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Jetsfan115 Icon : (18 May 2016 - 10:40 AM) from the looks of it, nobody is excited lol
santana Icon : (18 May 2016 - 10:27 PM) I'm excited for geno smith. His jaw will survive the off season.
Jetsfan115 Icon : (19 May 2016 - 06:26 PM) not true, never know who might punch him
MikeGangGree... Icon : (21 May 2016 - 05:38 PM) f*** Geno smith
MikeGangGree... Icon : (21 May 2016 - 05:39 PM) J-E-T-S JETS JETS JETS!!!
mgjetman Icon : (23 May 2016 - 02:01 PM) Geno really needs to go away. Double f**k Geno.
Jetsfan115 Icon : (23 May 2016 - 02:21 PM) Fitzpatrick said he wants to play for the jets and that he won't retire
HarlemHxC814 Icon : (23 May 2016 - 06:50 PM) This street thug Darron Lee hasn't signed yet
MikeGangGree... Icon : (25 May 2016 - 05:32 PM) that damn dirty street thug
Jetsfan115 Icon : (31 May 2016 - 10:28 AM) jets offered fitz 3 years 24 million dollar deal. 12 million for 2016 and 6 million each for 2017 and 2018. fitz is unhappy with the 2017 and 2018 number
MikeGangGree... Icon : (01 June 2016 - 01:45 PM) Street thug
MikeGangGree... Icon : (01 June 2016 - 01:47 PM) I really don't like Devin Smith he cost us 2 games last season with his hands of stone
Jetsfan115 Icon : (01 June 2016 - 04:27 PM) he's a rookie
Jetsfan115 Icon : (01 June 2016 - 04:27 PM) i'm more concerned we really don't have a slot WR. all of our guys are outside guys
Jetsfan115 Icon : (01 June 2016 - 04:27 PM) i wonder if amaro is gonna be a big slit guy and blocker for us
Jetsfan115 Icon : (01 June 2016 - 04:27 PM) slot
MikeGangGree... Icon : (01 June 2016 - 09:22 PM) Sources told NY daily news.Fitzpatrick is about to sign 1 year deal
MikeGangGree... Icon : (01 June 2016 - 10:06 PM) We didn't have a slot WR last year also. I do Amaro steps up I really do like him
MikeGangGree... Icon : (02 June 2016 - 09:46 AM) Ok so the jets won't take the deal. My question is why?? 1 year 12 million when they are already offering him 12 million in his first year
Jetsfan115 Icon : (02 June 2016 - 01:24 PM) 2 reasons, 1st off for salary cap relief this year. we have no cap room this year but plenty next year. a multi year deal and backload the contract and 2, why pay a guy 12 mil for 1 year with no guarentee and go thorugh this again
Jetsfan115 Icon : (02 June 2016 - 01:24 PM) fitz said he'd take a 1 year deal but jets don't want that
Jetsfan115 Icon : (02 June 2016 - 01:25 PM) they should offer him a 3 years for 30 mil. 12 this year (half in the signing bonus for cap relief) 10 mil next year and 8 mil the 3rd year. 1st 2 years guarenteed (22 mil)
RetireChrebet Icon : (03 June 2016 - 03:37 AM) You know your fucked when the biggest offseason story is can we convince a journeyman QB whom singlehandedly threw us out of the playoffs last year to sign a deal worth way more than his actual value!
MikeGangGree... Icon : (03 June 2016 - 09:59 AM) Ok jets brothers I need fantasy football help. Who should I keep in my keepers league. We have to decide by July
MikeGangGree... Icon : (03 June 2016 - 10:00 AM) Should I keep Cam Gurley or Bell?
MikeGangGree... Icon : (03 June 2016 - 10:01 AM) Cam had a monster year last year and in our league it's 6 points per PassTd and cam is getting his best WR back.
MikeGangGree... Icon : (03 June 2016 - 10:01 AM) Gurley was a monster last year as a rookie
MikeGangGree... Icon : (03 June 2016 - 10:03 AM) Bell missed most of the year with a injury but it's also a PPR league. In only 6 games last year he =100 points
MikeGangGree... Icon : (03 June 2016 - 10:04 AM) Cam also had 45 total TDs last year
Jetsfan115 Icon : (03 June 2016 - 10:50 AM) I'd keep bell
Jetsfan115 Icon : (03 June 2016 - 10:50 AM) there are maybe like 5 #1 fantasy RBs at best and you need to start at least 2
Jetsfan115 Icon : (03 June 2016 - 10:50 AM) QBs are easier to find. I had cam in 2 leagues and drafted him way late. RBs are impossible to find late
MikeGangGree... Icon : (04 June 2016 - 07:53 PM) FIRE FITZPATRICK
MikeGangGree... Icon : (04 June 2016 - 07:53 PM) That Damn dirty street thug
MikeGangGree... Icon : (05 June 2016 - 09:43 PM) In other news the NBA finals is like A NFL team Playing a college football team.
Jetsfan115 Icon : (06 June 2016 - 11:23 AM) line is in. jets are favorites for 5 games, pick for 2, and underdog for 9
MikeGangGree... Icon : (08 June 2016 - 04:56 PM) We play better as a underdog
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santana Icon : (13 June 2016 - 09:28 AM) Update on the #Jets situation with Ryan Fitzpatrick: Nothing. … Just nothing. Doesn't seem like things will change heading into minicamp.
Jetsfan115 Icon : (13 June 2016 - 10:39 AM) yeah every day i check for an update and every day, nothing
vjdbbq Icon : (14 June 2016 - 05:43 AM) Where's Rob and his ass ?
Mario Icon : (20 June 2016 - 06:21 PM) Any Jets fan in the Kansas city, Missouri area, that will be going to the game on the 25th of September?
vjdbbq Icon : (22 June 2016 - 07:29 AM) No Mario ; you will be there alone .
MikeGangGree... Icon : (25 June 2016 - 07:15 PM) FIRE FITZPATRICK
MikeGangGree... Icon : (Yesterday, 12:00 PM) Sheldon Richardson suspended for 1 game for violating league substance abuse policy
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Here's The Law That's Driving Record Numbers Of Americans To Renounce Their Citizenship

