{"id":6015,"date":"2014-11-12T17:39:13","date_gmt":"2014-11-12T17:39:13","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=6015"},"modified":"2014-11-12T17:39:13","modified_gmt":"2014-11-12T17:39:13","slug":"preventing-taxpaying-milk-cows-from-seeking-greener-pastures","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=6015","title":{"rendered":"Preventing Taxpaying Milk Cows from Seeking Greener Pastures"},"content":{"rendered":"<h3 style=\"font-weight: 500; color: #222222;\"><span style=\"font-size: small;\"><a href=\"http:\/\/juniorminingnews.com\/wp-content\/uploads\/2014\/11\/internationalman1.jpeg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-5964 size-full\" src=\"http:\/\/juniorminingnews.com\/wp-content\/uploads\/2014\/11\/internationalman1.jpeg\" alt=\"internationalman\" width=\"200\" height=\"40\" data-id=\"5964\" \/><\/a>By Nick Giambruno<\/span><\/h3>\n<p>&nbsp;<\/p>\n<div id=\"article-body\" style=\"font-weight: normal; color: #222222;\">\n<p>It\u2019s undeniable that the window of opportunity is getting smaller\u2026 especially when you connect all the dots and see the big picture.<iframe loading=\"lazy\" src=\"http:\/\/trk.caseyresearch.com\/f\/?content_id=1071&amp;code=CSW&amp;editorial=preventing-taxpaying-milk-cows-from-seeking-greener-pastures-1\" width=\"1\" height=\"1\" frameborder=\"0\"><\/iframe><\/p>\n<p>To help connect those dots, it\u2019s important to understand the things that make being an American citizen uniquely burdensome.<\/p>\n<p>First, Americans are the\u00a0<em>only<\/em>\u00a0people in the entire world who effectively suffer under an inescapable, worldwide system of taxation.<\/p>\n<p>For example, if an American and an Italian both moved to Singapore (or any foreign country) and earned income there, the American would still have to file and pay US income taxes. The Italian would have no tax liability to Italy. That\u2019s how it works for citizens of virtually all countries\u2026 except American citizens.<\/p>\n<p>The obligation for US citizens to file a stack of complex and almost incomprehensible forms each year usually requires the assistance of an expensive tax preparer. This is because even an honest mistake can lead to truly draconian penalties that can only be described as a form of\u00a0<em>cruel and unusual<\/em>\u00a0punishment.<\/p>\n<p>Of course, the same is true for US corporations, which pay the highest effective corporate income tax rate in the entire developed world.<\/p>\n<p>Then there are the prohibitively costly rules and regulations\u2014like FATCA\u2014that foreign firms have to comply with if they wish to do business with Americans. Because of the costs of FATCA compliance\u2014and the huge potential penalties for mistakes\u2014many foreign companies have come to the logical conclusion that it\u2019s better to kick their existing American clients to the curb and refuse to take on any new ones.<\/p>\n<p>Similarly, the costs of complying with the SEC\u2019s regulations have effectively closed off many global investment opportunities for Americans.<\/p>\n<p>And then there\u2019s the requirements for the Dodd-Frank Act.<\/p>\n<p>These are but a few examples of the unique burdens American citizens have to deal with, and the list of them never gets smaller.<\/p>\n<p>Taken together, these ever-growing and aggressively enforced regulations with draconian penalties are causing record numbers of Americans to head for the exits and renounce their citizenship\u2014a completely logical outcome that should shock no one.<\/p>\n<h3 style=\"font-weight: 500; color: inherit;\"><strong style=\"font-weight: bold;\">Blocking the Exits<\/strong><\/h3>\n<p>In 2010, it came as a surprise when the US government introduced a $450 fee for Americans who were seeking to renounce their citizenship. Prior to 2010, there had never been any fee to give up your citizenship in the history of the US.<\/p>\n<p>Then in late 2014 there was another surprise. The US government announced that it was drastically increasing the fee from $450 to $2,350\u2014a more than fivefold jump.<\/p>\n<p>The new fee represents a cost that is over\u00a0<em>20 times<\/em>\u00a0higher than the average cost to renounce one\u2019s citizenship in other developed countries.<\/p>\n<p>I think the fee increase represents another incremental step in restricting your options as the window of opportunity is without a doubt closing.<\/p>\n<p>The US State Department, in justifying the increase, claimed that the number of renunciations has \u201cincreased dramatically, consuming far more consular time and resources.\u201d<\/p>\n<p>I believe the latest 422% renunciation fee hike is just the beginning\u2014it\u2019s going to get a lot more expensive.<\/p>\n<p>Here\u2019s why.<\/p>\n<p>The political dynamics in the US guarantee more welfare and more warfare, so government spending has nowhere to go but up, even though the government is already effectively bankrupt. That means we should only expect the politicians to come up with more and more insidious ways to try to squeeze blood out of the taxpayer turnip\u2014which of course will create more incentive and demand for renunciations. With more demand for renunciations, expect the costs to go up.<\/p>\n<p>That\u2019s why I think the $2,350 fee is as cheap as it\u2019s ever going to be going forward. So you might as well renounce sooner than later if you\u2019re considering it.