There's A Law That Takes Away Money If You Leave U.S. Citizenship?

DID ANY GEORGIA SENITORS VOTE FOR THIS/
gene faircloth

The U.S Citizenship is truely nothing more than an Employee of a Corperation known as the U.S. est. 1870's by international bankers for the soul purpose of owning people as Corperate assets. It's very difficult to explain but to sum it up, it's just another form of slavery which all U.S. "Citizens" are under as they believe to be lawful residences of this area of the continents known as America. an Americian Soverighn has all rights while "citizens" enjoy heavy taxation and corperate "liscences" (marriage, gun, drivers, etc...). You can lawfully change your staus but you're currently under what's known as "Implied Consent". Hope this helps

Perhaps Congress read my latest novel, "Texas Secedes" and knows that Texas does have the right to leave the Union but wants to keep our money. We all work hard for our money and pay our taxes but still the federal governmant want more. The US debt of is over 56 Trillion with no end in sight.
I want to presonally thank Terry Savage for having the courage to write this article.

Sorry, Zilla, but you are wrong. A friend of mine did more research and sent this to me:

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Covered Individuals
An individual falls within the scope of the Heroes Act expatriation provisions if, as of the date of expatriation or termination of U.S. residency, (i) the individual's average annual net U.S. income tax liability for the five-year period preceding that date is $139,000 or more (to be adjusted for inflation); (ii) the individual's net worth as of that date is $2 million or more; or (iii) the individual fails to certify under penalties of perjury that he or she has complied with all U.S. federal tax obligations for the preceding five years.

If an individual is treated as a Covered Individual under items (i), (ii) or (iii) above, there are two limited exceptions which will prevent taxation under the Heroes Act. The individual will not be taxed as a Covered Individual if he or she certifies compliance with all U.S. federal tax obligations and either: (i) he or she was a citizen of the United States and another country at birth if (a) he or she is still a citizen and tax resident of the other country and (b) he or she has resided in the U.S. for no more than 10 of the 15 taxable years prior to expatriation or giving up long-term residence; or (ii) he or she renounces U.S. citizenship before the age of 18 1/2 if he or she was not residing in the U.S. for more than 10 years before the renunciation or the termination of long-term residency.

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The whole five year thing is just ONE of the conditions that will make you a "Covered Individual"....
If you do you do your 5 years of tax returns but still make either 139k a year OR have a net worth of 2 Million(which is pretty much anyone in their 50's or older who has enough money to move out of the country...hardly the super rich) then you fall under this bill.

One more thing in the law that nobody is mentioning...if you have filed taxes for the previous 5 years you are EXEMPT. The law only applies to criminals, not ordinary citizens. Congratulations to the media for adding another link to a very long chain of irresponsible and unethical reporting. This is nothing more than the closing of a tax loophole.

Before anyone starts playing the blame game, please note that the bill was sponsored by a Democrat, Charles Rangel, and the 28 co-sponsors were all Democrats as well. 218 Democrats and 183 Republicans voted yes, 15 Dems and 15 Repubs voted no.
Both the Executive and Legislative branches overwhelmingly supported this bill, Republicans and Democrats alike.

Absolutely freakin' amazing! Tall a president hahe current administration, whose only job the last 8 yrs has been to serve their "base", the rich folk, have been awarding MASSIVE tax breaks to corporations who take US jobs to other countries where they can get labor for slave wages, when the opposite should be happening and any corporation which takes their jobs to other countries should have massive FINES imposed on them--or at least have their cash accounts and properties seized!

But that'll never happen. And now that the good jobs are gone, if we want to bail out of this sinking ship and go elsewhere, WE are the ones being penalized? Something is truly wrong with that!

What ever happened to equal protection under the law? If it's good enough for a corporation, it should be good enough for a US citizen, to go move out of the US for any reason! But of course that's never the way things work! We're always at the short end of the stick, especially with an administration in office like this one.

Thanks to loginwfp for posting the correct bill identification. According to this bill, as long as the ex-citizen has been filing his tax returns for the last five years, he is exempt from the expatriation tax if (A) the average annual net income tax (as defined in section 38(c)(1)) of such individual for the period of 5 taxable years ending before the date of the loss of United States citizenship is greater than $124,000,
(B) the net worth of the individual as of such date is $2,000,000 or more, or
(C) such individual fails to certify under penalty of perjury that he has met the requirements of this title for the 5 preceding taxable years or fails to submit such evidence of such compliance as the Secretary may require.

I do not agree with any laws like this, however it does not come as a surprise. If you do some checking there are laws on the books NOW, backed up with a 1994 immigration law that states 2 things. If a person gives up their US citizenship, the US government assumes tax advoidence. So they have the RIGHT to take 50% of your assets (now this is 50% of your assets that you have after you have already paid taxes on it!), ban you from ever entering the US again and tax you for another 10 years. Too many people leaving, latest numbers that I heard was between 250,000 - 300,000 every year. The people can go, but don't they want to keep your money!

I do not agree with any laws like this, however it does not come as a surprise. If you do some checking there are laws on the books NOW, backed up with a 1994 immigration law that states 2 things. If a person gives up their US citizenship, the US government assumes tax advoidence. So they have the RIGHT to take 50% of your assets (now this is 50% of your assets that you have after you have already paid taxes on it!), ban you from ever entering the US again and tax you for another 10 years. Too many people leaving, latest numbers that I heard was between 250,000 - 300,000 every year. The people can go, but don't they want to keep your money!

I do not agree with any laws like this, however it does not come as a surprise. If you do some checking there are laws on the books NOW, backed up with a 1994 immigration law that states 2 things. If a person gives up their US citizenship, the US government assumes tax advoidence. So they have the RIGHT to take 50% of your assets (now this is 50% of your assets that you have after you have already paid taxes on it!), ban you from ever entering the US again and tax you for another 10 years. Too many people leaving, latest numbers that I heard was between 250,000 - 300,000 every year. The people can go, but don't they want to keep your money!

I say this whole ordeal is insane. this entire fecking country is insane. People say, that because they protest idiocy, that they are being unpatriotic....that is quite possibly true - but more likely complete bullshit in itself.

I do not consider myself patriotic. in fact, when the option presents itself...i actually am ashamed to admit that i am an american these days. and if these scumbags keep passing laws like this, its not long before the 'american dream' is nothing more than a nightmare.

So, America. I say to you...

FAIL

"But Richard Kohan of Price WaterhouseCoopers drew my attention to one section of the act, which states that anyone voluntarily giving up his or her citizenship will be taxed on all of his assets as if he or she had sold them"

Wrong.

Title III - Revenue Provisions
Section 301 -
Sets forth additional rules for the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates).

I registered only to lend a hand in understanding this report. The bill that this article refers to is actually H.R. 6081(Heroes Earnings Assistance and Relief Tax Act of 2008). And yes, it is in there, you will get taxed on all your property (at fair market value) the day before your expatriation is made official.

Hmmm. Looking at the full text of the bill at govtrack doesn't indicate any asset loss for giving up citizenship. Also, it appears that the bill hasn't been passed, but introduced.

http://www.govtrack.us/congress/bill.xpd?bill=h110-5930

Does that mean that if I leave U.S. citizenship, I also will give up most of my debt, also? I have no assets!

looking at this us citizen page, it seems that if what this article states is true, that immigrants coming in have more rights and privacy that Americans looking to migrate out.

http://www.crimcheck.com/immigration_status.htm