Abolish the Expatriation Tax

Discussion in 'Economics' started by NielsenDK, Mar 23, 2009.

  1. Though republicans helped pass the bill, a u-turn now could actually help save America from the damage done by a Democratic Congress run amok.

    If they truly wanted to limit Obama's power, they would restore the right of Americans to vote with their feet and their tax dollars.

    The people's mere ability to leave and take their tax dollars with them would be a major deterrent to tax increases, regardless of the number of people who actually elect to leave.

  2. You've gotta be kidding. 99 44/100% of the people born here aren't going to consider leaving permanently for one second. OK, maybe I exaggerated and it's only 96%.

    It's not a credible threat. If it goes to shit here, it's gonna go to shit everywhere.

  3. The elimination of the tax should be to protect Americans from excessive taxes, because they would have the option to leave the US, (temporarily or) permanently without getting taxed by the US government.
  4. Obviously you have not traveled the world. Americans have found the American dream outside the US.

  5. People have left their ancestral homes to move to the United States for centuries. Don't be so sure that they won't leave the United States as well. People respond to incentives.

    WRT the article....I think that this tax was replaced a few months ago with the HEART legislation.

    The HEART legislation levies a capital gains tax on WORLDWIDE assets at the time the U.S. citizen renounces citizenship and ANOTHER capital gains tax on U.S. assets at the time the assets are sold. So, it basically robs people who are leaving the country.

    The only major country that has ever done that is the Soviet Union, which confiscated most of our meager assets when my family left in the 1970's. Somehow, it doesn't comfort me to see the U.S. acquire Soviet habits.
  6. And this was also what America was built upon, Europeans fleeing Europe to avoid high taxes.

    There is never a reason for a tax hike.

    It only means that the government spends too much.

  7. umm....ahh... Yes, that would be correct.