Friday, June 3, 2016

AmericanGivingUp Their Citizenship in Record Numbers?

Their Citizenship in Record
You might wonder why I ask this question? Well, my dears its been heavy on my mind.
The whole president conferences between Hillary Clinton & Donald Trump. I just happened upon an article, that talked about folks here in America both common folk like you and I - And celebrities too that don't like the prospect of Donald Trump taking Barack Obama our President place in the White House. I guess there is a lot of folks that cant get the idea of Trump siting in the Oval. To be very honest, I can't see that or believe that could be even possible. In fact it is frightening to me-I have a 16 year old and many nieces and nephews that are going into the world as young adults and I am very worried about their futures. In the resent weeks it seems like the coverage in the news, has gotten bad to horrible between Hillary Clinton and Donald Trump. I usually don't posts on the election, but this one has been so crazy and the out come, of it could effect us all in ways we really don't realize Yet! I don't know how you all feel about this subject or what your feelings are with each of the candidates and their campaigns. But I know this its is the weird campaign that I have ever seen in my life of voting. Yes, I have voted since the day I turn 18years old and this time I pray that my vote truly counts here in Washington state. I even saw on the news last night that there was a riot going on outside between Trump supporters and non-supports that was huge, well Trump was inside doing a speak not knowing at all what was going on outside. I never heard of stuff like this before in elections before. I just wish that we could keep President Obama for another 4 years.. So it would seem that the numbers of US citizens has grown to a alarming rate, to renouncing their US. citizenship to live in Canada. This is the Governments statistics that are finding these records, so that is troublesome. They have said that it isn't Trump that has persuaded them all to leave the US it TAXES. However, I have a hard time believing that its just the taxes. In my opinion it is probably a big part of both. Its probably what Trump says or doesn't say he is going to do for our country and the Taxes. Then there is thing I heard that Trump has paid his taxes this year and he said he wont till the election is over - so what is that all about? I did discover that the IRS publishes the name of each
American that gives up his/hers citizenship. What does that mean? Well, after the list is made it comes out every three months - plus the international tax lawyer will tallied up all the names up. It would seem that the international tax lawyer found in the first quarter of this year, there were
1,1158 US folks that expatriated[no names will be shown to protect them]. This is more than ten times the number in the first quarter of 2008. It would seem that the steadily growing expatriated spike began in 2013, however it has been growing steadily since 2008.
It would seem that even if you don't live in the US, there were new federal requirements and penalties for assets that were held overseas by US citizens. These rules were passed back in 2010 as part of the legislation intended to encourage businesses to hire more employees and to jump-start the nations economic recovery plan. Attached to the law was a provision that is called 'Foreign Account Tax Compliance Act' which was supposed to discourage tax evasion through offshore bank accounts. Well, I am not sure it did the trick, even though government put lots of laws to proven folks from not being able to pay their taxes even in a different country. The law that the government created requires foreign regulations when creating new filing requirements for individuals with assets overseas and increased the fines for missing a form.
There is a stiff penalty for failing to file taxes even in the different country. Its $10,000 per form. The consequences are even steeper for intentionally not filing a document known as the
Report of Foreign Bank and Financial Accounts, which could easy result in a fine up to $100,000
or 50% of what's in the bank account whichever is the greater amount to take from you!
It seems that many folks have been paying US taxes in the countries in which they have been lives for years, however many have not bothered filing for a tax return. Which is news to me. I had no idea that you had to do that even if you didn't live in the US anymore. Or if you gave-up your us citizenship you still have to fill for US taxes and pay for them too. Crazy!!! It also seems that Most countries in the world expect you to pay taxes only when you live inside their borders however there are only two nations the United States and Eritrea that require its citizens to pay taxes on  income while living in other counties. So You might think America is the land of the free, but leaving it isn't necessarily cheap. Those who renounce their citizenship could be subject to an exit tax on all their assets around the world, as if they had sold everything on their last day as an American.
Even so people are still renouncing their citizenship by record highs - Last year it was
4,279 people. Still I believe it has a lot to do with the candidates;
Donald Trump & Hillary Clinton . Also how much Donald Trump is taking jabs and talking very unrespectable to our President. Well, I guess I have given you a little more of my opinion on the election and my thoughts too. We will all find out in a few months. November isn't that far away.. And its my 20th wedding anniversary's too.
I hope that you find the post interesting at least my dears
I love you all my dears
Your friends always

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