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U.S. citizens ditch passports in record numbers
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Leroy N. Soetoro
May 13, 2013, 1:23:03 AM5/13/13
to
http://finance.fortune.cnn.com/2013/05/08/citizenship-taxes-
irs/?iid=obnetwork
FORTUNE -- Americans are ditching their U.S. passports in record numbers,
a sign of growing frustration with a system that taxes U.S. citizens on
their global wealth whether they live in Montana or Mongolia.
The latest bold-faced names to relinquish their U.S. citizenship include
Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan,
according to federal data released Wednesday. Also on the list, published
quarterly by the Internal Revenue Service, is Isabel Getty, the daughter
of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty.
In total, more than 670 U.S. passport holders gave up their citizenship --
and with it, their U.S. tax bills -- in the first three months of this
year. That is the most in any quarter since the I.R.S. began publishing
figures in 1998. And it is nearly three-quarters of the total number for
all of 2012, a year in which the wealthy songwriter-socialite Denise Rich
(christened "Lady Gatsby" by Yachting magazine) and Facebook co-founder
Eduardo Saverin joined more than 932 other Americans in tossing their
passports.
If the recent quarter's pace continues, 2013 will become a landmark year
for saying goodbye to America, tax-wise.
"It's the cumulative effect of the I.R.S. 'jihad' against foreign bank
accounts," said Phil Hodgen, an international tax lawyer in Pasadena,
Calif. He said growing numbers of Middle Eastern investors were ordering
their dual-citizen children to dump their U.S. passports if they wanted to
inherit family-owned companies without onerous U.S. estate taxes.
While dumping citizenship may seem unpatriotic or smack of tax avoidance
to some critics, tax lawyers blame the byzantine complexity of American
tax regulations.
The rules "are confusing, complex, and so complicated that even Americans
with good intentions can easily find themselves running afoul of the law,"
said Jeffrey Neiman, a former federal prosecutor who was involved in the
government's offshore banking probe and is now in private practice in Fort
Lauderdale, Fla. "This very well may explain why we are seeing a record
number of Americans renouncing their United States citizenship."
The trend has swelled amid a widening crackdown by the U.S. Justice
Department on offshore private banking services sold by Swiss and Swiss-
style banks to wealthy Americans in recent years. Nearly a dozen foreign
banks, include Israel's Bank Leumi, HSBC, Credit Suisse (CS), Julius Baer
and Swiss cantonal, or regional, banks are under criminal scrutiny; last
year, Wegelin & Co, Switzerland's oldest bank, was indicted and put out of
business. More than four dozen wealthy Americans and their foreign bankers
have been indicted or charged in recent years.
More than 39,000 Americans have come forward in recent years to declare
their secret accounts to the I.R.S. in exchange for reduced fines and
penalties, but officials suspect that is a fraction of the total number of
people either deliberately hiding or unwittingly not reporting their
foreign accounts. I.R.S. data for 2012 shows just over two million tax
returns filed in 2012 by overseas Americans, compared with an estimated
six million Americans living or working abroad. Only a fraction of
Americans with foreign bank accounts are also filing required disclosures
known as Fbars, according to federal data.
Expatriations first picked up pace in 2010, when more than 1,530 Americans
dumped their passports. Sparking that uptick, tax lawyers say, was a deal
by UBS (UBS), the Swiss bank giant, the year before to disclose more than
4,000 American client names to the I.R.S. and pay a record $780 million
for selling offshore services that violated U.S. tax laws.
In January, Karzai told Radio Free Europe/Radio Liberty's Radio Free
Afghanistan that "the reason I gave up my U.S. passport and citizenship is
that I have been working in Afghanistan for the past 12 years," according
to a transcript. He added that "I might become politically active,
therefore I decided to give up my [U.S.] passport." Karzai could not
immediately be reached for comment.
Karzai is a shareholder of the scandal-plagued Kabul Bank, Afghanistan's
largest bank that nearly collapsed due to fraud, according to global media
reports in March. Getty, a student at New York University, according to
her Facebook page, could not be immediately reached, and emails to her
mother, a filmmaker in London, were not immediately returned.
Update: An earlier version of this story incorrectly stated that the IRS
began reporting this information in 2008. It began reporting it in 1998.
--
Barack Obama, reelected by the dumbest voters in the history of the United
States of America.
Eric Holder, racist black murdering United States Attorney General, still
has his job.
Nancy Pelosi, Democrat criminal, accessory before and after the fact to
improper vetting of Barry Soetoro aka Barack Hussein Obama, a confirmed
felon using SSAN 042-68-4425, belonging to a dead man.
Obama ignored the brutal killing of an American diplomat in Benghazi, then
relieved American military officers who attempted to prevent said murder
in order to cover up his own ineptness.
