Fbar is Fubar

[veritas]

Thousands leaving or contemplating giving up their US citizenship. Tax revenue is lost forever from high income individuals.

Banks in foreign countries are refusing US citizens as clients because the expense is cost prohibitive to comply with US rules.

http://finance.yahoo.com/news/facebook-co-founder--america-is-ok--it%E2%80%99s-the-rules-that-are-a-pain.html

[JohnH]

Guess they'll be contemplaing a move to France...

[geekgirldany]

Or renounce your US Citizenship like one of the founders of Facebook. No troubles at all.

http://business.time.com/2012/05/14/facebook-co-founder-gives-up-u-s-citizenship-is-he-ungrateful-or-heroic/

[veritas]

I see

Guess they'll be contemplaing a move to France...

with the tax increases proposed by the incoming government, the rich are leaving there too.

[JohnH]

Yes, that was my point. Looking around the world today, it's difficult to find a country offering a decent standard of living that isn't sinking further into the Socialist mire. Normally, anyone contemplating a move to the UK in search of LOWER taxes would have been laughed out of the room.

[Gary2]

... decent standard of living ... Socialist mire.

Perhaps there's a correlation?

[AZ-Tax]

Rich are leaving, increases my chances of

Rich are leaving, increases my chances of obtaining some seats at some major sporting events like GB Packer football, ND Fighting Irish, Etc. Sure I suppose the rich can fly in from France, S. America etc. but some will not. Imagine what it would cost to fly a private jet from France and house a private jet at GB WI. If they fly commercial, that would be good for the airlines, U.S. hotels, rental cars etc. Forgot about the flight time, what 8 to 10 hours. One man's loss is another man's gain.

I thought Michele Bachman was off to Switzerland and now I understand she changed her mind.

[JohnH]

Back in my younger days I worked for a fellow from Turkey who had emigrated to the US, married a US citizen, and made his fortune here. When Jimmy Carter ran for his second term, this guy kept claiming he was going to return to Turkey and take his family with him if Carter got re-elected. I kept thinking, "Right - your American wife and kids are going to get a real kick out of THAT move."

Thankfully, Carter fizzled before he could win a secord term. Probably saved my boss a split marriage, and definitely saved the country from 4 more years of ongoing disaster. But I'll bet nobody was watching those election returns any more intently than my boss's wife in November of 1980.