U.S. Millionaires Told Go Away as Tax Evasion Rule Looms

[idev]

Go away, American millionaires.

That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business....

Source: bloomberg

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[Stephen Gornick]

Put your money in AAPL then.  They have no problem with funds overseas:

Apple allocates 70% of its profits outside the U.S. note that the value is created in the US, but the low end manufacturing is overseas.

The “Double Irish With A Dutch Sandwich” routes royalties and profits through Ireland and the Netherlands and the Caribbean. On paper, Ireland “generated” one-third of Apple’s revenue last year.

 - http://www.ritholtz.com/blog/2012/04/ieconomy-part-3-the-corporate-tax-dodge/

 - https://www.commondreams.org/view/2012/05/07-2

[JusticeForYou]

Go away, American millionaires.

That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business....

Source: bloomberg

Well millionaires/billionaires would have no problem renouncing citizenship without loosing (and perhaps gaining) advantages of doing so.

I am sure there are lots of countries that would grant citizenship to those millionaires and billionaires. Some might even fast track the process down to a couple of days.

Perhaps we need to add to the statue of liberty's quote:

"Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!"
and you can have our rich and wealthy in exchange.

[Phinnaeus Gage]

“People should know, and the IRS should know, what money is being held offshore and for what purpose,” Neal said. “I don’t think there’s anything unreasonable about that.”

Has the US lost it's fuckin' mind?

Seriously!

Has the US lost it's fuckin' mind?

Seriously! Damn, no 200pt font size.

[check_status]

Don't worry, imperialism will be here shortly, no grease for anybody.

[Phinnaeus Gage]

Don't worry, imperialism will be here shortly, no grease for anybody.

Thanks, bud, for I feel better now.

~Bruno~

[cbeast]

They should go to China to live near their factories. The honest ones have nothing to worry about. Only the scoundrels that cheat the system are executed there. In America they are celebrities that write books.