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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Tuesday, May 15, 2012

Facebook Co-Founder: America is OK. It’s the Rules That Are a Pain - Yahoo! Finance

Today's problems for Americans living overseas will only become more-and-more difficult as the money hungry leviathan in Washington DC tries to strip as much cash as it can out of every individual still attached to the US. Coercive and punishing tax regimes such as this do not lend themselves to a vibrant and robust business climate for Americans as we have problems opening bank accounts and investing in places other than the US. This is not an issue for other nations that do not hold their own citizens and those that do business with them hostage. And here is an example of an individual that is claiming to have left not because of the taxes but due to the troubles that being an American have on doing business outside of the USA....
Saverin spokesman Tom Goodman said Sunday his renunciation was prompted not by tax considerations but by U.S. rules that make it more difficult for U.S. citizens to live and invest overseas.

“U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts,” said spokesman Tom Goodman. “Many foreign funds and banks won’t accept Americans. This was a financial rather than a tax motive.”

It’s true many U.S. expats complain that American rules are making life more difficult for them. Those include the U.S. tax system’s global reach (many countries tax based on residency); foreign bank account reporting rules; and the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to start reporting to the IRS on U.S. citizens’ accounts.

Facebook Co-Founder: America is OK. It’s the Rules That Are a Pain - Yahoo! Finance


At 10:12 AM, Anonymous Anonymous said...

There are plenty of banks that will welcome the money.....and they dont care about the US rules.
It will be interesting to see how this plays out over the coming years, when banks realize they are working for the IRS to the detriment of their business.

At 11:26 PM, Blogger glenzo said...

yea, maybe there will be particularly those that have no US assets to worry about. But Americans customers will have to pay for being Americans whereas other nationalities will not.


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