1389 Blog had the story on this in April 2012. Now it’s baaaaack.
Those Fleeing Obama’s America: Prepare to be taxed
(h/t: Mike C.)
30% tax on all assets above $600,000 includes cash value of property and bank accounts
Senator Charles Schumer has recently proposed a new law to tax Americans heavily for leaving the United States. It was in reaction to the news that Eduardo Saverin, co-founder of Facebook, had renounced his American Citizenship and was taking his $2 billion dollars in capital gains with him.Schumer proposed to tax him 30%. Sadly John Boehner, Republican, Speaker of the House (I still think he’s a disguised Democrat), said he would support the measure. [emphasis added]
Schumer must thank Adolph Hitler for this idea. The Fuehrer instituted the Reichsfluchsteuer tax of 25% on Jews leaving the Fatherland in the 1930s. So Herr Schumer has merely taken the basic idea and upped it by 5%.
Richard Samuelson, history professor at California State University, San Bernardino, quoted by National Review points to the historical significance of Schumer’s bill.
“Schumer’s attack is fundamentally misguided, and reveals a disturbing attitude toward private property. Should it impose such a tax, the American government would be saying that property is no longer truly private.”
He goes on to point out that George Washington, in January 1777 made the heart-rending decision to allow his followers to cross to the English side and take all of their property and savings with them if they felt they would be better off under the rule of the King. This was one of the darkest periods of American history, but Washington knew that liberty was of paramount importance and felt he had no right to impound the property of the settlers. His followers were fighting for the liberty to live where they pleased and to be free of arbitrary taxation. Why should it be different now?
It is my opinion (and only my opinion at this point) that starting very soon the IRS will begin collecting an exit tax of up to 30% on any of your savings leaving the country. The first stage would be to tax only very large assets but later I believe the ceiling will come down to cover even modest nest eggs because this government is in deep financial trouble. Obama and the Congress continue to spend money at an alarming rate and only your savings can pay the bills.
But you still have time to avoid it.
During the 2007 legislative year of the US Congress, a bill entitled “Tax Collection Responsibility Act of 2007” almost became law. This bill sought to impose an exit tax on all persons leaving the USA to take up residence abroad and thereby renouncing permanent resident status in the US, or people who renounced their US citizenship.
It was introduced by Rep Charles Rangel (Harlem NY), and co-sponsored by Representatives Earl Blumenauer, Joseph Crowley, John Larson, Sander Levin, John Lewis, Jim McDermott, Kendrick Meek, Earl Pomeroy and Chris Van Hollen. You will be amazed to learn that all of these Congressmen are Democrats. Not one Republican sponsored this bill.
[...]
Don’t hold your breath citizens. It will come up again soon. So, if you have any plans for leaving the country with your hard-earned savings you had better do it very soon.30% tax on all assets above $600,000. This included the cash value of property and bank accounts
The general idea of the “Tax Collection Responsibility Act of 2007” was to discourage people from leaving the United States and taking their savings with them. In essence, it imposed a 30% tax on all assets above $600,000. This included the cash value of property and bank accounts
While similar bills have failed, and Schumer’s may also fail, how long do you think it will be before some of Obama’s thugs bring up a version that will pass? And, how long would it take the next Congress to vote that bill into law?
Most people do not have $600,000 anyway, but I’m sure this dedicated President will get to them eventually.
Let’s face it people—-the government is in trouble. They have a President who spends money like water. He can’t get his hands on enough of it and he will find many ways to tax you out of all of your savings until he has brought you down to the financial level of his half-brother in his native Kenya. In fact, his avowed aim is to make all men in the world equal in poverty, except for himself, of course. In his philosophy all men are equal except that some are more equal than others.
Even before I researched this bill, I knew that Obama would be coming after those who leave the country to live in other lands early on. Few of those who remain in the United States would care about the fate of those who want to leave. Most Americans would not be able to leave anyway and they certainly would want your hard earned savings to be available for their use in the form of welfare. They would be horrified to think someone like you who wants to leave the Obama Utopia would be allowed to take their savings with them.
My wife Marcia and I saw this coming ten years ago and that is one of the reasons we felt compelled to find a home in another country. We were never rich. But we took what little we had and invested it in land and real estate seven years ago. We have never regretted that wise move.
