More Americans renounced their citizenship and terminated their long-term residency in the first three months of the year than ever before, courtesy of the crackdown in foreign tax rules.
The upsurge subsided some in the second quarter but has been ongoing since the Treasury Department and the Internal Revenue Service began aggressively enforcing tax rules for American expatriates. The crackdown on the Foreign Bank Account Report is fresh, though the law has been in existence since 1970. Under the law, U.S. taxpayers are required to file if they held one or more foreign accounts totaling more than $10,000 over the course of a year.
“Many people have been getting caught up on their U.S. tax filings and then renouncing,” said Andrew Mitchel, an international tax lawyer who analyzes Treasury Department data.
For a U.S. citizen or resident alien, the rules for filing income, estate and gift tax returns and paying estimated taxes are generally the same whether one is in the country or abroad. A person’s worldwide income is subject to U.S. income tax, regardless of where he or she resides.
No need to leave. Just move to Vermont. Bring your money. Store it in a Vermont bank.
We here in my theater now understand that the federal jurisdiction uses the term “United States” in the most deceptive fashion possible. So in the article above, just replace “United States” with “District of Columbia.” For example, ”
For a District of Columbia citizen or resident alien, the rules for filing income, estate and gift tax returns and paying estimated taxes are generally the same whether one is in the country or abroad.”
About one percent of Americans live in the District of Columbia. They are liable for the federal income tax because all jurisdictions possess plenary powers of taxation within their own territorial jurisdictions, but that is a tax for which the Sixteenth Amendment conferred no new taxing authority for its application outside the federal territorial jurisdiction upon state citizens. That is that idiot jurisdiction’s dirty little secret. Maybe that’s why my detractors allege that I “analyze words” and that I have “non-bizarre delusions.” I’ll cop to that; I have non-bizarre delusions of being able to sit quietly one summer twenty years ago and read law books. It’s real kooky.
To free oneself of that tax burden, one must legally notify the federal jurisdiction that he is a state citizen and not a District of Columbia citizen. (And, of course, reside outside the District of Columbia and any other part of the federal territorial jurisdiction.) And then never again create the legal nexus by filing a tax return. It’s that easy. It’s why the Justice Department won’t indict me for tax evasion or even willful failure to file. They refuse to indict me for not paying a single nickel in federal income tax for the past twenty years because I will win. Again, thanks for the change of venue to the surface of the sun.
Like I said, as governor I will defend Vermont citizens from rapists, con artists, and federal animals who run known color-of-law frauds. I’ll just arrest them.
That federal idiot jurisdiction had a pretty good run with its con. But all good things must come to an end.
Can you even conceptualize just how wealthy Vermont will become overnight when I shield the richest people in the country from that federal lawlessness of an income tax?
You see that with what I bring to the table, it’s pretty much impossible for me to lose the race to the governor’s mansion.
…Because it’s always about the money, isn’t it? All people will have to do is what comes naturally, which is to vote their pocketbook. And as usual, I will win.
I am America’s Senior Comedian. Thank you for your kind attention in this matter.