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Re: Taxes (was: Where is the Futures Industry Headed?)



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At 11:56 22/05/2000 -0500, you wrote:

>Given the foregoing facts, they might consider expatriating.
>After all, since they =never= plan to return to the U.S.,
>why would they desire to retain their U.S. citizenship? They
>are, in fact, perfectly free to walk into the nearest U.S.
>embassy and renounce their U.S. citizenship.

"Thank you sir for renouncing?  How much are you worth? ...here is your tax 
bill for leaving.  Consider us taking half your net worth as our farewell 
present to you".

>Not that I, specifically, was asked or anything, but I find
>it rather telling that very few Americans living and working
>abroad "have no plans to ever return to the U.S." and even
>the few that have no plans to return actually expatriate. I
>guess, in some way, they feel their U.S. citizenship has
>=value= (in contradistinction to the =millions= who have
>fled their homelands over the years hoping to become
>citizens of the U.S.).

Exactly, which makes the situation even worse.  I was being a little 
extreme in suggesting one might know for sure they'd never return.  Perhaps 
only millionaires with large sums of money a stake could be that 
definitive.  Things happen, things change, and most middle class American 
expats at least want to keep the possibility of a return open.  Which is 
why they are so aggrieved at being forced to file and pay tax while they 
are living and working overseas; often for many years.

Does it sound reasonable to you as an American that if you ever worked 
abroad, your government would tell you "Keep sending us money while you are 
away, or don't ever come back here again"?  No democratic government in the 
world says this to their people except the US Govt!

Certainly, I've heard the argument of "pay up or leave if you don't like 
it" applied to Americans at home.  But to say to expats: "Pay us, or hand 
over your passport" ....C'mon, does this seem reasonable to you?  Seems 
like fascist blackmail to me ...!

I agree that the lure of the US for people from poor countries is not 
affected by such issues.  But that's not the point.  One makes the USA the 
greatest country in the world for a poor or persecuted person does not 
automatically make it the greatest place for the masses of middle classes 
who are being shafted by such extremist agencies as the IRS.

Simon.