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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?


To: pcstel who wrote (60856)1/3/2013 6:15:49 PM
From: microhoogle!  Read Replies (2) | Respond to of 71588
 
The US is a "Sh(th0le" compared to Singapore


Really? Grass is greener on the other side of the planet, eh!!!

While I like and admire Singapore - it is not the place where many Americans will enjoy their "Freedoms".

You won't be able to purchase a home

You won't be able to bear any arms (had to put that in there)

Owning a car will cost you both arm and a leg combo

Spitting chewing gum at wrong places might land a cane on your butt

Ask Michael Fay the brat who learnt the hard way what happens to vandalize and steal stop signs (precious butt was caned several times over - the sentence was reduced because of big hoopla)

There are just too many implicit taxes in the system.

Every conceivable discussion will seem highly socialistic to RW crowd of this country.

As I said, I personally like Singapore, however any right leaning person who holds Singapore as a model is sadly mistaken.




To: pcstel who wrote (60856)12/1/2013 7:28:51 PM
From: greatplains_guy1 Recommendation

Recommended By
TimF

  Respond to of 71588
 
American Who Renounced Citizenship: "My bank down the street is not an offshore account"
Matt Welch
Nov. 27, 2013 9:28 am

By now it's not a new trend, but this McClatchy article about middle-class Americans turning in their passports to avoid intrusive IRS probes into their bank accounts is a usefully detailed example of how cheap legislative populism against the 1% ends up screwing everyone else:

Born in Oklahoma, [Ruth Anne] Freeborn has lived in Kingston, Ontario, for more than 30 years as an American expatriate, with a Canadian husband and 22-year-old son.

But a U.S. law passed (by wacko-wing democrats) in 2010 that will require international financial institutions to provide the Internal Revenue Service with information on their U.S. account holders forced her to weigh her citizenship. Her husband, a $51,000-a-year electronics technician and the family's sole income earner, strenuously objected to having his financial data shared with a foreign nation.

"My decision was either to protect my Canadian spouse and child from this overreach or I could relinquish my U.S. citizenship," she said. "It was with great sorrow I felt I had to relinquish, but there was no other choice for me and many like me." [...]

"My husband cannot understand why Americans are so offended by having their personal emails and phone calls monitored by the NSA yet are very comfortable requiring a Canadian to hand over their bank account data, which is far more sensitive," Freeborn said.

The number of citizenship renunciations has surged from 742 in 2009 to more than 1,854 so far this year, according to the State Department. [...]

"The rich can afford expensive tax attorneys," Freeborn said. "The poor and the middle class cannot. My bank down the street is not an offshore account and I'm not hiding money."


But don’t worry, the Treasury Department knows that the Freeborns of the world are just freeloaders:

"Individuals that have used offshore accounts to evade tax obligations may rightly fear that FATCA will identify their illicit activities," says a Treasury web posting. "Yet a decision to renounce U.S. citizenship would not relieve these individuals of prior U.S. tax obligations, and might well create additional U.S. tax obligations for certain citizens and long-term residents who give up citizenship or residency."


Read the full article(http://www.mcclatchydc.com/2013/11/27/209810/new-tax-law-driving-expats-to.html) for more outrages. Reason on the Foreign Accounts Tax Compliance Act (FATCA) here.

reason.com