Have $10,000+ in a forgein bank account?



The FBAR has been in place for a while....it's quite a serious penalty too for failure to file (due in June)
 
I thought thAt Americans pay less tax than us but it seems that the US is very stringent with collecting taxes, and even has loopholes like if you emigrate you still have to pay taxes to the us for ten years.

Also rules like you can't travel abroad if you have a criminal record, suddenly the us doesn't sound so free.

The British approach seems to be that if the amounts aren't meaningful you don't have to declare it, in the US you have to submit w-9 forms for everything, and be damed if your local government imposes a business registration fee of $300 if you have a website making 30 bucks a year on adsense
 
TigerUK said:
I thought thAt Americans pay less tax than us but it seems that the US is very stringent with collecting taxes, and even has loopholes like if you emigrate you still have to pay taxes to the us for ten years.

Also rules like you can't travel abroad if you have a criminal record, suddenly the us doesn't sound so free.

The British approach seems to be that if the amounts aren't meaningful you don't have to declare it, in the US you have to submit w-9 forms for everything, and be damed if your local government imposes a business registration fee of $300 if you have a website making 30 bucks a year on adsense
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If you just immigrate but keep your passport, you still have to pay forever. If you actually renounce your United States citizenship, they still want taxes for 10 years in some cases. I am not sure exactly how they enforce taxes on you for 10 years once you are no longer a citizen and not living in the country though.
 
how exactly does that fucking work?

What kind of taxes do you pay? I hope its not fucking income tax, becausser higher rate of income tax in most developed countries is close to 50%, if you have to pay income tax to UK as a ex-pat and then also to US, you have nothing left for yourself.

This is completely absurd.

This doesn't affect smart business people though who dont declare any income and just enjoy lots of company expenses and form LLCs to do business.
 
TigerUK said:
I hope its not fucking income tax, becausser higher rate of income tax in most developed countries is close to 50%, if you have to pay income tax to UK as a ex-pat and then also to US, you have nothing left for yourself.
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I think that's the idea. They don't want you to become an ex-pat so they try to make your life hell. They also assume you'll want to come back and visit your family and if you don't pay you'll be arrested next time you come to visit.
 
TigerUK said:
how exactly does that fucking work?
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Because with most normal countries, you only pay if you're a resident (ie. using the infrastructure and services of said country). With the US though, you have to pay to bomb brown people around the world, so if you're a US citizen, your country of residence is not applicable.
 
TigerUK said:
The British approach seems to be that if the amounts aren't meaningful you don't have to declare it, in the US you have to submit w-9 forms for everything, and be damed if your local government imposes a business registration fee of $300 if you have a website making 30 bucks a year on adsense
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Yep - also over here the penalties for non-compliance with the myriad of regulations is a telling off or a small fine. The US seems very keen on sending people to jail instead.
 
It's another part of Obama's "War on Business." The U.S. government now looks at business strictly as an annoyance and source of funds for social projects and spending.

The tough part is that there is no escape for entrepreneurs. If you move your business overseas you still have to pay the ever increasing taxes and fees or you get all of your remaining US assets seized for unpaid taxes and if you come back to visit you get arrested at the airport.

Now that more than half of the citizens are receiving more money than they are putting into the system (in taxes) it will be all but impossible to vote the socialists out.

The bush tax cuts go away one month after the next elections and anyone that owns a business is going to get pummeled like a Piñata full of nickles starting - January 2013.
 
Your best bet is to renounce your citizenship and return as an illegal alien. Then you can drive without a license, not pay taxes, etc. US is optimized for welfare bums and illegals.
 
Does anyone know when the rule was passed that you had to declare if you had over $10,000.00 while traveling?

I imagine $10,000.00 use to go a lot further when that law was first introduced. Funny how they don't increase it every few years for inflation.

Eventually you won't be allowed to leave the country with enough cash to pay for a weeks expenses.
 
Napolean said:
Does anyone know when the rule was passed that you had to declare if you had over $10,000.00 while traveling?

I imagine $10,000.00 use to go a lot further when that law was first introduced. Funny how they don't increase it every few years for inflation.

Eventually you won't be allowed to leave the country with enough cash to pay for a weeks expenses.
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A lot of money has left the U.S. already because people know that you won't be able to get assets out once the taxes get too high.

Once the elections are over I'm pretty sure all we are going to see in ankles, which is the last part of the body that you see when wealthy business people get onto their jets to move on and take their money to greener pastures.

Last time the socialists gained control they made it illegal for American citizens to own gold, it all had to be turned in to keep it from leaving the country.

It took 20 years for the economy to collapse to the point we figured things out and got rid of the socialists last time.

Now, here we go again... it's like nobody bothers with history.
 
charlesmartel said:
I think it was passed in the 80's. Pretty soon you'll have to declare if you have enough money to buy a pack of chewing gum.
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1970 actually, Bank Secrecy Act of 1970 aka "Currency and Foreign Transactions Reporting Act".

So to answer my previous question, $10,000.00 in 1970 is equal to about $55,500.00 today. Average annual income was between $8,000.00 and $9,500.00.

So when this act was passed, you were allowed to leave the country with roughly what you would make in a year (assuming you made the average annual income).
 
Fastb said:
A lot of money has left the U.S. already because people know that you won't be able to get assets out once the taxes get too high.

Once the elections are over I'm pretty sure all we are going to see in ankles, which is the last part of the body that you see when wealthy business people get onto their jets to move on and take their money to greener pastures.

Last time the socialists gained control they made it illegal for American citizens to own gold, it all had to be turned in to keep it from leaving the country.

It took 20 years for the economy to collapse to the point we figured things out and got rid of the socialists last time.

Now, here we go again... it's like nobody bothers with history.
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People aren't even bothering with recent history. People will say Iraq was a mistake and just another war for oil, and in the same breath, try to convince you why we should invade Iran. They don't even realize they are repeating the same reasons for going into Iraq.
 
Napolean said:
People aren't even bothering with recent history. People will say Iraq was a mistake and just another war for oil, and in the same breath, try to convince you why we should invade Iran. They don't even realize they are repeating the same reasons for going into Iraq.
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The real problem is that someone has to pay for all these wars and the nation-building after the war is 20X the cost of the war itself. Guess who gets to pay the bill?

Small business used to be the secret to America's wealth.

Now, the government discourages small business because it is too hard to control.

Instead of 40,000 independent banks we now have less than 10 that hold 80% of deposits - much easier for the government to tax and control. Instead of 2,000,000 small manufacturers there are now less than 20,000 large manufacturers - again easier to tax and control. Family farms have been replaced by large corporate farms that can deal with the regulations and taxes.

The shining city on the hill is being torn down and looted.
 
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