We pay taxes to the IRS just as we did when living in the United States. The little we owe on our Social Security payments is not worth worrying about. We have not renounced our citizenship and have no plans to do so in the future. We are simply Americans living abroad.
This bill may never affect you as long as you move before it becomes law. In past versions it was not retroactive.
So, if you buy property abroad before the bill becomes law you should not have to worry. How long this will be I can’t say. But I would suggest that if you plan to move anyway, do it as soon as possible.
This message is for those who want to leave and have the means to do so.
Do it NOW. A year from now it may be too late.
Tags: Charles Schumer, exit tax, federal deficit, John Boehner
We Are So Screwed (WASS)
That is exactly what they are saying, and have been saying. “You didn’t build tat”. All your property really belongs to the government, which is graciously allowing you to use it for as long as they see fit. When they need it, you should fork it over.
@ Da_Beerfreak:
That’s been my motto for years. A friend & I use that as an email subject line when we find crap like this.
@ mfhorn:
Hey, MF, did you see my comment regarding running for school board the other day?
I’m sorry but I can’t find ANYWHERE where Boehner supports this crap
this comes from a canada free press article.
the author has no links, just a statement “Boehner would support the measure”
Schumer proposed this back in may and it went nowhere
blame the dems, watch out for sly stabs against our side
Boehner has done enough real shit to be mad at him
we don’t need sneak attacks about stuff that has not happened
there are tons of rumors of what the dems might do
hell, we already know they want it all
rain of lead wrote:
If Boehner does not support this tax, then he should have loudly and openly condemned it.
The day after the election there was a huge stock sell off.
That cash left the country.
Maybe the Dems will just wall off the county to keep people in.
Wait! not walls, they hate walls.
Maybe alligator moats.
@ 1389AD:
well he may still sell us out but I have yet to find where he has said anything other than no to tax rate increases
maybe my google-fu is weak today
Since chancellor Schröder Germany already has a kind of “Reichsfluchtsteuer” again.
O/T Nationalisation industries the “new” hip thing to do.
French Socialist in Mittal Row: We’re Just Doing What Obama Does
@ citizen_q:
He’s being honest!
@ citizen_q:
O/T the fruits of Nationalized healthcare
Now sick babies go on death pathway: Doctor’s haunting testimony reveals how children are put on end-of-life plan
@ citizen_q:
Because nationalizing things has always worked out so well in the past. Remind me, what is the definition of insanity again?
@ citizen_q:
Welcome to ObamaCare, infants & the elderly will be denied expensive
life saving care.
The “Committee” will perform a cost to social benefit analysis & ration care.
Sarah Palin was correct about “Death Panels”, her Down baby would
have been denied care,
@ Iron Fist:
Progressive!
Iron Fist wrote:
Listening uncritically to demoncraps or the MFM? /
citizen_q wrote:
Nice, they are back to Mitterrand’s politics in 1982. Big failure. Will they ever learn ?
Iron Fist wrote:
There is more than one definition, e.g.: Obama, French Socialists
@ RIX:
Understood
People need to understand the horror.
These babies suffered on average 10 days before finally succumbing to these physicians ministrations.
It is no less than state sanctioned murder without trial.
Here the reasoning put forward is economic, which is bad enough, but that is not the only possible criteria.
1389AD wrote:
Seriously? I’m certainly not a Boehner apologist, but the original sentence from the piece was “Sadly John Boehner, Republican, Speaker of the House (I still think he’s a disguised Democrat), said he would support the measure.” That’s a pretty strong and specific charge.
Now it’s become “If Boehner does not support this tax, then he should have loudly and openly condemned it.”? Sorry, but that’s a bullshit rhetorical game and it calls into question the entire piece.
Additionally, the Hitler analogy is tiresome, it was tiresome during the eight years of the Bush administration when they did it and it’s even more so when we do it because we should know better.
@ Guggi:
You are assuming that failure is not their goal. If you look at what they actually do, and the history of failure that accompanies it, I think it makes more sense to assume that failure (or “failure”) is their goal. Their goals are not what one would assume them to be.
@ 1389AD:
I think there’s a responsibility to confirm the veracity of a piece before it’s published as a post on the front page of this blog….not doing so makes us all look like fools. Comments are one thing, posts are another.