<\/p>\n<p>Speaking of the renunciation fee, here is another, more accurate way to think of it.<\/p>\n<p>Think of it like the price of buying your freedom from the byzantine US Tax Code and an out-of-control government.<\/p>\n<p>It\u2019s not all that dissimilar to how in the past slaves in certain parts of the world were able to purchase their freedom.<\/p>\n<p>Today, US tax slaves can purchase freedom for themselves\u2014and their posterity\u2014from an insolvent government that views its citizens as cows to be milked by paying the $2,350 renunciation fee and a potential exit tax.<\/p>\n<h3 style=\"font-weight: 500; color: inherit;\"><strong style=\"font-weight: bold;\">Peter Schiff Was Right<\/strong><\/h3>\n<p>One person who gets the big picture and predicted this fee increase was Peter Schiff.<\/p>\n<p>I interviewed Peter back in in early 2013\u2014about a year and a half before the 2014 fee increase\u2014and here\u2019s what he had to say:<\/p>\n<p>You have to fill out a form if you want to renounce your citizenship\u2014which, by the way, you can only get from a foreign embassy or consulate. Those forms used to be free. Now they\u2019re about $500 apiece. So think about that. If they can charge you $500 for that form, they could charge $5,000, they could charge $5,000,000. They could basically make it impossible for you to leave. And they\u2019re trying to make it more difficult ever since Eduardo Saverin from Facebook went to Singapore. Now the government is trying to come up with all sorts of ways to punish Americans who try to give up their citizenship, and this really is the sign of a nation in decay. 50 years ago, nobody would want to give up American citizenship. They would cherish it. The fact that so many people are paying tremendous amounts of money to get this albatross off their neck shows you how much times have changed, that an American passport is not an asset to be cherished but a liability that people are willing to\u00a0<em>pay<\/em>\u00a0to get rid of.<\/p>\n<h3 style=\"font-weight: 500; color: inherit;\"><strong style=\"font-weight: bold;\">The Tax Benefits of Renunciation Without Renunciation<\/strong><\/h3>\n<p>But fortunately there\u2019s an incredible solution\u2014one that doesn\u2019t require you to give up your US citizenship or even leave the US. It\u2019s like obtaining the tax benefits of renunciation without actually having to do so.<\/p>\n<p>That solution has been dubbed \u201cAmerica\u2019s Tax-Free Zone.\u201d<\/p>\n<p>I know it sounds too good to be true, but I assure you it\u2019s most certainly not. It\u2019s 100% real and legal.<\/p>\n<p>Peter Schiff has already moved one of his businesses to America\u2019s Tax-Free Zone.<\/p>\n<p>But it\u2019s not just Peter Schiff: many regular people of average means\u2014business owners, individual investors, and entrepreneurs\u2014are legally minimizing most federal and state taxes thanks to America\u2019s Tax-Free Zone. And it\u2019s no surprise that their numbers are constantly growing.<\/p>\n<p>This amazing opportunity is exactly why we\u2019ve teamed up with Peter to create a free video that explains it all.<\/p>\n<p><strong style=\"font-weight: bold;\"><a style=\"color: #222222;\" href=\"http:\/\/www.internationalman.com\/go\/ugvth-2\/CSW\" target=\"_blank\">If you\u2019d like to see what it\u2019s all about and how you can reclaim your freedom, you need to see this video by clicking here.<\/a><\/strong><\/p>\n<div class=\"clear-me\"><\/div>\n<\/div>\n<div id=\"xvMdV95u77zU\" style=\"font-weight: normal; color: #222222;\">The article was originally published at\u00a0<a style=\"color: #222222;\" href=\"http:\/\/www.internationalman.com\/go\/ugvwi-2\/CSW\">internationalman.com<\/a>.<\/div>\n<div style=\"font-weight: normal; color: #222222;\"><\/div>\n<div style=\"font-weight: normal; color: #222222;\"><span style=\"color: #ff0000;\"><strong style=\"font-weight: bold !important;\"><em style=\"font-style: italic;\">Advertisement<\/em>:<\/strong><\/span><br style=\"font-weight: 300; color: #000000;\" \/><span style=\"font-weight: 300; color: #000000;\">Join us at CommonStockWarrants.com for the only listing and details on all stock warrants trading in the United States and Canada. All industries and sectors are represented and many opportunites for investors. Don\u2019t overlook\u00a0this unique opportunity.\u00a0<\/span><strong style=\"font-weight: bold !important;\"><a style=\"color: #1d72d1;\" href=\"http:\/\/commonstockwarrants.com\/\" target=\"_blank\">Visit our website now<\/a><\/strong><span style=\"font-weight: 300; color: #000000;\">.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Nick Giambruno &nbsp; It\u2019s undeniable that the window of opportunity is getting smaller\u2026 especially when you connect all the dots and see the big picture. To help connect those dots, it\u2019s important to understand the things that make being an American citizen uniquely burdensome. First, Americans are the\u00a0only\u00a0people in the entire world who effectively [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5964,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/6015"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6015"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/6015\/revisions"}],"predecessor-version":[{"id":6016,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/6015\/revisions\/6016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/media\/5964"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}