Obama continues his goal of disarming America while ObamaCare increases
insurance premiums 200% and leaves millions without health care.
Obama helped bankrupt Illinois. Democrat run Chicago closes 54 public
schools.
--- news://freenews.netfront.net/ - complaints: ne...@netfront.net ---
irs/?iid=obnetwork
FORTUNE -- Americans are ditching their U.S. passports in record numbers,
a sign of growing frustration with a system that taxes U.S. citizens on
their global wealth whether they live in Montana or Mongolia.
The latest bold-faced names to relinquish their U.S. citizenship include
Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan,
according to federal data released Wednesday. Also on the list, published
quarterly by the Internal Revenue Service, is Isabel Getty, the daughter
of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty.
In total, more than 670 U.S. passport holders gave up their citizenship --
and with it, their U.S. tax bills -- in the first three months of this
year. That is the most in any quarter since the I.R.S. began publishing
figures in 1998. And it is nearly three-quarters of the total number for
all of 2012, a year in which the wealthy songwriter-socialite Denise Rich
(christened "Lady Gatsby" by Yachting magazine) and Facebook co-founder
Eduardo Saverin joined more than 932 other Americans in tossing their
passports.
If the recent quarter's pace continues, 2013 will become a landmark year
for saying goodbye to America, tax-wise.
"It's the cumulative effect of the I.R.S. 'jihad' against foreign bank
accounts," said Phil Hodgen, an international tax lawyer in Pasadena,
Calif. He said growing numbers of Middle Eastern investors were ordering
their dual-citizen children to dump their U.S. passports if they wanted to
inherit family-owned companies without onerous U.S. estate taxes.
While dumping citizenship may seem unpatriotic or smack of tax avoidance
to some critics, tax lawyers blame the byzantine complexity of American
tax regulations.
The rules "are confusing, complex, and so complicated that even Americans
with good intentions can easily find themselves running afoul of the law,"
said Jeffrey Neiman, a former federal prosecutor who was involved in the
government's offshore banking probe and is now in private practice in Fort
Lauderdale, Fla. "This very well may explain why we are seeing a record
number of Americans renouncing their United States citizenship."
The trend has swelled amid a widening crackdown by the U.S. Justice
Department on offshore private banking services sold by Swiss and Swiss-
style banks to wealthy Americans in recent years. Nearly a dozen foreign
banks, include Israel's Bank Leumi, HSBC, Credit Suisse (CS), Julius Baer
and Swiss cantonal, or regional, banks are under criminal scrutiny; last
year, Wegelin & Co, Switzerland's oldest bank, was indicted and put out of
business. More than four dozen wealthy Americans and their foreign bankers
have been indicted or charged in recent years.
More than 39,000 Americans have come forward in recent years to declare
their secret accounts to the I.R.S. in exchange for reduced fines and
penalties, but officials suspect that is a fraction of the total number of
people either deliberately hiding or unwittingly not reporting their
foreign accounts. I.R.S. data for 2012 shows just over two million tax
returns filed in 2012 by overseas Americans, compared with an estimated
six million Americans living or working abroad. Only a fraction of
Americans with foreign bank accounts are also filing required disclosures
known as Fbars, according to federal data.
Expatriations first picked up pace in 2010, when more than 1,530 Americans
dumped their passports. Sparking that uptick, tax lawyers say, was a deal
by UBS (UBS), the Swiss bank giant, the year before to disclose more than
4,000 American client names to the I.R.S. and pay a record $780 million
for selling offshore services that violated U.S. tax laws.
In January, Karzai told Radio Free Europe/Radio Liberty's Radio Free
Afghanistan that "the reason I gave up my U.S. passport and citizenship is
that I have been working in Afghanistan for the past 12 years," according
to a transcript. He added that "I might become politically active,
therefore I decided to give up my [U.S.] passport." Karzai could not
immediately be reached for comment.
Karzai is a shareholder of the scandal-plagued Kabul Bank, Afghanistan's
largest bank that nearly collapsed due to fraud, according to global media
reports in March. Getty, a student at New York University, according to
her Facebook page, could not be immediately reached, and emails to her
mother, a filmmaker in London, were not immediately returned.
Update: An earlier version of this story incorrectly stated that the IRS
began reporting this information in 2008. It began reporting it in 1998.
--
Barack Obama, reelected by the dumbest voters in the history of the United
States of America.
Eric Holder, racist black murdering United States Attorney General, still
has his job.
Nancy Pelosi, Democrat criminal, accessory before and after the fact to
improper vetting of Barry Soetoro aka Barack Hussein Obama, a confirmed
felon using SSAN 042-68-4425, belonging to a dead man.
Obama ignored the brutal killing of an American diplomat in Benghazi, then
relieved American military officers who attempted to prevent said murder
in order to cover up his own ineptness.
