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527 Comments
- allowners, on 07/01/2008, -5/+321Hmm, will they likewise stop my debt at the border?
- louiss19, on 06/30/2008, -13/+298It's crazy what our government will try to sneak by us!
- Minarchian, on 06/30/2008, -13/+272I've been looking..but I can't seem to find the part of the Constitution that allows Congress to do this.
- allowners, on 07/01/2008, -5/+209Meanwhile, the wealthy have already moved their wealth out of the country to escape any taxes.
- qdkk, on 06/30/2008, -10/+195I'm sure it starts with something no one notices, like this tax. Who is to say that America won't end up requiring permits to travel out of the country all together.
- ciaran036, on 06/30/2008, -5/+174Well, getting into the bloody country in the first place is nearing impossible. It's like visiting a prison! You are made to take off your shoes before you get on the plane in the first place. On arrival, you are met with heavily armed policemen and sniffer dogs. On my last visit to America, I watched an elderly woman arrive at the airport. The sniffer dog was attracted to her by some fruit she had in a bag. I then watched as a cop ordered her to stop to have all her belongings searched. Not only that, but they take photos of you and ask you questions. They aren't even nice or apologetic about it. They also have a room in the middle with blacked out windows where they are watching you. And there are cameras and X-Ray machines everywhere!
At some point, we should have said, enough is enough. But no. We let them continue to turn the place into a prison, all because of 9/11. Which leaves many questions unanswered. - XanderDee, on 06/30/2008, -14/+167It's coming, the end of America's happy days, with 9.4 trillion in JUST federal debt. Never mind state, municipal and private sector debt that's over 50 trillion. People have forgotten that some day someone will want that back and the only way to get it is to tax the snot out of your hard work. lol Now I understand why Jim Rogers left the country good move I think I may join him. GoldMoney and Perth Mint are some of the loop holes to this be ready.
- Heysal, on 07/01/2008, -10/+150If they would quit their Nazi games and act like AMERICAN CONGRESS, they wouldn't have to worry about us wanting to leave.
- inactive, on 06/30/2008, -10/+139The people of the USSR and Eastern bloc countries were not allowed to travel without "permission". It's almost as if congress wants us to rise up.
- XanderDee, on 06/30/2008, -8/+97None shocking revelation... Where is the main stream media?
- stretch611, on 07/01/2008, -6/+88People needto read the article and understand taxes before they decry this.
FTA: "anyone voluntarily giving up his or her citizenship will be taxed on all of his assets as if he or she had sold them -- paying capital gains on assets that have increased in value, even though they have not been sold."
Right now, people do not pay any capital gains tax on any asset they owned until they sell it. If I buy a house or a stock and I own it for 5 years, it triples in value, I do not pay taxes on it until it is sold. Then I pay taxes on the difference between the price I paid for it and the price I sold it at.
If someone holds a stock that goes up in value then renounces citizenship he will be charged capital gains on the current value. This means he is being taxed on the value that the asset grew while he was a citizen. He is not being taxed double because he never paid taxes on it before. He is paying the same tax anyone else would pay when they sell a security.
Would you want a millionaire to renounce his citizenship and not pay capital gains taxes on his house that he saw increase in value by 5 million? - craighoxton, on 07/01/2008, -5/+82Soon, more and more people will stop bothering to come to the US and take their business elsewhere
- inactive, on 07/01/2008, -4/+72The terrorists definitely won and Bush made that possible. How long are we going to feel the effects of 9/11?
- inactive, on 07/01/2008, -23/+80This is a virtual Berlin Wall around America. Gaza's not the world's largest open air prison anymore.
- republicker, on 07/01/2008, -4/+50Papers Please
- inactive, on 07/01/2008, -2/+46I did not read the bills you linked, but it sounds good. We should tack it to an unrelated bill so it can get voted.
- inactive, on 07/01/2008, -2/+46"One Subject at a Time Act" http://action.downsizedc.org/wyc.php?cid=83
"Read the Bill Act"
http://www.downsizedc.org/read_the_laws.shtml - inactive, on 07/01/2008, -17/+61"Well, getting into the bloody country in the first place is nearing impossible"
Unless you are a Mexican, then it is quite easy. Not racist, just stating the facts. - Jeremyz0r, on 07/01/2008, -4/+47Bush is the Terrorist.
- JohnFive, on 07/01/2008, -3/+45This is sad... This is the problem, people like salaclar. I recommend you pick up your Bill of Rights and read them, and in this case pay attention to:
"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." - trafficlight, on 07/01/2008, -3/+45Congress thinks the Constitution is just a piece of paper.
And we keep putting those guys in office.
It's our fault entirely. - NewGTGuy, on 07/01/2008, -2/+42The day my government stops me from traveling freely, is the day I die defending that right.
Give me liberty or give me death! - slyzxx, on 07/01/2008, -5/+45My whole family came from Africa, took us 10 years of filling forms, going to the Embassy for interviews. Finally after 10 years they said we were able to do the last part which meant, Going for 4 Diffrent interviews, Going to check ups for 5 months straight to make sure we did not have any diseases, sickness and so on. When we got accepted we sold everything we had and came here only to come to a country that is in or close to depression, gas prices are HIGH, We had no credit score which meant forget buying a house, car. 10 years ago my father wanted a better life for his children than that in Africa the whole problem was that we were better off financially in Africa. There is no more American Dream since i work 2 jobs so does my father just to support our family now we can`t even go back. Sorry about grammar i am still learning.
- 9bpm9, on 07/01/2008, -5/+42You know we were making a profit not 7 years ago? It's incredibly easy to get out of debt. We just need to stop fighting a war and the debt will come tumbling down.
