Comments for Emerging Money

Comment on Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach by OutragedExpat

OutragedExpat — Sat, 19 May 2012 23:35:00 +0000

David – What a great article! Thank you for channeling your outrage to bring the real issue to light for Mr. Seaverin and the millions of Americans living outside the US. Most of us chose to live where we do for completely legitimate reasons, and try to comply with baffling and often illogical and ever-changing IRS rules. With the recent overbearing and over-reaching changes in US tax regulations, we now find ourselves excluded from many of the day-to-day activities that constitute “normal life” for most Americans in the USA, like opening a bank account, investing in stock or bonds, or ownership in companies. Many banks and investment firms in the USA will not take on non-resident American clients (because we don’t live there!), and most local ones refuse to do business with us because of the risk to which they expose themselves by associating with American customers. Classic rock and hard place.
Thank you also for highlighting the knee-jerk reaction that many Americans have to the mere idea of anyone wanting to renounce their American nationality, regardless of their “rank” in society, up to and including the often-clueless (and passport-less) people elected to public office. From what does the indignation stem? Why do they feel so affronted when a citizen makes a personal, and often emotional, choice to relinquish their nationality in favour of another? Does it stem from a shocking lack of awareness or even concern for the impact America’s actions have on their own citizens lives or on others in the world community? Many people in the USA are unaware, for example, that the US is one of just a few countries (including Eritrea and the Philippines) that tax its citizens based on nationality rather than residence. Do they have any idea of the issues this creates? Do they believe that fling US taxes somehow relieves us of the responsibility to file and pay taxes in the countries where we live? Are they really that naive or desperate? The taxation of non-resident Americans smacks of unconstitutionality… no taxation without representation. Yes, I do know the party line that the representatives of the state in which we last lived are, in theory, our representatives. This is idiocy – many “good” friends lose touch after 5 years abroad, let alone 25 or 30 or more – and the US government expects our congressmen and senators (for whom most of us cannot vote) are supposed to care about our welfare? Really?

These elected officials are the very ones who create the short-sighted and often ill-considered legislation that makes expatriates’ lives ever-more difficult to begin with… and they are supposed to help us? Right. Any other bright ideas out there? As you point out, David, the new FATCA legislation is onerous and extra-territorial in breathtaking and very worrying ways. In many ways, FATCA should be re-labelled as FAT CAT, the attitude the US is displaying to the world community, and to its own citizens. Uncaring at best, malicious at worst. Keep up the good work and look forward to more insightful writings in future.

Comment on Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach by MATTAN LURIE

MATTAN LURIE — Sat, 19 May 2012 13:51:00 +0000

Let me ask this – why has no one questioned America’s supposed right to tax all of its citizens globally? Saverin’s case totally aside, there are hundreds of thousands of Americans globally who earn their income entirely outside of the US, who receive none of the benefits enjoyed by US residents (public schooling, healthcare access, physical infrastructure, etc.) and yet have to send back big payments to US to support the welfare of the state. Virtually no other nation has this sort of global taxation policy – not UK, Canada, Australia, Germany, etc. America has only one real peer in terms of a global taxation – China – and China’s law is perfunctory and rarely enforced. So let me ask again – if one lives totally abroad, and has to personally pay out for all of the services even non-citizen residents of the US get for free- why does the US *deserve* a large tax bounty?

Comment on Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach by Sdemartini

Sdemartini — Sat, 19 May 2012 04:39:00 +0000

Mr. Saverin will have the financial facilities to deal with Senator Schumer and their backwards idea of informed intellect. Leaders without knowledge base. Opening campaigns against US citizens is a great way to ‘working together’ to build a thriving US economic recovery. Sadness is that US has enough of such ignorant leaders that ultimately impede US progress and not help the matter any.

Comment on Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach by Roy Tyrell

Roy Tyrell — Sat, 19 May 2012 03:40:00 +0000

bingo

Comment on Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach by Zvika

Zvika — Fri, 18 May 2012 22:48:00 +0000

Very good point !
I am happy to pay my fair share of taxes, but no need to torture US citizens who happen to live abroad or for any other reasons.

Comment on Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach by Zvika

Zvika — Fri, 18 May 2012 22:46:00 +0000

Very good point !
I am happy to pay my fair share of taxes, but no need to torture UA citicens who happen to live abroad or for any other reasons.

Comment on Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach by Thatisme

Thatisme — Fri, 18 May 2012 17:38:00 +0000

Thank you Mr. Kuenzi. Your article goes beyond Mr. Severin particular situation. It has to do with all Americans Living and Working Abroad who now are being considered criminals until they can prove otherwise. We are just working and living in a foreign country and we are not hiding anything, for no other reason because we do have an Earned Income Exclusion and Tax Credits for the taxes we pay in the countries where we are living. We did not move out to avoid paying taxes. We are being placed together with Americans who live in the USA and have hided investments in foreign countries. This is very unfair and do not do justice to us. The IRS Tax Advocate has called the attention to this. Once again, thank you.

Comment on Avoid Brazil’s volatile real with domestic ETFs by mark g.

mark g. — Wed, 16 May 2012 02:02:00 +0000

Needs more explanation on the central point: HOW do they avoid currency exposure? For a US investor, there is no escaping the issue, correct?

Comment on Why you should be hunting for emerging market oil stocks right now by PBRinvestor

PBRinvestor — Mon, 14 May 2012 14:02:00 +0000

What about the influence/interference of the goverments these companies are in. A constant annoyance in owning PBR is how the general Brazilian politics affects the stock.

Comment on The frontier beyond BRICs: an introduction by SInvestor

SInvestor — Sat, 12 May 2012 14:57:00 +0000

”
All six of these countries are politically unstable with mismanaged economic policies..”: This is not true for Vietnam. Vietnam’s political environment is very stable.