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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Cogito Ergo Sum who wrote (90795)	5/31/2012 1:47:33 AM
From: Maurice Winn	1 Recommendation Read Replies (1) \| Respond to of 218549

Americans as state serfs - mere chattels to be milked and fleeced by the leviathan state. Bring on Tradable Citizenship. But as good Stockholm Syndrome victims do, they go on voting for more of the same: <Current law already dictates that Americans with a net worth of over $2 million who expatriate must be assumed to have sold all their assets and must pay a corresponding punitive exit tax on those assumed sales. The Ex-PATRIOT Act goes even further than current law by assessing a 30% capital gains tax on all future earnings of expatriates. Not content just with this additional tax, the bill also grants the IRS the sole authority to determine whether individuals have expatriated for tax purposes and allows the IRS to bar those individuals from ever re-entering the United States. Finally, the bill blatantly violates the ex post facto provisions of the U.S. Constitution by extending all of these provisions to anyone who has given up their U.S. citizenship within the past decade. This bill, and other similar legislation, casts a chilling effect on saving, investment, and entrepreneurial activity. The bill was introduced in response to news reports about one of the founders of Facebook who might save millions of dollars of taxes by renouncing his U.S. citizenship. But in their blind envy towards successful entrepreneurs, the bill's sponsors ignore the fact that they will ensnare many ordinary middle-class Americans who work hard, save and invest wisely, and benefit from rising home values. These Americans may easily find themselves pushing past the $2 million mark by the time they retire, especially as inflation continues to seriously accelerate. If they wish to escape the Federal Reserve's inflation by emigrating to lower-cost countries so their dollars will go farther, as many Baby Boomers are starting to do, the federal government will penalize them, and continue to penalize them for the rest of their lives as long as they hold any money in the United States. Unfortunately, the mere consideration of such legislation, even before it has passed, has made American banking customers a potential future headache for banks around the world. They don't want to deal with the IRS any more than Americans do, and if American account holders become a Trojan horse for the IRS to insinuate themselves into their affairs, there may be more cost than benefit to extending banking services to Americans. > Mqurice