- Rotzooi, on 07/01/2008, -11/+48A few years ago, I moved from NYC to Spain. Looks like I got out in time. I'm paying more tax here than I ever was back in the US, but is it ever worth it! Thanks to sheer luck, I converted my entire assets to Euros at a fantastically fortunate time, so I can use that little bonus to pay my o-so socialist Catalan masters.
- boobsbr, on 07/01/2008, -1/+35passports and visas are not for getting out of your country, it's for getting in another country.
- snapcase, on 07/01/2008, -1/+32Hey cool, we're becoming like North Korea. All we need now is some barbed wire around all our coastlines.
- pstroll, on 07/01/2008, -1/+30Put your money in precious metals and smuggle it out then
- spongya77, on 07/01/2008, -1/+29Yeah, I feel like home when I grew up. Suspicious of the police, constant surveillance, militarism, propaganda for news, and now travel restrictions... At least we had the West to look up to.
Who do you have? - Lugano, on 07/01/2008, -2/+30And with more taxes coming for them when Obama becomes president you can bet they will be moving more of their wealth overseas. Without incentive to put money back into the economy why would they reinvest?
- kelstock, on 07/01/2008, -3/+31Theres a fine line called sanity which cuts between feeling very bleak about the future of the USA... and on the other hand dismissing this kind of talk as paranoid sensationalist fear mongering. It'd be nice if there were some place to get real and reliable news in this day and age.
- TarisQuickpaw, on 07/01/2008, -3/+30What about Dual Citizenship? Im not giving up my American citizenship, but i'm now a citizen of another country as well. Is that effected by this?!
- mrpither, on 07/01/2008, -8/+35so it sounds like congress is worried that taxes are about to jump for some reason???
i think there is (or should be) a different reason for this: illegal immigrants from mexico are sending most of the money they make in the US back home to relatives still in mexico. this is very lucrative for mexico but is hurting the US, especially the border states that are being stuck with the bill for government services that illegal immigrants are magically able to take advantange of without paying taxes. to me this would be the reason to stop the money leaving the US - to get the taxes should have been collected to start with. but i think it would be smarter and more effective to go after employers breaking the law to hire them and pay them under the table. so what this is for... ? - inactive, on 07/01/2008, -7/+34Sponsor: Rep. Charles Rangel [D-NY]
Another "progressive" Democrat leading the way! - EarlOfLade, on 07/01/2008, -7/+33Next idiot who says "USA- Land of the free" will be sodomized for two weeks straight!
- kingsal, on 07/01/2008, -2/+28If I were a Congressman, I would try to insert random stuff from digg.com into laws and see if anyone notices.
- boobsbr, on 07/01/2008, -1/+26@TurdGassy
forever, the terrorists won. - crapmatic, on 07/01/2008, -6/+30I have a feeling my life in America 20 years from now is going to be spending Fridays congregating outside a studio with a mob and barrel fires to watch Richard Dawson host another episode of Running Man.
- diggtochina, on 07/01/2008, -6/+30Boston tea party anyone?
- jfreeman, on 07/01/2008, -0/+24Wealth is not income.
- Wakuko, on 07/01/2008, -0/+24"should you decide not to be a U.S. citizen anymore"
Start by sending your capital away WHILE being a US citizen.
Plan a trip to Australia.
Get there, unpack, visit the outback.
On top of Uluru, get your US passport and shred it off.
On your way out, tip the aborigins so they don't get pissed off.
See? easy to flip the finger to congress. - holysin, on 07/01/2008, -0/+24You're fine, they're basically hitting people that give up citizenship for tax reasons (a number of very wealthy people do this.). I'm of a split opinion on this. You see, it's capital gains rate so that's a 15% surcharge to move all of your investments into a non taxed (by the us.), they are basically saying, someday you'll sell these, and since you're not going to pay us taxes for them then, you'll pay it now. Dual citizens, or US citizens living overseas have to bay US income tax on their earnings (greater than ~85k this past tax year). We're one of very few western countries to do this. (I *think* Germany is the other one, perhaps not).
This effects the rich, as such I'm inclined to think a 15% capital gains tax on assets being taken away from the taxable structure of the US isn't so bad, as otherwise the tax burden would have to be taken up by the rest of us who chose to remain US citizens. - richmomz, on 07/01/2008, -0/+24If Congress is worried about people with money fleeing the country in the future, that is NOT a good sign.
- sgiffy, on 07/01/2008, -5/+28This doesn't keep people from taking assets out, it simply requires them to pay capital gains on them. The idea being to prevent the very wealthy from avoiding tax by relocating to tax havens. Give that taxes pay for the sorts of things that help people get wealthy, roads, education, infrastructure, etc, it seems rather fair to ensure they pay their fair share.
- dracostimpy, on 07/01/2008, -7/+28It's incredibly easy to get out of $10 trillion in debt? I bet you're the type that steps on a mine and says "Good thing I have that other leg to hop around on still". While I salute your optimism, I think your definition of "easy" differs from most others'.
Look at it this way, if Uncle Sam just sent every man, woman and child a bill for $33,333 (10 trillion / 300 million citizens), would you think that majority would say "$33 grand... no problemo" or would most of us ***** a solid brick that's unfortunately not made of gold? Tack on interest while paying it off over several years and you're looking at maybe $45k. Take out the 1/3 of Americans who are children, retirees, disabled or just plain can't find work and you're looking at $50k (plus interest). "Easy", right? - ricker2005, on 07/01/2008, -1/+21At least somebody here actually has a clue. Everything is some huge conspiracy here, even stuff that won't affect 99.9% of US citizens and is designed to keep the super-rich from skipping out on their millions in taxes.
- arch3r, on 07/01/2008, -11/+30You mean like having to get a passport? Or a travel visa? Things like that?
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