Galt's Gulch

The French are going gualt!

Posted by evlwhtguy 10 years, 2 months ago to Economics
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The lefty French Government is finding out that you cant just tax those evil rich willy nilly, especially when it is so easy to move in a place like the European union.
SOURCE URL: http://www.independent.co.uk/news/world/europe/french-say-au-revoir-to-france-over-two-million-french-people-now-live-abroad-and-most-are-crossing-the-channel-and-heading-to-london-9788348.html

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  • Posted by j_IR1776wg 10 years, 2 months ago
    Marxists have always been stupid. From the Communist Manifesto forward, these simple-minded creatures have assumed that more money, more taxes, and more regulation would result in a more perfect society. And failure after failure after failure has done nothing to dissuade them or change their minds. I think it was Einstein who defined insanity as doing the same things over and over and expecting a different result.
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  • Posted by richrobinson 10 years, 2 months ago
    This is not shocking but expected. So is the response. They claim there is no proof the current government is to blame. I wonder how many more have to leave before they get the idea?
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    • Posted by evlwhtguy 10 years, 2 months ago
      The next natural move will be to declare leaving to be criminal.
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      • Posted by Zenphamy 10 years, 2 months ago
        Nah, just take their money. Then let them go on with a knapsack hung on the stick over their shoulder.
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        • Posted by richrobinson 10 years, 2 months ago
          I am guessing in the near future it will cost most of your savings to leave the USA.
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          • Posted by evlwhtguy 10 years, 2 months ago
            They actually just upped the fee to renounce your US citizenship by $400%
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            • Posted by edweaver 10 years, 2 months ago
              There is a few to renounce?
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              • Posted by evlwhtguy 10 years, 2 months ago
                Absolutly people giving up citizenship is at an all time high. If you are wealthy and a US citizen you cannot escape the IRS even if you conduct your business outside the us. A 35% corporate tax rate makes almost any other democracy in the world look better than the USA. Freedom is great unless you cannot keep your property and for the "rich" they increasingly cannot keep their money in the US
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                • Posted by edweaver 10 years, 2 months ago
                  Sorry, it was supposed to say "there is a fee to renounce?" Small keys on phone and should have had glasses on. :)
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                  • Posted by freedomforall 10 years, 2 months ago
                    Yes, fee $2350.
                    http://rt.com/usa/183972-fee-renounce-us...
                    Also:
                    "if you are worth more than $2 million or if you’ve been paying income tax of $157,000 or more then you have to pay an exit tax like a capital gains tax."
                    and "Under the new expatriation tax law, "covered expatriates" are treated as if they had liquidated all of their assets on the date prior to their expatriation. Under this provision, the taxpayer's net gain is computed as if he or she had actually liquidated their assets. Net gain is the difference between the fair market value (theoretical selling price) and the taxpayer's cost basis (actual purchase price). Once net gain is calculated, any net gain greater than $600,000 will be taxed as income in that calendar year. The tax applies whether or not an actual sale is made by the taxpayer, and whether or not the notional gains arise on assets in the taxpayer's home country acquired before immigration to the United States. It is irrelevant that the gains may have partly arisen before the taxpayer moved to the U.S.

                    The new tax law also applies to deferred compensation (401(a), 403(b) plans, pension plans, stock options, etc.) of the expatriate. Traditional or regular IRAs are defined as specific tax deferred accounts rather than deferred compensation items. If the payer of the deferred compensation is a US citizen and the taxpayer expatriating has waived the right to a lower withholding rate[clarification needed], then the covered expatriate is charged a 30% withholding tax on their deferred compensation. If the covered expatriate does not meet the aforementioned criteria then the deferred compensation is taxed (as income) based on the present value of the deferred compensation.

                    In 2012, in the wake of Eduardo Saverin's renunciation of his citizenship, Sen. Chuck Schumer (D-NY) proposed the Ex-PATRIOT Act to levy additional taxes upon citizens renouncing their citizenship."
                    http://en.wikipedia.org/wiki/Expatriatio...

                    Looters don't let ANYONE get away with 'their' assets.
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