You can almost hear the salivating by the proggie Marxist libturds in the House and Senate over the prospect of confiscating the trillions in 401K money to bail their asses out, temporarily at least, of the unfunded liability mess. They will, of course, not be able to help themselves with this incredible infusion of cash to buy goodies for their 47% of voters that vote themselves gifts from the Treasury.
I only hope that the Repubicans in the House will stop them in their tracks. Mark Levin replayed his interview with the commie Econ professor who suggested this in 2008. She’s an absolute LOON. She really believes that it’s the government’s money and if the government needs it, they should simply take it.
I wonder -- when she puts her brown shirt on in the morning, does she opt for the fetching “Hitler Youth” tan or go for something in the Chocolate category?
Oh, and the U.N. can turn out the lights and move their anti-Semitic asses to the Hague as soon as possible. All funding -- cut off NOW.
New Socialistic Security proposal. This one just might work.
@ huckfunn:
This is brilliant. But no worries -- the cuts to Medicare should hasten the demise of baby boomers who remember what “FREEDOM” was.
@ citizen_q:
It is infanticide.
As A state senator, Obama opposed passage of the Born Alive
Infants Protection Act. He was the only no vote.
@ RIX:
Piece of shit isn’t strong enough to describe this piece of shit.
Carolina Girl wrote:
Yep. Scrape off the old fart boomers and there will be no more bitching. Everyone lines up for the free soylent green.
Carolina Girl wrote:
He is truly despicable.
I don’t get the likability thing.
@ Carolina Girl:
There is talk about that.
The guy on his knees is Boehner…
MacDuff wrote:
Here’s the summary from the THOMAS website:
It hasn’t even had a hearing in the Finance Committee, after almost 7 months.
RIX wrote:
He is likeable in the same way as “Dear Leader” in north korea was likeable.
You had better like him, or else.
Heh… My parents and I emigrated once already. They had EVERYTHING taken away when we left the USSR. We left with clothes on our back and not much else. And so, it comes to this, again-- the Soviet Union is here. I and they have nowhere to run.
@ lobo91:
I don’t expect that it will go anywhere, either. Too many rich Democrats plan to bug out with their millions when the economy goes tits-up for good. There’s no way that the Democrats will do anything to get in their way. This stands as much a chance getting through as Instapundit’s plan for a punitive tax on people going into lobbying after government “service”.
Carolina Girl wrote:
At 59, I’m increasingly feeling targeted. For years, I’ve been reading about the impending “Boomer Bomb” and now it’s upon us. Societies have a nasty habit of scapegoating segments of the population in times of crisis and, as a means of solidifying power. For years, I’ve been reading comments like “Boomers are the problem” which may seem like an innocuous throw-away line…..unless you’re a Boomer.
citizen_q wrote:
We are so screwed.
@ PrincessNatasha:
{PrincessNatasha}!
Long time no see. Hope you are doing well. I don’t expect this tax plan to go anywhere, but taxes on the whole are definately going to be going up. And long-term I think America is bankrupt. We’re already 100% of GDP in debt, and that will go up another 30-45% of GDP just in the next four years.
Most people do not have $600,000 anyway, but I’m sure this dedicated President will get to them eventually.
Yup. I made my annual pilgrimage to the local sportsbar to watch The Game like I do every November. End of the evening I spoke to another older expat who works for IBM. Just gave up his US citizenship a year ago and suggested I do the same. I’m not worth $600,000 in assets, but pending on exchange rates, property value and retirement funds I could propably reach that over time. Plus we all know that is just the beginning, that scale we slide with time as well.
Bye bye miss American pie.
@ MacDuff:
The problem is demographics. When Social Security was proposed, there were 27 working people paying into it for every person drawing benefits. Today, there are 2 workers per retiree.
Medicare has a similar problem. The average person receives 3 times the amount they paid in in benefits.
It doesn’t take a genius to see that those numbers don’t add up.
lobo91 wrote:
When Social Security was proposed, the average age for a man was something like 58. For a woman it was something like 62. Yeah, there were people older than that, of course, but they were the exceptions, not the rule. The idea was that you’d pay into it all your life and die before there was any substantive payout. Modern medicine has thrown a glitch into that program, so Obama is going to fix medicine. Lovely.
@ MacDuff:
@ lobo91:
Time to renew.
@ PrincessNatasha:
I used my annual bonus to purchase Christmas gifts for the family and ammuntion. There is no last hill to fight on, so it might as well be CONUS.
