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The irreconcilability of a renouncement of U.S. citizenship is outlined on the State Department website. Look under section G. in the instructions for renunciation. So, inform us of the changes in the Heat-Act. Don't just criticize, add something to the discussion.

yeah....Lenin promised Russians land, bread and peace. That worked out well.

I agree with you. Walter Williams of GMU tried the following experiment. On his way into a restaurant, he passed a homeless guy with a sign that read "Vote for Obama. I need the money." The server in the restaurant proudly wore a "vote Obama" button. After the meal, professor...

Yeah. What really chaps my hide is that this is the treatment you will receive if the government goes after money you earned AFTER renouncing citizenship and losing the rights and privileges of citizenship. It's one thing to go after citizens who move to another country to avoid taxes on...

They have that right, btw, because there are agreements with almost all other countries. If you move to a rogue nation, they'd have a harder time freezing your assets - unless you ever wire money anywhere, that is. They'll seize the wire. But then....you'd be living in Caracas under Chavez...

Yes sir, they do.

Oh, yes. The answer is unpleasant. It's very simple. Say the IRS figures you owe $250K in taxes and sees you have not paid. First, the IRS will contact you reminding you of the error of your ways. If you still don't pay, the IRS will freeze your assets. All of them, not just the $250K...

Don't know a thing about the bahamas. However, I do know that if you renounce your U.S. citizenship, you can NEVER get it back except under very special circumstances (like you can prove you were under duress or insane). Further, if the U.S. government thinks you're only renouncing for tax...

Dude, TARP was scribbled up in about a day and all the changes they made to it was only to add pork. Our idiot gubmint (redundant, no?) in action, for sure. But your conspiracy theories aren't doing your credibility any favours, gnome.

No. If you renounce your citizenship, any assets still in the united states at the time of the renunciation will have a capital gains tax assessed on them. Then, when you actually <i>sell</i> the asset, it will be subject to another cap gains tax. Still dumb, but better than you assumed...

Maybe in the first year, but not after that. I'm not a tax lawyer and I can already think of several ways to avoid paying anything at all in year 2 forward. Wonder how much it will <i>cost</i> the feds to recover it. Even if it costs them nothing (which it won't), the amount recovered pales...

Absolutely. And you can expect the next president to continue these policies. If we're really unlucky, Obamessiah will hatch a new new deal which will prolong this recession the way FDR prolonged the depression. The policies intended to prevent a recession in 2001 accelerated the housing...

They see Obama

Unfortunately, opponents of the amendment, who wanted to at least put a limit on the amount the government can tax, lost. There is nothing to stop government from taxing 100% of income. I'd like to believe common sense will prevent it, but we're talking about government here.

Whose bottom are you trying to nail?

I'm not sure they know what uh akonomie is. I'm confident that if we give them more power to centrally plan the economy they'll do as well as the Soviets.

Um...he just said he's a STUDENT of the Great Depression. He never said anything about using that knowledge to avoid one. First Krugman, then Blinder, now Bernanke. Time to close down the Princeton Econ department.

No incentive. What incentive does the government have to invest or spend the money it stole from you under threat of violent force? Zero.

Sorry, patchie, but that's a meaningless quote. All regulators want more power. Donaldson is no different. Further, it's a straw man argument. Shorting is not fraud and nobody here has made an argument in favour of fraud.

Fine by me. I actually don't think it's anybody's business what a private company's positions are. Nothing should be disclosed. Short sellers communicate strategies to each other (Chanos holds a conference with a group of short interest HF in Florida every year). Short sellers will also...