Obama continues his goal of disarming America while ObamaCare increases
insurance premiums 200% and leaves millions without health care.
Obama helped bankrupt Illinois. Democrat run Chicago closes 54 public
schools.
--- news://freenews.netfront.net/ - complaints: ne...@netfront.net ---
GOP_Decline_and_Fall
May 13, 2013, 1:38:46 AM5/13/13
to
parasites. Hopefully some high profile prosecutions are in the
pipeline.
Bret Cahill
May 13, 2013, 2:03:20 AM5/13/13
to
> >FORTUNE -- Americans are ditching their U.S. passports in record numbers,
> >a sign of growing frustration with a system that taxes U.S. citizens on
> >their global wealth whether they live in Montana or Mongolia.
. . .
> >a sign of growing frustration with a system that taxes U.S. citizens on
> >their global wealth whether they live in Montana or Mongolia.
> Good to see the IRS doing it's job and cracking down on these
> parasites. Hopefully some high profile prosecutions are in the
> pipeline.
Hopefully more takers will leave.
Bret Cahill
GOP_Decline_and_Fall
May 13, 2013, 4:19:53 AM5/13/13
to
Old Pif
May 13, 2013, 8:10:31 AM5/13/13
to
On May 13, 1:23 am, "Leroy N. Soetoro" <leroysoet...@usurper.org>
wrote:
>
> The latest bold-faced names to relinquish their U.S. citizenship include
> Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan,
> according to federal data released Wednesday.
>
...............................................................................................................
crooked bankers in the Downtown Manhattan ...
wrote:
>
> The latest bold-faced names to relinquish their U.S. citizenship include
> Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan,
> according to federal data released Wednesday.
>
>
> Karzai is a shareholder of the scandal-plagued Kabul Bank, Afghanistan's
> largest bank that nearly collapsed due to fraud, according to global media
> reports in March.
That is indeed a huge loss to America. As if there were a lack of
> Karzai is a shareholder of the scandal-plagued Kabul Bank, Afghanistan's
> largest bank that nearly collapsed due to fraud, according to global media
> reports in March.
crooked bankers in the Downtown Manhattan ...
Dakota
May 13, 2013, 4:05:26 PM5/13/13
to
to the Cayman Islands to be with his money, he wouldn't have suffered
the embarrassment of having his ass kicked in the 2012 presidential
campaign,
Juris Diction
May 14, 2013, 6:25:57 AM5/14/13
to
In article <XnsA1BEE4711D...@202.177.16.121>,
support them.
I say, give up your passport and don't come back into the country for 10
years. fuck em.
> http://finance.fortune.cnn.com/2013/05/08/citizenship-taxes-
> irs/?iid=obnetwork
>
> FORTUNE -- Americans are ditching their U.S. passports in record numbers,
> a sign of growing frustration with a system that taxes U.S. citizens on
> their global wealth whether they live in Montana or Mongolia.
>
> The latest bold-faced names to relinquish their U.S. citizenship include
> Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan,
> according to federal data released Wednesday. Also on the list, published
> quarterly by the Internal Revenue Service, is Isabel Getty, the daughter
> of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty.
>
> In total, more than 670 U.S. passport holders gave up their citizenship --
> and with it, their U.S. tax bills -- in the first three months of this
> year. That is the most in any quarter since the I.R.S. began publishing
> figures in 1998. And it is nearly three-quarters of the total number for
> all of 2012, a year in which the wealthy songwriter-socialite Denise Rich
> (christened "Lady Gatsby" by Yachting magazine) and Facebook co-founder
> Eduardo Saverin joined more than 932 other Americans in tossing their
> passports.
Apparently some of the 1% are not quite as patriotic as the idiots that
> irs/?iid=obnetwork
>
> FORTUNE -- Americans are ditching their U.S. passports in record numbers,
> a sign of growing frustration with a system that taxes U.S. citizens on
> their global wealth whether they live in Montana or Mongolia.
>
> The latest bold-faced names to relinquish their U.S. citizenship include
> Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan,
> according to federal data released Wednesday. Also on the list, published
> quarterly by the Internal Revenue Service, is Isabel Getty, the daughter
> of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty.
>
> In total, more than 670 U.S. passport holders gave up their citizenship --
> and with it, their U.S. tax bills -- in the first three months of this
> year. That is the most in any quarter since the I.R.S. began publishing
> figures in 1998. And it is nearly three-quarters of the total number for
> all of 2012, a year in which the wealthy songwriter-socialite Denise Rich
> (christened "Lady Gatsby" by Yachting magazine) and Facebook co-founder
> Eduardo Saverin joined more than 932 other Americans in tossing their
> passports.
support them.
I say, give up your passport and don't come back into the country for 10
years. fuck em.
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