Future Danger ?

I believe that going forward USA will begin to look more and more like Latin America than Latin American countries looking more like USA.

One thing that has kept the USA strong and a wealthy nation is the governments ability to collect taxes on so many levels. Paying taxes to the IRS voluntarily at end of year is a success that does not exist in any Latin country on this level. All we can hope is they spend the money wisely.

Anyone who has crossed the border to Mexico can see huge differences in level of wealth. Even when I used to travel to Montreal from NY I would notice differences in quality of the roads and that there were no street lights on Canadian side.

One danger I see on the horizon for the USA that is somewhat common in Latin countries is the asset purchase and hiding of money in offshore banks. Wealthy Latinos have always invested part of their funds overseas for protection from shaky governments. Since the wealthiest 1% in USA are paying almost 42% (and increasing for last 20 years) of the taxes in the USA I think is only matter of time that you will see more citizenship renunciations. We are looking more and more like some Latin countries in this regard. I can envision many more of this group taking their money out of the USA. We are increasingly more dependent on the top sliver of the wealthiest and this is growing. Even Romney took 50 million USD to Bermuda and one of the founders of FaceBook renounced his US citizenship for Singapore to keep most of his $500 million windfall.

So the stigma of this is eroding plus the fact that almost 5% of middle class folks in USA are behind on their mortgages. Some have not paid in years and is a 'business decision.' to not pay.

Americans in the past have been reluctant to learn about other countries and certainly they have had the lowest percentage of Passport holders as a percentage of population. Many wealthy people in their respective Latin countries do not want to pay taxes because they do not want it to go to the poor (or to their corrupt governments). Many Latin countries have historically received a larger revenue share from Customs duties, and collect very little as a percentage from the poor majority.

What is keeping US citizenship worth besides a promised SS check in the future?

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What is US citizenship worth?

In your wise opinion, ,To use your own words, everything that makes Nicaragua´s citizenship useless, makes the US citizenship worth keeping. I suspect you aren´t part of that exclusive 1%, so besides the taxation of your money being the main reason to renounce your citizenship, having the right to sue or be sued to anyone´s heart´s content and be lied to your face by both sides of the aisle in order to keep the american dream and way of life intact I don´t know what else would make any sane person do such thing. Rights or at least the notion that you have some rights should be enough to make you feel proud and hopeful that a wrong can be corrected. Rights is the currency of the poor and the rich buy theirs. I mean look at us Nicas, we have no constitutional rights, on paper only, to protect us from even ourselves and the great majority can barely make 5 dollars a day to survive and be expected to declare annually our Income to be taxed in return for what? To have more corrupted politicians fatten theirs and acquaintances bank accounts. Still I, for one wouldn´t renounce my citizenship. Worthless and useless as it might be it is mine by birth, didn´t have to ask or apply for it nor be grateful to a policy or a political party¨s agenda that bestowed such great priviledge on me to cherish and fight for. Money is not everything in life.

Pride vs. Intrinsic value

Pride of citizenship I did not mean to offend-only speak to value of the citizenship in terms of intrinsic value. So Nicaragua citizenship is requirement to get a passport from Nicaragua. You can make comparisons of what levels of access you have with a passport from Nicaragua or the USA. Any Nicaraguan can get a passport but to go to most countries you need a Visa. I think Nicaraguans can go to Russia & Iran without Visa but USA citizens have to have one.

I was speaking to not the top 1% but the top 5% of the 1% which have over 500 Million dollars or more. Many of these folks have homes in several countries so if they are going to be squeezed for more and more taxes-(death tax may be relevant here) they may just renounce and get citizenship from Bermuda or Cayman (no taxes). Surprised more have not done this. I do think renunciations will happen more and more as time goes on.

GB

My wife is welcome in Great Britain without a Visa. We didn't go for that Marxist story like Canada did.

Why Don't Nica's

flood to the UK to work? I know that there are some over there.

Money in the UK has to be a lot better than CR . . .

I should have said

Tourist Visa

Have To Remember

that US has seen some very difficult times in the past, has persevered, and prospered. It's where a good part of the world would like to come. Wealthy Chinese are the latest seeking a toe-hold in the US.

I see our current economic and moral confusion as being very temporary. I don't see the end goals of the two parties as being vastly different. The means to achieve those goals vary enormously, especially in the short term.

This election is being trumpeted as "the most important in US history." I see it as simply four more years of stagnation if the current administration remains in place. Capital will remain on the sidelines, not invested. There will be continued pain for the 20% who would like to work, but cannot.

But, as they say: No gain without some pain. The million immigrants who will now have the legal right to work will not have jobs, and we'll graduate another four years worth of college students, many of whom will have to lower their expectations and move back in with their parents. At some point the light will go on, people will decide that this is not the country we want, and we'll get back on track.

All else being considered

a history of greatness is a better indicator of future progress than signs of chronic mediocrity. The US is having some definate problems, but greatness tends to fix problems and get on with it. Countries that have made poverty and tyranny out of great natural resources will tend to stay in the same mess they have created. Having a windfall profit from petroleum or whatever doesn`t necessarily give a country the wisdom to use this wealth for good.

People seem to like to whine about the US, but may they be someday blessed to live in a country dominated by the Neo-fascist dictator of the decade, or the Russian mob, or a subsidiary of the Chinese PLA , or a consortium of Lebanese Christian businessmen. Or whatever, there are a lot of bad guys out there.

Yes, the US govmint is abusive to the business community. It`s not just the taxes, its the steady flow of regulations, not to mention loading the private sector companies up with affirmative action deadweight. Some rich individuals will bail and leave the US, but wait and see how many survive abroad in countries with little history of political stability and economic success.

"You can avoid reality, but you cannot avoid the consequences of avoiding reality." Ayn Rand