Tags: foreign | tax | US | citizens

Taxes in the Land of the Free

By    |   Wednesday, 16 April 2014 07:58 AM

Tuesday was the infamous day when 150 million of us had to file our tax returns and pay/overpay our hard-earned money to the government so that it can squander it on wasteful programs.

For example, our hard-earned money is being doled out as a grant for the promotion of Islam in schools in the Czech Republic. Here in the United States we cannot pray or use the name of Jesus, but we can pay for the spread of Islam in the Czech Republic!

I am not an anarchist. I do not recommend that you stop paying taxes. I do not wish for you or your loved ones being hauled off to jail. That would be a certainty in this great land of the free if you do. The infamous IRS will drag you away for much less than not filing your taxes. What was once a privilege to live in freedom and enjoy the fruits of a civilized society is now a bill you pay and get not much in return.

Not only is our money being wasted, but also the impunity at which the government creates laws that are a complete overreach is shocking. While the United States leads in such endeavors, it is certainly not the only such government. Most of the civilized world is complicit in such ways.

Take the new regulations that are being enacted against low-taxed jurisdictions. The Organization of Economic Cooperation and Development (OECD) has taken some draconian steps to crush the low-tax regime countries. If this was about tax neutrality, I could understand the cause. The truth is that the high tax regimes want to crush the competition and force the citizens and companies to continue to fill their coffers so that they can continue to spend like drunken soldiers.

Tax evasion is not a complicated problem. The highest compliance to the tax laws are often the ones with the simplest tax codes. But instead of simplifying the tax laws, the OECD and other such bodies spend all their energy in crushing completion rather than treating capital and businesses well and not forcing them to flee.

The United States is one of two countries that taxes its citizens no matter where they live and no matter where they have earned their income. The only other nation in the world to do this is Eritrea in western Africa. In a recent move, the United Nations was passing a resolution that claimed that "Eritrea shall stop using extortion, threats of violence, fraud and other illicit means to collect taxes outside of Eritrea from its nationals or other individuals of Eritrean descent." In simple words, the United Nations condemned Eritrea for collecting taxes from its citizens worldwide.

Guess who voted in favor of this resolution? None other than the United States of America.

In this land of the free, we have to declare all our bank accounts in the world. Foreign banks have already stopped accepting many U.S. citizens and residents as customers. The reporting requirements imposed under the Foreign Account Tax Compliance Act (FATCA) are unreasonable and onerous.

In this situation, it is only a matter of time before the world turns hostile against the United States and the internal debt implodes and crushes the fake recovery that is being touted around the United States and in Western-favoring media.

It is inevitable, whether the implosion occurs tomorrow, next year or a few years from now. Word to the wise is to diversify before it gets too late and measures are put in place where diversification is banned by legislation.

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Tuesday was the infamous day when 150 million of us had to file our tax returns and pay/overpay our hard-earned money to the government so that it can squander it on wasteful programs.
foreign, tax, US, citizens
Wednesday, 16 April 2014 07:58 AM
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