Wednesday, November 21, 2018

Fewer Americans renouncing citizenship

Under Obama, a record number of people renounced their American citizenship. Under President Trump, the renunciations dropped 20%, the Daily Caller found.

It's good to be an American again.

Tax policy drives this.

We know this because the IRS is keeping score.

The Daily Caller reported, "Prior to Obama’s tenure in office, fewer than 1,000 Americans expatriated annually. After Congress passed — and Obama signed — the Foreign Account Tax Compliance Act on March 18, 2010, the figure skyrocketed and hit a new annual record for each of the next six years. The law required Americans and green-card holders outside the United States to file reports on financial accounts held overseas."

This law was designed to raise revenue through taxes on Americans who work overseas.

Rather than roll the law back, Obama came up with a complicated plan that did not work.

"The feds tried to stop the exodus by increasing the fee to expatriate from $450 to $2,350 in 2014, but the move failed. The number of those who expatriated hit an all-time record in 2016 of 5,411 before dropping to 5,133 in 2017," the Daily Caller reported.

Republicans, however, are leaving this awful law on the books. We have a government that, when it comes to the will of the people, is as responsive as a dead cat.

###

Please enjoy my books in paperback and on Kindle.

Trump the Press covers the nomination.

Trump the Establishment covers the election.

Fake News Follies of 2017 covers his first year as president.

For autographed copies, write me at DonSurber@gmail.com

7 comments:

  1. Wouldn't it be wonderful if every new law came with an automatic 10 year sunset provision? This would give congress the ability to evaluate what works and what doesn't before permanently codifying knee jerk legislation. If something is truly a good idea it will still be a good idea a decade from now.

    It served to dismantle that national joke of a law against so-called assault weapons.

    ReplyDelete
  2. Republicans love these kind of laws as long as their voters don't blame them. Being a RINO has always been a good gig. Hopefully that's changing. How did that DACA nonsense work out for you Mia Love?

    ReplyDelete
    Replies
    1. It's a pity that a D is now sitting in what was once her seat, but if she'd been less of a RINO and more of a Trump supporter, she'd still be sitting in it. No sympathy, and good riddance!

      Delete
  3. If all the ones renouncing are Lefties, it's a win-win.

    Rather than roll the law back, Obama came up with a complicated plan that did not work.

    "The feds tried to stop the exodus by increasing the fee to expatriate from $450 to $2,350 in 2014, but the move failed".


    Sounds like Hitler and the Jews in the 30s.

    ReplyDelete
  4. I’ll sound like the media and use the word unexpectedly.

    The numbers are unexpectedly low considering how many Hollywood leftists had threatened to leave the country.

    ReplyDelete
  5. If you can save millions of dollars on your income taxes, a fee to expatriate of a few thousand dollars is nothing. It certainly isn't a disincentive. Instead, why not give a tax break for people to bring their money from overseas into the U.S.? The IRS still collects some taxes on it, and it will go to work here in the U.S. - Elric

    ReplyDelete
    Replies
    1. There you go being sensible, Elric- but this is Congress & the IRS we're talking about.

      Delete