The Ex-Patriot Act

[doom&gloom]

Re: The Ex-Patriot Act

That may be the stated intent from the Democratic senators. However, as opposed to the fleeing billionaires, which probably number 1 or 2, there are 3 to 6 million http://www.time.com/time/world/artic...983238,00.html US citizens living around the world, either expats (myself) or dual citizens, that are wondering why the US is one of the only countries in the world that taxes foreign income made outside of the US above a certain amount - $92,900 for 2011. This is hardly even an upper middle class wage, let alone the "1%". You may not have even set foot in the US, but if you earn over that amount, you get taxed because you are a US citizen. Plus, every year, I have to let the US know about any account over $10,000 existing outside of the country. I am lucky to live in a country (Australia) that has a tax agreement with the US so I don't get double taxed. However, there are lot of countries not on this list http://www.irs.gov/publications/p54/...blink100047616 that I wouldn't consider cesspool regimes. Hardly any representation from Central/South America, and I've seen several people on here talking about living in Argentina and Uruguay, which don't appear. Any foreign income made over the above amount gets doubly taxed.

I highly doubt this was the intent, but if one was wearing a stylish tinfoil hat and looking for a hidden conspiracy, there is a more plausible case to say that the bill is actually to make the expats/dual citizens around the world think twice about ever renouncing citizenship.

It's all about control control control....