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Author: cliff666 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19221  
Subject: Expatriates and taxes Date: 6/15/2008 1:40 PM
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First off: I apologize for posting an article I thought was on topic for retirees, as it was Obama's suggestions regarding social security. I should have known that this would lead to a lot of political posturing.
http://boards.fool.com/Message.asp?mid=26731523

Having apologized, here is another article some may react negatively to:

http://www.latimes.com/business/la-fi-perfin15-2008jun15,0,8...

The U.S. cracks down on rich tax evaders

You may not like paying federal taxes, but chances are you're not going to renounce your U.S. citizenship to get out of the obligation.

That's probably wise, especially because a tax bill expected to be signed into law this week contains a provision designed to crack down on the roughly 500 rich people who expatriate themselves each year to avoid U.S. income and estate taxes.

Although the number of people who take that path may be small, the government has been enacting increasingly strong measures to stop the practice over the last dozen years.

For that you can thank billionaire and ex-Floridian Kenneth Dart, said Bill Ahern, a spokesman for the Tax Foundation, a nonpartisan research group based in Washington.

Dart is one of the heirs to a multibillion-dollar Styrofoam-cup manufacturing business based in Sarasota, Fla. In 1994, he renounced his citizenship and moved to Belize, a small Central American country known as a tax haven.

Belize promptly sought U.S. permission to open a consulate in Sarasota with Dart as its consul. Foreign diplomats are exempt from U.S. taxes, so the move would have allowed Dart to avoid U.S. taxes while continuing to live here.
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Here is a situation affecting only about 500 people in the world who seek to avoid paying US taxes, even though they want and use all the advantages which accrue. Fair? I think not.

cliff
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