@ lobo91:
It’s a Senate bill that hasn’t even been heard by a Senate committee, yet Boehner, Speaker of the House, somehow, is being tarred.
There are a lot of reasons to criticize Boehner, but this is baseless crap. Thanks to this BS post, this blog and all of its members look like fringe wackos…and that’s even before the ignorant Hitler reference.
Again, anyone who has the privilege to post on this site has the responsibility to refrain from unsubstantiated charges. Why this seems to be only important to me is something I don’t quite understand.
@ PrincessNatasha:
There’s always Canada.
@ RIX:
I don’t think people really DO like him. They just don’t want to be called a raaaaacist (after the election, I believe we’re back to the five “a’s”.
@ Buckeye Abroad:
The weird thing is that guys like Obama and his ilk thing that it is
your patriotic duty to subject yourself to government theft.
It is like a duty not to resist a mugging.
@ Rodan:
Someone said back in the day that there would be a point where Congress would realize how much money was in the 401k’s and wouldn’t be able to control their burning desire to find a way to confiscate all that money for themselves. Now, of course, they’re trying to paint it as a 1% issue, all those rich people deferring paying their taxes. Never mind that there are caps on contributions. Or that the average worker has a 401k as well.
And Marxist professor wants to cap it out at 2008 levels -- which means, I guess, that anything after that belongs to Obama.
This is why you need good communicators and tough/clear negotiations. The perception of “fairness”: The challenge the GOP faces with some voters…
The Dems are working feverishly to shape this argument. Do you think Republican leaders are doing the same?
PrincessNatasha wrote:
Hey did you get back or you still in Kuwait?
@ MacDuff:
You’re not the only one who cares about things like that. It’s the same reason I kept smacking people around for posting that crap about General Ham being relieved over Benghazi.
@ EBL:
I am ready for fairness, how about everybody pays taxes?
@ Prebanned:
I’ll settle for John Kerry paying the taxes on his freaking boat…
Prebanned wrote:
You’re clearly not using the approved definiton of “fairness.”
//
@ Iron Fist:
I want a national sales tax high enough to cover the deficit, it is not fair to stick our kids with the bill.
@ Carolina Girl:
I heard that loon. She wans everyone to get an equal amount in 401K.
Iron Fist wrote:
I wish the GOP would grow a pair and propose a tax bill that hits the Dems.
@ lobo91:
It is not fair to assign our debts to fetusus, fetuss, feti that survive the womb.
Rodan wrote:
That is people under 50K.
and a bunch of rich dudes.
Just let the Boooosh tax cuts go away, they hurt the economy anyway.
Clinton era tax levels are the key to Clinton era prosperity.
(I really just want more people paying taxes so they begin to question if all this spending is necessary)
As long as they aren’t paying the bills they do not care about spending.
@ Prebanned:
Let it burn, that is what I say.
lobo91 wrote:
Of course the math doesn’t work. Like practically all government programs, thinking “long term” either didn’t occur to them or, more than likely, they just chose to let someone else worry about it. My issue is the often nasty assignation of blame. Yes, we’re a big chunk of humanity but saying we’re somehow responsible is like telling ones live-in parents that they’re the cause of your money problems.
Personally, I’d be glad to make a reasonable sacrifice in order to save the system, if I knew they wouldn’t take my sacrifice and piss it away, and that’s the real problem, we all know that’s exactly what would happen. Boomers were a well-paid generation and we did a lot to fund the system, were it actually a FUND. Instead, it’s basically set up as a hand-to-mouth transfer from income to expenditure.
Oh well, we’re not going to be real popular in the years to come -- I guess someone has to be demonized since those truly responsible are either dead, forgotten or already ensconced as a god.
Prebanned wrote:
They don’t get to vote until they’re 18, by which time most everyone currently in Congress will be gone.
lobo91 wrote:
Yes you were. It really needs to be cleaned up. Like I said, with privilege comes responsibility and this is completely irresponsible.
Our problem is that Boehner agreed to the Democrat victory of gutting the military and raising taxes.
Now the Democrats want a better deal, that is how you negotiate, the worst they can do is the “fiscal cliff”, they want something better for them.
The fiscal cliff is going to be the best we can do, unless the democrats come to thier senses.
After four years of no budgets and the recent election, I believe that this country needs to face reality and start paying for this idiocy that we call a government so let the Boosh tax cuts expire!
