More Americans Going Galt

Daniel J. Mitchell | Aug 12, 2013

President Obama promised he would unite the world…and he’s right.

Representatives from dozens of nations have bitterly complained about an awful piece of legislation, called the Foreign Account Tax Compliance Act (FATCA), that was enacted back in 2010.

They despise this unjust law because it extends the power of the IRS into the domestic affairs of other nations. That’s an understandable source of conflict, which should be easy to understand. Wouldn’t all of us get upset, after all, if the French government or Russian government wanted to impose their laws on things that take place within our borders?

But it’s not just foreign governments that are irked. The law is so bad that it is causing a big uptick in the number of Americans who are giving up their citizenship.

Here are some details from a Bloomberg report.

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Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier… Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Register figures published today. That brought the first-half total to 1,810 compared with 235 for the whole of 2008. The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.

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I’m glad that the article mentions that American law is so out of whack with the rest of the world.

We should be embarrassed that our tax system – at least with regard to the treatment of citizens living abroad and the treatment of tax exiles – is worse than what they have in nations such as France.

And while there was an increase in the number of Americans going Galt after Obama took office, the recent increase seems to be the result of the FATCA legislation.

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Great post FP !!

Notice how FATCA "slide in" under another bill - the 2010 Hiring Incentives to Restore Employment (HIRE) Act.

THIS IS HOW THEY DO IT IN D.C. !!

In brief, all the wealth is taken and kept out of the Country (by Corporations and the Wealthy) ......thanks to Comrade Obama !!

No wonder we grow at less than 2% per annum !!

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THIS IS HOW THEY DO IT IN D.C. !!

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Exactly!

@W-Girl "Notice anything different about me tonight?"

Quote: FP123 wrote in post #3

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@W-Girl "Notice anything different about me tonight?"

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For @Frank Cannon 's benefit, was the right answer the other night, "One of your petals is getting a little frayed around the edge?"

Everyone is a Big Cheese these days.