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Wealthy people are renouncing American citizenship

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Re: Wealthy people are renouncing American citizenship

#731

Post by coding123 »

robot_no_419 wrote: post #730
matttproud wrote: post #561

Earlier quoted context omitted.

In case anyone is interested, the taxation on Americans abroad isn’t new but has its roots in the 1860s with the U.S. Civil War: https://www.bloomberg.com/opinion/articles/2015-04-24/end-th... . FATCA is annoying. I don’t mind taxes. I want the process to be fair, predictable, and not exceptional. It’s a travesty the United States has been most of my adult life a failed state, which makes the tax treatment insult to…

Calling the world's superpower and one of the wealthiest nations in the world a "failed state" is a bit ridiculous, is it not? Do words not have meaning anymore?

https://en.wikipedia.org/wiki/Failed_state

I would say it has 3 of those 4 bullet points.

> Likewise, when a nation weakens and its standard of living declines, it introduces the possibility of total governmental collapse.

Standard of living

https://usafacts.org/state-of-the-union/standard-living/

So yeah, I personally don't call it a failed state, but I don't blame others that do if they're in those categories.

Re: Wealthy people are renouncing American citizenship

#732

Post by neilc »

BeetleB wrote: post #654
jandrese wrote: post #625

Earlier quoted context omitted.

You still put a bunch of money into it on the promise that after retirement you will have income, and that promise is broken when you renounce your citizenship. Also, Social Security is closer to real pensions than you think, they're just different from the theoretical concept of a pension that isn't actually used outside of the Post Office.

You're using vague words like "promise". "Hope" would be more accurate. Someone can correct me, but if Congress passes a law tomorrow saying they're not going to pay social security after 2025, that is probably allowed. The only "promise" is to people who are currently retired. Furthermore, if you renounce your citizenship, it is you who are choosing not to get this benefit. It is a defined benefit for citizens, and…

> Furthermore, if you renounce your citizenship, it is you who are choosing not to get this benefit. It is a defined benefit for citizens

Individuals who renounce their US citizenship (or were never citizens) are still eligible to receive SS benefits; SS actually has very little to do with citizenship.

Re: Wealthy people are renouncing American citizenship

#733

Post by robot_no_419 »

coding123 wrote: post #731
robot_no_419 wrote: post #730

Earlier quoted context omitted.

Calling the world's superpower and one of the wealthiest nations in the world a "failed state" is a bit ridiculous, is it not? Do words not have meaning anymore?

https://en.wikipedia.org/wiki/Failed_state I would say it has 3 of those 4 bullet points. > Likewise, when a nation weakens and its standard of living declines, it introduces the possibility of total governmental collapse. Standard of living https://usafacts.org/state-of-the-union/standard-living/ So yeah, I personally don't call it a failed state, but I don't blame others that do if they're in those categories.

The US is not anywhere close to meeting any of those definitions. USA has problems, sure, but it's nowhere close to being an actual failed state. You'd have to be aggressively biased against the US to argue that it's a failed state. By the same standards, pretty much every central american, south american, eastern asian country, and most european countries would count as failed states.

Re: Wealthy people are renouncing American citizenship

#735

Post by [deleted] »

wil421 wrote: post #540
hnthrwy1111 wrote: post #185

I'm an "accidental American" who has navigated this issue and it's incredibly easy. Just don't file. Every professional that writes blogs about this has a professional duty to give legal advice but the practical advice is just don't file. Look into what exactly triggers data to be sent to the IRS under your tax treaty and the policies of your financial institutions. Being "accidental" is the key here. If you tell you…

Why complain? Renounce your citizenship and get over it.

[deleted]

Re: Wealthy people are renouncing American citizenship

#736

Post by zarzavat »

didntknowya wrote: post #714
yawaworht1978 wrote: post #502

Earlier quoted context omitted.

Alexander Boris de Pfeffel Johnson aka Boris Johnson is not as clumsy as his haircut makes him look to be. The guy keeps fit, doesn't look like Rambo but he is fit with a bit a sticky build. He is intelligent, he survived the muddy waters of politics, affairs and is prime minister. Of course he always knew he is American dual citizen, a person like him does not handle an apartment sale himself, he has handlers and ad…

hah yes this. the buffoon act really makes people underestimate- and if i dare say, sympathize with him. but he's much more competent (at getting what he wants) than people give him credit for.

That's what he wants you to think. In reality he really is just a buffoon.

