of selfishness...perhaps mixed in with a touch of sociopathic behavior to be successful. They also lack the intellectuality and appreciation of the larger picture to appreciate their good fortune at being American and thriving within a system a system that provides the opportunity.

At least Alpha admits he hates the country...

Like I said...they're all replaceable...Ingrates...

Yeah right...most of these people have lived overseas for years, haven't step foot on US soil for years, haven't made a dime inside the territorial US for years, but these ingrates are thriving in the American "system".....in places like Hong Kong, Sydney, Berlin, Buenos Aries, and London.

This is such a great idea that I'm sure every country in the world taxes their citizens for income they made in a foreign country, amirite?

Baldy wrote:

kalm wrote:
These types are probably shrewd, cunning, businessmen types who had the fortune of a favorable upbringing and/or had the right amount of selfishness...perhaps mixed in with a touch of sociopathic behavior to be successful. They also lack the intellectuality and appreciation of the larger picture to appreciate their good fortune at being American and thriving within a system a system that provides the opportunity.

At least Alpha admits he hates the country...

Like I said...they're all replaceable...Ingrates...

Yeah right...most of these people have lived overseas for years, haven't step foot on US soil for years, haven't made a dime inside the territorial US for years, but these ingrates are thriving in the American "system".....in places like Hong Kong, Sydney, Berlin, Buenos Aries, and London.

This is such a great idea that I'm sure every country in the world taxes their citizens for income they made in a foreign country, amirite?

Ivytalk wrote:

kalm wrote:
These types are probably shrewd, cunning, businessmen types who had the fortune of a favorable upbringing and/or had the right amount of selfishness...perhaps mixed in with a touch of sociopathic behavior to be successful. They also lack the intellectuality and appreciation of the larger picture to appreciate their good fortune at being American and thriving within a system a system that provides the opportunity.

At least Alpha admits he hates the country...

Like I said...they're all replaceable...Ingrates...

Unlike your idols Taibbi, Greenwald and Snowden.

kalm wrote: That might still be under the true value. When you factor in all of the externalities...environmental damage, healthcare costs, infrastructure costs, keeping Iranian motorboat patrols in the Persian Gulf at bay...some estimates go as high as $15/gallon.

Then again, people don't really like reality all that much. For instance, I like wasting tons of gas, driving hundreds of miles down dirt roads in ma' truck, listening to Old Crow Medicine Show, and searching for secret fishing spots...quite a bit.

In any event, if the price reached closer to it's true cost, people would certainly walk, bike, and take mass transit more. It would also level the playing field a bit for alternative fuels which is supposed to be what the champions of capitalism really, really worship...competition.

kalm wrote:

Baldy wrote: Yeah right...most of these people have lived overseas for years, haven't step foot on US soil for years, haven't made a dime inside the territorial US for years, but these ingrates are thriving in the American "system".....in places like Hong Kong, Sydney, Berlin, Buenos Aries, and London.

This is such a great idea that I'm sure every country in the world taxes their citizens for income they made in a foreign country, amirite?

Well then, they SHOULD renounce their citizenship, stop paying taxes, and never do one single red cent of business related to anything American again.