Unfortunately You Can't Leave!

[pangea]

http://dailyreckoning.com/an-ordinar...-crash-bounce/

Another excellent piece by Bill Bonner at Daily Reckoning, especially note the bottom 3rd of the piece regarding attempting to leave the US.

-Pangea

[doom&gloom]

Re: Unfortunately You Can't Leave!

yup, land of 'the free' all right...

[Verrocchio]

Re: Unfortunately You Can't Leave!

Bottom 3rd of the piece regarding attempting to leave the US:

“Unfortunately, YOU CAN’T LEAVE.
“Wait a minute. This is America, land of the free, right?
“Not so fast… The US government will track US citizens everywhere to get tax money. If you leave to work in another country, you still pay US income taxes. America and North Korea are the only countries that tax you on your worldwide income.
“If it gets bad enough, you can just give up your citizenship, right? Nope, you can’t do that either. At least, you can’t do it without paying a potentially massive ‘exit tax.’
“The exit tax acts like an estate tax. If you want to give up your citizenship, you have to give up nearly half your wealth above a certain level. The Economist magazine calls it ‘America’s Berlin Wall.’ Nice, eh?
“Want some more nice? Once you’re gone, you’re not legally allowed to come back and visit family and friends. Yes, if the government decides you have renounced citizenship for tax purposes, a federal law prohibits you from entering the country ever again. (You can look up the rule under 8 USC 1182(a)(10)(E).)
“You can escape states with oppressive taxes. But ‘escaping’ the US – the land of the free – is much more difficult. And you can bet it won’t get any easier as the government needs more and more of your income to pay its bills.”

This will be tough on those with wealth who remain locked inside when the bills come due!

[GRG55]

Re: Unfortunately You Can't Leave!

Bottom 3rd of the piece regarding attempting to leave the US:

“Unfortunately, YOU CAN’T LEAVE.
“Wait a minute. This is America, land of the free, right?
“Not so fast… The US government will track US citizens everywhere to get tax money. If you leave to work in another country, you still pay US income taxes. America and North Korea are the only countries that tax you on your worldwide income.
“If it gets bad enough, you can just give up your citizenship, right? Nope, you can’t do that either. At least, you can’t do it without paying a potentially massive ‘exit tax.’
“The exit tax acts like an estate tax. If you want to give up your citizenship, you have to give up nearly half your wealth above a certain level. The Economist magazine calls it ‘America’s Berlin Wall.’ Nice, eh?
“Want some more nice? Once you’re gone, you’re not legally allowed to come back and visit family and friends. Yes, if the government decides you have renounced citizenship for tax purposes, a federal law prohibits you from entering the country ever again. (You can look up the rule under 8 USC 1182(a)(10)(E).)
“You can escape states with oppressive taxes. But ‘escaping’ the US – the land of the free – is much more difficult. And you can bet it won’t get any easier as the government needs more and more of your income to pay its bills.”

This will be tough on those with wealth who remain locked inside when the bills come due!

As a counterpoint, there's something admirable about a country that takes the responsibilities and benefits of citizenship so seriously.

As just one example, in my years as a resident in the Arabian Gulf there was a marked contrast between US [and UK] citizens [well founded] confidence in their government's determination to provide security for its citizens, including evacuation if necessary, and all the rest of us who were pretty well on our own...

[Verrocchio]

Re: Unfortunately You Can't Leave!

As a counterpoint, there's something admirable about a country that takes the responsibilities and benefits of citizenship so seriously.

As just one example, in my years as a resident in the Arabian Gulf there was a marked contrast between US [and UK] citizens [well founded] confidence in their government's determination to provide security for its citizens, including evacuation if necessary, and all the rest of us who were pretty well on our own...

Indeed, we should admire the Good Shepherd's concern for the well-being of his flock!

[Sapiens]

Re: Unfortunately You Can't Leave!

Indeed, we should admire the Good Shepherd's concern for the well-being of his flock!

Why do you think they went so far as to pass and implement the 14th Amendment:

Section 1. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.

Section 2. Representatives shall be apportioned among the several States according to their respective numbers, counting the whole number of persons in each State, excluding Indians not taxed. But when the right to vote at any election for the choice of electors for President and Vice President of the United States, Representatives in Congress, the Executive and Judicial officers of a State, or the members of the Legislature thereof, is denied to any of the male inhabitants of such State, being twenty-one years of age, and citizens of the United States, or in any way abridged, except for participation in rebellion, or other crime, the basis of representation therein shall be reduced in the proportion which the number of such male citizens shall bear to the whole number of male citizens twenty-one years of age in such State.

Section 3. No person shall be a Senator or Representative in Congress, or elector of President and Vice President, or hold any office, civil or military, under the United States, or under any State, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any State legislature, or as an executive or judicial officer of any State, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof. But Congress may by a vote of two-thirds of each House, remove such disability.

Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

Section 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.

You can't just walk away from the debt, it gotta be paid somehow!