Re: Wealthy people are renouncing American citizenship

#737

Post by coding123 »

robot_no_419 wrote: post #733
coding123 wrote: post #731

Earlier quoted context omitted.

https://en.wikipedia.org/wiki/Failed_state I would say it has 3 of those 4 bullet points. > Likewise, when a nation weakens and its standard of living declines, it introduces the possibility of total governmental collapse. Standard of living https://usafacts.org/state-of-the-union/standard-living/ So yeah, I personally don't call it a failed state, but I don't blame others that do if they're in those categories.

The US is not anywhere close to meeting any of those definitions. USA has problems, sure, but it's nowhere close to being an actual failed state. You'd have to be aggressively biased against the US to argue that it's a failed state. By the same standards, pretty much every central american, south american, eastern asian country, and most european countries would count as failed states.

We're talking about someone's use of the words "failed state" because that's how they feel about the US and it definitely fits the definition based on the position some people are in.

People also argued in January 2020 that it would be ridiculous to worry about this coronavirus it's just as deadly as the flu. Literally told to me by a democratic doctor that works at an extremely prestigious medical institution. (Different take now).

I'm not saying the US is on the precipice of failure in 1 year and 7 months, but people don't realize the stilts things are on sometimes.

Re: Wealthy people are renouncing American citizenship

#738

Post by angrais »

aerostable_slug wrote: post #727
maxerickson wrote: post #663

Earlier quoted context omitted.

https://news.ycombinator.com/item?id=23559004

If non-PC thoughts are against the rules, post those rules in the acceptable use policy. I don't think it's hateful to critically discuss BLM. I do think it's hateful to say "x group is bad", but that's not what I read. I believe BLM to be led by Marxists and that is backed up by objective evidence. I'm not sure why that's controversial. It's also objectively true that George Floyd had a criminal record. Again, I'm n…

I don't have the feature to downvote you, but it I did then I would. Here's why: what is an "objective fact"?

Are those statements you made relevant to the death of George Floyd? The answer is no.

He was a criminal who made mistakes - for which he served his time. Stating your "objective facts" appear to diverge attention elsewhere and in particular to paint George as the guilty party that warranted the police response that he received. Did he deserve that?

He begged for his life while being kneed to the throat for over 10 minutes. He then died on the floor by a police offer. There's some objective facts for you pal.

Further, there was no "real life complications of a real life case" he was literally murdered. That's the point and is why the police office is serving jail time!

Please take some time to consider what and WHY you wrote what you did. Do you think that he deserved death? Why?

Re: Wealthy people are renouncing American citizenship

#739

Post by robot_no_419 »

coding123 wrote: post #737
robot_no_419 wrote: post #733

Earlier quoted context omitted.

The US is not anywhere close to meeting any of those definitions. USA has problems, sure, but it's nowhere close to being an actual failed state. You'd have to be aggressively biased against the US to argue that it's a failed state. By the same standards, pretty much every central american, south american, eastern asian country, and most european countries would count as failed states.

We're talking about someone's use of the words "failed state" because that's how they feel about the US and it definitely fits the definition based on the position some people are in. People also argued in January 2020 that it would be ridiculous to worry about this coronavirus it's just as deadly as the flu. Literally told to me by a democratic doctor that works at an extremely prestigious medical institution. (Diff…

I know what we're talking about and I will say (again) that using the words "failed state" for USA is objectively a bad, ignorant take based on numerous nationwide metrics and the standard of living of the rest of the world. How said person feels and their personal situation doesn't really change that. You can find people in every single nation who strongly believe their nation failed them. And even when that's true, that doesn't make a nation overall a "failed state".

Again, do words even have meaning anymore? Just because someone feels like America is a "failed state" doesn't make it so.

And finally, "failed state" is using the past tense. I can acknowledge that something is on stilts without claiming that it already fell down.

Re: Wealthy people are renouncing American citizenship

#740

Post by sunshineforever »

noodlesUK wrote: post #542
mywittyname wrote: post #459

Earlier quoted context omitted.

Is it possible to operate using a business account in other countries? It's pretty cheap and easy to do in the USA.

Yeah, it is in theory, but even small businesses incorporated abroad with US persons involved in them put huge reporting burdens on the US person. Form 5471 and friends make this stuff look straightforward. Most of the time I find my frustration isn’t about how much money I am paying in taxes, but just how much dull and confusing paperwork I have to understand. Even trained professionals who spend their whole lives d…

I've always wondered of it was possible to move to the UK by starting a business that required a UK presence and using that as a reason for an indefinate residence permit?
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