Tag Archives: Fugitive Tax-Slaves

Why London’s Mayor Won’t Pay “Outrageous” US Tax Bill

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“Boris Johnson, the mayor of London, just became the unlikely spokesperson for the 8 million or so US citizens living abroad.  Boris is an ‘accidental’ US citizen. Although his parents were British, he was born in the US. That makes him a US citizen even though his family left the US when he was only 5 years old, nearly 50 years ago. And recently, the IRS sent him a bill for capital gains tax on the sale of his personal residence in London.  Boris isn’t happy about it. Under UK law, this gain is exempt from any tax. But since the US, uniquely among major countries, taxes its non-resident citizens wherever they live, the gain isn’t exempt from US tax.”

http://www.nestmann.com/why-londons-mayor-wont-pay-outrageous-us-tax-bill

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Bloomberg Calls for a US Exit Tax

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“Why should the rich get to take all that wealth with them when they move? Why should they be able to walk out of the country with resources that they have accumulated largely by dint of their history in the U.S.? We don’t let them walk out with a share of the mineral wealth of public lands or a piece of the interstate system. Exiting the country with all that property should surely count as theft.  … The rate of the exit tax would reflect the proportion of wealth that is due to the lottery of birth. Of course, rich people have already paid some taxes on that wealth—so, in fairness, the top rate probably wouldn’t go above 50 percent.”

http://www.thedailybell.com/news-analysis/35859/Bloomberg-Calls-for-a-US-Exit-Tax-on-the-Horizon/

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Beijing to back United States over new FATCA law against tax evasion

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“Mainland China has been included on a list of jurisdictions co-operating with the United States on a new law to halt tax evasion.  It removes the threat of blacklisting or penalties that had been hanging over Chinese financial institutions. The Foreign Account Tax Compliance Act (Fatca) is a US law that requires financial institutions around the world to provide information on US taxpayers to the US government. The move will enable Beijing to obtain information on mainland Chinese taxpayers in the US, which will help in its fight against tax evasion and corruption. The US authorities will impose a 30% withholding tax on US-related income going through financial institutions that do not comply with Fatca.”

http://www.scmp.com/business/banking-finance/article/1542111/beijing-back-united-states-over-new-fatca-law-against-tax

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Almost Half of Wealthy Chinese Want to Leave, Study Shows

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“Nearly half of wealthy Chinese are planning to move to another country within the next five years, according to a new Barclays survey.  The survey, which questioned more than 2,000 high net-worth individuals with more than $1.5 million in total net worth, found that 47% of Chinese respondents said they want to move, compared with a global average of 29%.  Singaporeans were the second-most eager to flee home, with 23% planning to relocate in five years, followed by 20% for the U.K. and 16% for Hong Kong. Indian and American rich are the least likely to move, with only 5% and 6% of respondents saying they would relocate.”

http://blogs.wsj.com/chinarealtime/2014/09/15/almost-half-of-wealthy-chinese-want-to-leave/

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Ameri-Canadians point fury at Uncle Sam over U.S. tax laws

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“Canada has for centuries provided a haven for millions of Americans and their descendants, including the United Empire Loyalists who fled persecution during the 18th-century American Revolution, blacks escaping from slavery during the 19th century and draft resisters protesting the Vietnam War in the 20th century. Such Ameri-Canadians have tended to blend into this northern country. Now, open displays of American pride in Canada are becoming even less likely as Ameri-Canadians seek shelter from the long reach of FATCA.   Many Canadians don’t realize Americans have made up the fourth to sixth largest immigrant group in Canada for decades.”

http://www.vancouversun.com/Douglas+Todd+Ameri+Canadians+point+fury+Uncle/10178232/story.html

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Travails of an American Tax-Victim Overseas

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“Go ahead and give up your citizenship.  Just beware that I have a new Exit Tax that you might be subject to.  We deem, or pretend,  that you sold all of your assets and charge you the capital gain tax on those pretend asset sales, though there’s a large exemption.   And also [laughing hysterically and slapping his knee with the palm of his hand] when you really do sell the assets some day [falls out of chair laughing] you’ll have to pay the capital gains tax a second time in Canada.  Love,  Your Dear Leader, President Obama.  PS:  I just decided to increase the fee for giving up citizenship from about $400 to about $3,500.  This should ease the burden of carrying around so much money that you earned.”

http://www.lewrockwell.com/2014/09/andy-sirkis/american-tax-victims-overseas/

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Tax Exiles Flee America

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“Traditionally the entrepreneurial and productive wanted to come to America. Many still do. But the choice is no longer so clear-cut. Some lawyers admit that they counsel foreign businessmen to consider carefully before seeking American citizenship. It might not be worth the cost and trouble. International tax attorney Andrew Mitchel said, ‘My advice to, say, a small-businessman abroad would be to think twice about acquiring U.S. citizenship.’ In his view the benefits might not be worth the hassle: ‘Many of these people do not realize what that means for their businesses until they start dealing with the IRS.’ Washington’s behavior appears to be having an impact on possible new citizens.”

http://www.fee.org/the_freeman/detail/tax-exiles-flee-america

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Peter Schiff: How the Media Deceived Me

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“I’ve purchased property there, I have an office there, I have employees there so I’m developing my connections in Puerto Rico and they’re going to grow and ultimately, I’m going to be there. I just haven’t made a decision as to exactly when. I have family here, I have a son, so it keeps me here even though I would prefer not to be. Certainly from a tax perspective and even from a lifestyle perspective I think spending more time in Puerto Rico would be the right thing to do so ultimately, I am going to be out there. I think more and more Americans from the mainland are going to be washing up on Puerto Rican beaches because the opportunities and the incentives are really, really too big to pass up.”

http://www.thedailybell.com/exclusive-interviews/35628/Anthony-Wile-Peter-Schiff-How-the-Media-Deceived-Me/

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Britain considers ban on bearer shares for G8 transparency [2013]

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“Britain may ban stock certificates known as bearer shares that can be transferred without needing to register ownership, a government minister said, tapping into a drive for greater corporate transparency.  Other measures proposed on Monday by Business Secretary Vince Cable included plans to force nominee directors to reveal more about who benefits from company ownership and proposals to ban companies from acting as directors themselves. At the G8 summit, Britain said it wanted to create a registry of ‘beneficial ownership’ to help tax authorities track down those seeking to launder money or evade taxes by using complicated company structures.”

http://uk.reuters.com/article/2013/07/15/uk-britain-transparency-cable-idUKBRE96E0F020130715

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FATCA Threatens Russia’s Financial System, Official Says

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“FATCA, the U.S.’s global tax avoidance law, is a threat to Russia’s financial system, the head of Russia’s money laundering watchdog said Thursday, in the latest outburst from a Russian official against Washington’s unilateral application of its own laws beyond its borders.  FATCA, which went into force in July, requires foreign banks to pass information on the accounts of U.S. taxpayers to the U.S. tax service, the IRS, and withhold money on the IRS’s behalf. Shirkers face financial penalties on their U.S.-based income.  ‘In effect our financial institutions will become tax agents, tax informants for the U.S. economy,’ Yury Chikhanchin, chief of Rosfinmonitoring, said.”

http://www.themoscowtimes.com/business/article/fatca-threatens-russia-s-financial-system-official-says/506452.html

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