The IRS is basically a institution of extortion and thievery benefiting the elitist.

We could stop it, but they can count on fear and apathy among the subjects to keep them strong, proud and in charge while we can only cower in fear and pay up more and more.

 

Disband that Crap and institute a Fed sales Tax.......................Problem solved.............don't want to pay your taxes don't buy anything.....................of course this works with getting rid of all other fed taxes

 

"It seems counterintuitive. Why pay the IRS and then renounce? Turns out it’s the only way to do it safely and get the IRS off the hunt. London’s Mayor Boris Johnson—a dual U.S. and British citizen—was hit with an IRS bill on his London house sale. His gain was exempt from U.K. tax, so no tax credits or other U.S. tax moves would satisfy the IRS.

I don't know the particulars of his case but there is a ten year limit to the number of years that the IRS can pursue collection.

Each tax assessment has a Collection Statute Expiration Date (CSED). The Internal Revenue Code provides that the length of the period for collection after assessment of a tax liability is 10 years. The collection statute expiration ends the government's right to pursue collection of a liability.

Anyone intended to wait out the CSED should check the IRS code to be sure that they don't do anything that waives their right.

 

But I thought the way the IRS got around that is to accrue interest on the debt each year. so every year, you owe "new" money that you didn't owe last year so the 10 year clock starts over again.

 

I'm extremely misconfused,?

 

That's the way they want to keep you.

 

There are loads of US citizens renouncing their citizenship now, even though the US is now charging extortionate fees (as a deterrent) to do so.
This makes for some interesting reading - I recommend the comments also.
http://www.cnbc.com/id/102141113#.

I hope the US laws can be sorted out soon. I find the situation a bit scary, myself.

 

That article is more than 2 years old:

http://www.swissinfo.ch/eng/more-americans-give-up-passports-over-tax/33824180

Why paying for a US passport when you don't need one. Besides, when you're a politician, as Boris Johnson is, you should only have the citizenship in the country where you are elected. I guess he should have renounced citizenship before selling his house, he would have saved a bundle.

 

Besides, when you're a politician, as Boris Johnson is, you should only have the citizenship in the country where you are elected.

Like Ted Cruz? Elected to the senate in 2012 but didn't get around to renouncing his Canadian citizenship until 9 months ago.

 

F**k the IRS

 

The reason we are where we are, is that so many people are only willing to shrug their shoulders impotently when faced with injustice. Nobody gets mad as hell anymore.

 

Well, if you do then you will get banned on internut forums, called names or be avoided by your friends and family, and called a nut.
Oh, I left off "blamed for the injustice as your fault!".

 

He wanted his cake and be able to eat it, too.

IF he was a British subject from age 5 he had PLENTY of time to renounce his US citizenship along the way.

I'll bet if the UK collapsed he would have been on the first boat out with his US passport and claim of citizenship front and center.

If you want to hedge your bets be it gambling or citizenship it costs money to do so.

The rules are the rules ... he had plenty of opportunity to arrange his situation to avoid the taxation.

And I don't want to hear about "he didn't know". Too bad, ignorance of the law is no excuse.

 

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And I don't want to hear about "he didn't know". Too bad, ignorance of the law is no excuse.

Yes actuallly it is.

The Blackstone talks about the laws that every man should know (robbery, rape murder etc) which modern passages convinantly incompletely quote. (I've posted this in the past wi links etc) and to be guilty you must be guilty of INTENT.

Which is why if you commit a Crime your forced to do.... Your not guilty.
(help rob your business while your family is held at gunpoint etc)

I believe the REAL point here is the US is nearly the only country (i wont say THE only without checking) which taxes you even when you are deriving no bennifits and living overseas....

 

So he wants to retain dual citizenship but when a nation decides to collect on his gains he cries foul? Yet he still wants to retain the benefits of US citizenship? Sorry, as much as I don't agree with the taxation that's going on if he wants to be a limey fine let him. But when he also wants to retain US citizenship he should be under the same yoke the rest of us are. If you don't like it renounce your citizenship. No skin off my teeth and don't let the door hit you on the way out.

If people are renouncing their citizenship because of having to pay US taxes but live abroad other than stationed military and have issues with it, I say let them go. They can deal with the benefits of whatever country that will accept them and all the associated issues. What I see is a lot of folks who go abroad and try to get ahead of the tax scheme by claiming dual citizenship to be able to play both sides of the coin to where it benefits themselves the most.

 

I don't think its the money, he has a lot but he's moving into main stream politics and thinks the public would prefer he is UK and not USA/UK.

 

Yeah I agree that makes sense rik_uk3. I have a real problem with the number of dual citizen politicians in the US. It's hard to know where their loyalties are.

 

Unfortunately FATCA doesn't just go after "fat cats." It has some very negative effects on people who just married to a person from a different country, or were born to parents of two nationalities (one being US), or for all sorts of different reasons (none of which were to try to avoid taxes) moved to a different country. Stay at home moms who haven't earned a wage in years will have money taken from their accounts if they and there husband have been so stupid to adopt the modern practice of putting both names on bank accounts and mortgage. So *his* money earned by him in his own country will end up being taxed by the US!

People who have US citizenship who have never lived in the US or only did in childhood, before they registered to vote, can vote, **but have no representation** in Congress or Senate. Didn't we identify that as a problem when we declared independence from Britain??

Would anyone move from one state, say Oklahoma, to another, say Arkansas or Minnesota, etc., and then be happy to still have to pay income tax from their former state?

 

It also limits overseas job opportunities for U.S. citizens/permanent residents.

I have an old roommate who has spent nearly 20 years working in Europe, but since he's a U.S. citizen his bank doesn't want him anymore, post-FATCA.