U.S. Hikes Fee To Renounce Citizenship By 422%

Not really an issue for any but the uber-rich, and for them the fee increase will probably not be noticed, but it is a rather pathetic sign of the dismal state of the USA today. Rather than try to solve problems, all the Obama Regime can do is throw a tantrum.


About fafc

The goal of the “Find a Free Country Project” is to research, explore and find a safe and secure free country outside the USA, that is not too large, has a relatively open immigration policy, has a friendly business climate, has a non-intrusive government committed to freedom, and then move to it.
This entry was posted in American Decline, Economic Decline, Economic Freedom, Immigration and tagged . Bookmark the permalink.

15 Responses to U.S. Hikes Fee To Renounce Citizenship By 422%

  1. Croatian Capitalist says:

    It’s sad to see what the USA has come to, but I doubt that this will stop anyone from leaving.

  2. Croatian Capitalist says:

    Maybe if more people like Saverin start leaving the USA, the American people might become more open to the idea of leaving the USA.

    • fafc says:

      I doubt it. Americans are deaf to what is going on. They are unwilling to do anything to fix the situation because they are unwilling to even accept the situation as it is. By the time the American People realize what is going on it will be too late to fix it and too late to leave.

  3. Croatian Capitalist says:

    400,000 US Expats Ready To Renounce Citizenship Over FATCA: http://www.iexpats.com/400000-us-expats-ready-renounce-citizenship-fatca/

    FATCA really must one of the stupidest laws ever passed in the USA.

    • fafc says:

      That just depends upon what the real purpose of the law was. If it was to discourage tax avoidance and evasion then it has been a total failure. If it was to recover lost unpaid taxes, another failure. If it was to build an electronic “Berlin Wall” around the USA making it almost impossible for Americans to do business outside the USA without being a large well connected crony oligarchic company, and also make it almost impossible for everyday Americans to leave the country with their money then it has been a roaring success.

      • Croatian Capitalist says:

        Probably the last one…, another possible reason might be voting, since (or at least you would think so) logically people who move permanently to other countries are against the direction the USA was/is heading in, so the Democrats probably wanted to minimize the political effect those people have on the USA.

        • fafc says:

          The Elites in the USA don’t care about the tiny minority outside the US voting. As evidence of that FATCA does nothing to stop. No, the thing the Elites are terrified of is potential collapse that can happen if and when the USD declines, and people start pulling their assets out of the USA. I believe Capital Flight is the term.

          • Croatian Capitalist says:

            Yes, that is the term, but I doubt that we will see that some gigantic capital flight out of the USA anytime soon.

          • fafc says:

            Well that is what the Elites are afraid of. Over the last 10 years, under both Bush and Obama, various rules have been quietly put into place to lock money into the USA and to punish capital flight. I can only imagine this is going to get worse not better.

  4. Croatian Capitalist says:

    Maybe they are afraid of that, but I believe that if so, then that their fear is premature, the EU is a joke, Russia is a joke, China is suffering capital flight to the USA (http://www.straitstimes.com/business/china-woes-resulting-in-capital-flight-to-us), etc., I just don’t see the USD losing it’s status anytime soon.

    • fafc says:

      I agree. But it is what they are worrying about. And they know more than me. The US has been able to stay afloat with financial status that makes Greece look like an old Granny. But there is only so long that you can rely upon other people being more stupid than you are. I think that is the fear. So far everyone has been more stupid than the USA, but how long can that last. There are a lot of what-if type scenarios that calls for people to leave the USA. If they cannot do so with their money they may be trapped. Again, a very effective virtual “Berlin Wall” around the entire country.

      • Croatian Capitalist says:

        Well, I agree that looking realistically at the finances of the USA, they are not good (government expenses outweigh revenues by 500 billion USD, the trade deficit is over 750 billion USD, the national debt is 19 trillion USD or so, etc.), but common sense logic doesn’t seem to play a big part in modern economics (otherwise things such as negative interest rates for example wouldn’t exist), and the USA has several tools at it’s disposal that no other country has in order to ensure it retains it’s status for the foreseeable future. and as you wrote, the others are even more stupid than the USA, so even though the American elites might be preparing mechanisms to stop capital flight in the event that the USD does collapse, I still think that such a scenario occuring is extremely unlikely, if for no other reason because because the trends in all of the potential competitors (EU, China, Russia, etc.) are negative (at least as far as I can see).

        • fafc says:

          Paranoia is a dangerous thing, and often causes the exact thing you fear. For instance I believe FATCA and other rules are designed to block Americans from leaving the USA with their money. However, it seems to be having the exact opposite effect as people are pulling their money out because they are getting concerned. I know I am. If they stopped poking me so much I might very well just sit back and do nothing. But they are motivating me and others to action.

          • Croatian Capitalist says:

            Yes, laws like FATCA are without a doubt counterproductive for the USA as a country.

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