dagblog - Comments for "You Can Take It With You"

I think you missed a big

PeraclesPlease — Thu, 17 May 2012 13:59:48 +0000

I think you missed a big ingredient - the IRS via FBAR and FATCA has greatly increased reporting requirements on Americans abroad and any financial institution that deals with them.

The result has been that many institutions simply won't accept Americans as clients now. And if financial institutions won't take your money, a lot of opportunities lost, as well as a headache for those living abroad - you have to find an American institution or brown-bag your currency.

If you have $4 billion to invest, I'm sure the reporting requirements are huge, and if you make any simple mistakes, the IRS has been known to commandeer the whole account. Court fights to then get the money back are often unsuccessful

Since Saverin was living in Singapore already, and the US taxes him on worldwide income, the decision to give up citizenship was probably easy. (No need to give up his Brazilian citizenshp)

Saverin came to the US in 1992 and got citizenship in 1998 - presumably either the lottery or just waiting in line and following the rules.

Congress has treated expats poorly over the last decade or more - changing regulations to tax more on investment income, etc. Part of this was done when Republicans thought anyone out of the country was likely a liberal, so they got their punitive joys out of this. Part is simply expats don't usually vote in local elections, so can't vote out the congressmen that bleed them.

Theoretically the reporting laws are for people like Romney who have hidden bank accounts in Switzerland, not an American who's a French resident going to language school in Montpelier and has to have an account to pay the bills. But nope, anything more than $10K and you have to be on the IRS' list.

I'm so old I remember when

artappraiser — Thu, 17 May 2012 03:12:45 +0000

In reply to You Can Take It With You

I'm so old I remember when this story was about wealthy English rock n' roll stars fleeing the UK for the U.S.A., and not internet start up kings fleeing the U.S.A. for Singapore.

Your last line is an

artappraiser — Thu, 17 May 2012 02:59:12 +0000

In reply to I've often thought that it

Your last line is an extremely intriguing thought provoker about the whole Second Amendment thingie.

I hereby render unto you some

Michael Maiello — Wed, 16 May 2012 17:04:39 +0000

In reply to I've often thought that it

I hereby render unto you some such or other prize until Richard Day shows up to do it.

I've often thought that it

Donal — Wed, 16 May 2012 16:40:21 +0000

In reply to You Can Take It With You

I've often thought that it would have been best to be wealthy in the time of Sherlock Holmes. You could tramp anywhere in your deer stalker hat, be treated like a Lord at the nearest public house and haughtily drop a few coins in payment. No one but Professor Moriarty would dream of bothering you. America has the problem of well-armed poor people who think they're just as good as the rich, but otherwise is fairly safe.