Traveling around the world for 3 months hitting every place from Hong Kong, Beijing, SE Asia, over to Europe, I met with at least 30 government ministers, central bank committees, hedge fund managers, investors and bankers. A lot has changed in 25 years. I have been warning how Americans have been thrown out of the global financial markets on a wholesale basis all because Obama is hunting them down as if they were animals on a safari. It used to be friends would always say foreign women wanted to marry Americans to get a citizenship. Well, the trend has reversed. Any woman with money would NEVER marry an American because they would suddenly be taxed on worldwide income. Just apply for a green card and you have to submit to worldwide taxation as an economic slave just to work in the USA.
Well the Economist has come out with its ranking as the best places to be born. At the beginning of the 51.6 year Private Wave in 1985, America was #1 on that list. Thanks to the obsession of hunting down Americans, guess what! America has fallen to #16 on that list and the waiting list to resign the American citizenship is at all time record highs. Keeping in the spirit of owning people by birth, you have to get permission to resign your American citizenship. At least the French can resign without permission. Just how did the land of the free and home of the brave end up owning people as an economic slave even if you do not live in the USA? You can thank judges for that one!
The modern interpretation of the Sixteenth Amendment taxation power can be found in Commissioner v. Glenshaw Glass Co. 348 U.S. 426 (1955). It was in that case, where a taxpayer had received an award of punitive damages from a competitor for antitrust violations and sought to avoid paying taxes on that award. This is how taking something like this opens the door for judges to go nuts. The Court observed that Congress, while imposing the income tax, had defined “gross income”, under the Internal Revenue Code of 1939, to include:
“gains, profits, and income derived from salaries, wages or compensation for personal service . . . of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source whatever.”
The Court held that “this language was used by Congress to exert in this field the full measure of its taxing power”, /id., and that the Court gave what is called a “liberal construction” to the words meaning that instead of Congress having to specifically state they are taxing worldwide income, bureaucrats may presume everything is taxed UNLESS Congress expressly and specifically exempted such money from taxation. So in those words, you lost even your right to resign your citizenship and became property to generate income for the state. They own your ass and everything you can produce based solely upon birth. This is why the IRS is sending letters to Canadians who have one American parent informing them they owed income taxes to USA for their entire life even if they never live in the USA. The “fair share” Obama says these people have not paid is not “fair” from their perspective of paying for something they received. No! What he really means is the government “fair share” of whatever someone makes because they had even an American parent or were born in America with even foreign parents. Looks like in another 25 years Mexico will be calling Americans “wet backs” as they try swim across the Rio Grande to get out of the USA. Oh ya. That’s right. They built the US version of the Berlin Wall. Guess they will have to tunnel first. Buy stocks in shovels?