MacDuff wrote:
It was set up as a Ponzi scheme, but they crucified Perry for saying that. Nevertheless, it is true. But to convince anyone of that you have to tackle the legacy of Saint FDR. I am afraid that Obama will wind up in that same category of sainthood. Of course, he probably won’t be there in 70 years. When the debt brings us crashing down maybe, just maybe, he’ll get the blame that shoudl eb apportioned to him for it. But maybe not. FDR made the Depression worse, and most of what he did was Unconstitutional, but they made a saint out of him anyway.
@ MacDuff:
The government is the problem, they knew 30 years ago that the Boomers were going to retire.
They knew the worker to retiree ratio was going to shrink.
We are all screwed now though.
I know I am not getting what I was promised.
Neither is anybody else unless they die in the next couple of years.
Even if benefits arent cut, inflation will cut the amount you can buy with them.
@ Iron Fist:
FIFY!
@ Iron Fist:
The very programs they give him so much credit for are the ones that are currently destroying us, but people are too ignorant to see that.
@ Prebanned:
The Republicans should call their bluff and agree to completely eliminate the military, along with letting them have all the tax increases they want.
Then, when their plan still shows a $500 billion deficit, ask what their plan is to fix it.
Prebanned wrote:
If a deal IS reached, Republicans will be blamed for whatever ill comes after because we “waited until the last minute”. If a deal IS NOT reached, we’ll be blamed for being “obstructionist”.
Either way, Republicans will take the hit, with and assist from the media, and the administration knows it. They’re perfectly willing to put the country through hell to thoroughly discredit the Republicans. They don’t just want to win the augment, or elections, they want to thoroughly destroy us and salt the earth where we one stood.
The well being of the country and her citizens is an acceptable casualty.
Carolina Girl wrote:
Race is Obamas strongest attribute.
He has leveraged it his entire life. It is how he
got nominated & elected twice.
It is why the Media & Hollywood slobber over him.
Prebanned wrote:
A point I’ve made before is that Boomers were very well paid and the system MUST have been flush with funds at one time. Had there been an actual trust fund, our current problems would, at least, have be mitigated. They’ve pissed the money away, lied about it, and that was probably the case from day one.
@ Iron Fist:
His entire legacy needs to be shredded. If I hear the WWII GI Bill created a solid middle class again. I will pistol whip the sumbitch. Most vets came back from the war and went right back to work where they came from the farms or the factories. By 1950 there were 2.4 million college students enrolled, a far cry short of the number of returning veterans.
MacDuff wrote:
You are assuming that hurting the country isn’t their express purpose. Given the Democrats actions over the course of my life, I’d say that is an unwarrented assumption. Everything they do is consistent with the idea that they want to hurt the country badly. This isn’t just Obama. It is the whole Democrat Party down to at least some of the rank and file voters. I realize that the Democrats rely on the stupid vote heavily, but this is beyond mere stupidity. The Repulicans have earned the moniker “The Stupid Party”, but the Democrats have equally earned the moniker “The Evil Party”.
New thread.
@ MacDuff:
Social Security took in more than it paid out regularly up until just recently. Starting in the late ’60s, that excess was simply dumped into the general fund and spent. If you look at a breakdown of the national debt, look for the category marked “intergovernmental debt.” That’s the money the Treasury owes to Social Security.
Last time I checked, it was around $4.4 trilliom.
RIX wrote:
They are not patriots, they are a thieves guild banking on my stupidity. I will go gladly to the fed pen for not paying my loyalty dues. A poltical prisoner-- I’m sure there will be alot of white guys there.
lobo91 wrote:
There is no plan B!
George Orwell would look at Obama and say , “See, I told you.”
@ RIX:
George Orwell would look at Obama and say , “See, I told you.”
Few Americans recognize the name George Orwell. In fact, fascist pig Schultz radio broadcast was demonizing Atlas Shrugged, as if he ever read it, last year. They are literate enough to know the novels that expose their MO.
RIX wrote:
The media and the rest of the libturds knew that they could finally advance their communist/socialist agenda if they could get a minority into the Executive -- because they would be able to move the goalposts any time he was criticized. Don’t like his policies? Well it couldn’t possibly be because they’re anathema to everything you believe in and the Country stands for -- it could only be because you are RAAAAACIST!