When America was founded it was founded on the principles of small government and hard-working citizens, the US Constitution and the Bill of Rights. We used to be a country where all citizens were proud to stand and salute the flag, say the pledge allegiance in schools and at events, and stand to sing our national anthem. But look around you and in the past decade you will find most of that has changed.
Last year, I think if you looked at statistics you would find more Americans renounced their citizenship and terminated their long-term residency in the first three months of the year than ever before, courtesy of the crackdown in foreign tax rules. And thanks to Democrats and Obamacare, there’s more regulations coming.
H/T The Daily Sheeple:
Since the United States was founded, citizenship has represented a safe haven from oppressive regimes around the world. By preserving the principles of small government and free markets, those who were willing to work hard found success, and America became a magnet for innovation. But as the U.S. continues to erode personal and economic freedom, more people than ever before are handing over their U.S. passports to seek better opportunities abroad.
The staggering amount of debt held by the American empire ensures the public will be working it off for generations to come. The government has already begun its campaign to make it more difficult to leave the country, and it has also begun to crack down on the finances of the eight million Americans living abroad. Regardless of whether you’re a millionaire with multiple foreign bank accounts or a recent college graduate with a boatload of debt, the status of being a United States citizen brings with it a burden that will only grow heavier over time.
Since 2008, the number of individuals giving up their citizenship has increased by almost 560%, setting new records each of the past three years. Some of these expats are motivated by the extra tax load paid when working abroad while others are trying to avoid student loan debt. Others have just had enough of the encroaching police state.
Every taxpayer left in the country now owes more than $149,000 of the national debt, so it’s no surprise the tide is beginning to turn. By hook or by crook, in the coming years, citizens will be fleeced of that money through higher taxes, savings that are inflated away, and an overall drop in their standard of living. Many can see the writing on the wall and have become determined to protect themselves from the years of economic repression coming down the pipe.
Draconian steps have already been taken to slow the rate of expatriation. For one, the IRS has broadened its reach into foreign bank accounts through the Foreign Account Tax Compliance Act. Through agreements with over 100 nations, the law is able to require all financial institutions abroad to report the account details of any American customers they have. With access to this new information, the IRS can revoke the passports of potential tax evaders and hinder their ability to travel using yet another additional power the agency was granted last year.
The Internal Revenue Service is one of the most powerful agencies of the federal government and has a track record of persecuting groups for political reasons. The fact that they have now set their sights are expats shouldn’t surprise anyone.
Read more here.
I guess it’s no suprise that renouncing your citizenship went from $450 to $2350. With all this debt that our country is in, the government needs to hang on to as many taxpayers as possible, especially since they keep giving more and more benefits away to all those illegal immigrants that they are importing. I mean who else is going to pay for those benefits? They need every young person and everyone that’s working to pay taxes and that STILL won’t be enough. Our country is almost $20 TRILLION in debt since Obama took office. And just wait if Hillary gets elected. She’s pushing for greater increases in taxes and more benefits to those NOT working and more benefits for more illegals. The system will eventually crash…which is exactly what they want it to do…that IS Socialism at it’s best! We can all understand why more people have given up their citizenships and fled with their jobs and money.
America used to represent “Land of the Free” and “Home of the Brave”. America used to stand for freedom and opportunity, not unlimited debt and taxes. If Democrats continue the strangle on America, America will mean nothing but BIG government and we will ALL pay the price for that!
Thank you Obama!….but NO THANK YOU, Hillary!