Passage of the day....
This is probably the worst bill that has been put forward since the 1930s. I don't know what to say. I mean it's wasting a tremendous amount of money. It has some simplistic theory that I don't think will work, so I don't think the expenditure stuff is going to have the intended effect. I don't think it will expand the economy. And the tax cutting isn't really geared toward incentives. It's not really geared to lowering tax rates; it's more along the lines of throwing money at people. On both sides I think it's garbage. So in terms of balance between the two it doesn't really matter that much.Interview here.
I anticipate that the short lived bounce associated with the extraordinary wasteful 'stimulus' package being forced upon us, will dissipate much quicker than people think. Government cannot create jobs. All that they can do is to create an environment where people's labor, risk taking and innovation benefits those that put in the time, money and effort and they are in no way doing this. This is not being achieved in this pork-barrel spending package that only will delay the inevitable reallocation of resources that will promise to be much more painful the next time around. I expect that like in Japan, where silly government intervention caused the recession there to drag on for more than a decade, that we too will have troubles and government meddling in almost every aspect of life.
And furthermore, why is some of the silliest spending slated for expenditure years from now? Its because its purely political spending on such organizations as ACORN that needs funds to put boots on the ground to support the democrats for the next 2 elections. The whole stimulus is crap.
All told, the US has degenerated into a whimpering mass of simpering beggars looking for their next handout. The old US where hard work and a foundation of family, church and community was the bedrock of daily life, no longer exists. Worship of the new Messiah, the Campaigner-in-Chief that promises hope will only deliver servitude and serfdom. The 'golden calf' in Washington that is now the worshiped deity preferred by atheists and former Christian believers is not equipped to deliver what people need. Good luck to them. I want absolutely no part of it.
I went to the US Consulate yesterday and collected the application for rescinding American citizenship. I will scan it and post it shortly for those that may be of interest.
posted by glenzo @ 2/10/2009 09:22:00 AM
2 Comments:
The American Jobs Creation Act (AJCA) of 2004 amends Section 877 of the Internal Revenue Code (IRC), which provides for an alternative tax regime for certain, expatriated individuals. Amended IRC 877 eliminates the tax avoidance criteria for imposition of the expatriation tax on certain types of income for 10 years following expatriation, and creates objective criteria to impose the tax on individuals with an average income tax liability of $127,000 for tax year 2005 (or higher amount for later years) for the 5 prior years or a net worth of $2,000,000 on the date of expatriation. In addition, it requires individuals to certify to the IRS that they have satisfied all federal tax requirements for the 5 years prior to expatriation and requires annual information reporting for each taxable year during which an individual is subject to the rules of IRC 877. Further, expatriated individuals will be subject to U.S. tax on their worldwide income for any of the 10 years following expatriation in which they are present in the U.S. for more than 30 days, or 60 days in the case of individuals working in the U.S. for an unrelated employer. Finally, even if they do not meet the monetary thresholds for imposition of the IRC 877 expatriation tax, the new law provides that individuals will continue to be treated as U.S. citizens or long-term residents for U.S. tax purposes until they have notified the Secretary of the Department of State or of Homeland Security of expatriation or termination of residency. The implementation date of this provision is retroactive and applies to expatriations occurring after June 3, 2004. The expatriation is not effective until the notification and tax satisfaction certifications are filed with the IRS and the Department of State or of Homeland Security.
Form 8854, Initial and Annual Expatriation Information Statement (PDF), has been revised to permit individuals to meet the new notification and information reporting requirements imposed by AJCA. In particular, Form 8854 has been expanded so that it functions as both the initial and the annual expatriation information statements required by AJCA. Revised Form 8854 and its instructions (PDF) also address how individuals should certify (in accordance with the new law) that they have met their federal tax obligations for the five preceding taxable years and what constitutes notification to the Department of State or the Department of Homeland Security.
IRS Notice 2005-36 provides special rules for individuals who file the revised Form 8854 by June 15, 2005. Treasury and the IRS recognize that until the revised Form 8854 was released, individuals who lost U.S. citizenship or terminated long-term resident status after June 3, 2004 did not know how to meet the new notification and information reporting requirements imposed by AJCA. Accordingly, Notice 2005-36 provides that if an individual who loses U.S. citizenship or terminates long-term resident status after June 3, 2004 files the revised Form 8854 by June 15, 2005, the individual will be treated as having met his or her reporting obligations on the date on which the taxpayer provided the requisite notice to the Department of State or the Department of Homeland Security.
That is a very serious decision.
Think without prejudice and act without emotion.
Post a Comment
<< Home