Eideard

Not paying taxes more important to U.S. expats than citizenship

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We’re just here to pick up our trust fund checks

A record number of people have renounced their U.S. citizenship, an Internal Revenue Service list indicates, a result of a global crackdown on tax evaders.

More U.S. citizens have renounced their citizenship in the first and second quarters of 2013 than in all of 2012. A total of 1,130 names appear on the IRS’ second-quarter list, beating the previous record of 679 set in the first quarter…

While those numbers are a fraction of the estimated 6 million American citizens living outside the country, the impetus for renunciation is the Foreign Account Tax Compliance Act, or FACTA, which requires foreign institutions to disclose overseas assets, of U.S. citizens and green-card holders, to the U.S. government.

FACTA’s objective is to identify those who may be evading taxes through offshore investment vehicles. Its effects are being most keenly felt in Asia, the newspaper said…

Jay Krause of the Withers law firm said his lawyers in Singapore and Hong Kong serve U.S. citizens and green-card holders who have not been on American soil in years. After filing taxes, many deem the tax liability to be too much after seeing their peers in Singapore and Hong Kong pay a far lower income tax, one not subject to capital gains taxes.

The article wastes space trying to convince us these are such a small proportion of expats there needn’t be any class-based characterization. I don’t doubt in the least the reason for the small proportion is the same as Stateside. They’re part of the bloody 1%-2% who profit the most from wealth managed for them locally and globally.

Wealth is always the most important part of the identity of plutocrats.

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Written by Ed Campbell

August 13, 2013 at 8:00 am

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