#1 User is offline   azjetfan Icon

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Posted 14 August 2013 - 01:22 PM

By Josh Barro | Business Insider – Mon, Aug 12, 2013 3:32 PM EDT..

Quote

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A record number of Americans are giving up their U.S. citizenship. The Wall Street Journal reports that 1,130 Americans renounced their citizenship in the second quarter of 2013, more than did so in all of 2012.

To my surprise, the list of new ex-Americans is publicly available; I didn't recognize any of the names on a quick scan.

According to the Journal, the surge in expatriations seems to be driven by the upcoming implementation of the Foreign Account Tax Compliance Act (FATCA), a 2010 law that forces foreign financial institutions to disclose more information to the IRS about Americans' accounts and investments. Starting in 2014, foreign financial institutions will have to tell the IRS about income accruing to American clients (or businesses owned by Americans), and they'll have to withhold American income tax as appropriate.

In other words, it's going to become a lot harder to hide your income with a Swiss bank account.

The IRS can't directly tell foreign banks what data to turn over. But it has a pretty big stick — it can impose a 30% withholding tax on payments from the U.S. to foreign financial institutions unless they cooperate. As a result, many foreign banks and foreign countries have been entering into agreements with the IRS to comply with FATCA.

If you're an American living in the U.S. and your strategy for hiding income abroad isn't working anymore, you may have few options but to pay up. But if you live abroad, you have another choice available: Renounce your U.S. citizenship so you're not liable for American income tax.

That's one driver of the surge in renunciations. Another likely factor is the increase in capital gains and income tax rates in 2013, meaning that wealthy American expatriates can get a bigger tax saving by renouncing citizenship than they used to.

But a third factor is that FATCA creates compliance headaches apart from the actual tax bills it leads to. As the WSJ describes:

Some U.S. citizens say they are exasperated by a growing raft of paperwork that forces U.S. citizens living abroad to declare the minutiae of their financial holdings and other assets. That has increased the attraction of becoming a citizen in places such as Hong Kong, where the individual tax rate is capped at 15%.

"My decision was less about the actual amount of taxes I had to pay, and more about the system," said one investment banker, who renounced his U.S. citizenship and is now a Hong Kong citizen. "I'm not an ultrawealthy dude. It was the hassle with all the paperwork."

A few months ago, I attended a dinner where I sat between two Americans living abroad who complained that FATCA has made foreign banks less willing to provide American expatriates with checking accounts, credit cards and mortgages. This has been a major point of complaint for organizations representing American expatriates.

FATCA also complicates matters for foreign businesses with American investors (and for Americans who want to invest in foreign businesses) since American ownership makes a business subject to FATCA reporting.

If you intend to move back to the U.S., you're probably not going to renounce your citizenship because it was hard to get a checking account, or even because you had to forego an investment opportunity. But if you're a dual citizen with weak ties to the U.S. and the law is materially interfering with your financial dealings, it might be a reason to go ahead and quit being an American.

Marie Sapirie, the legal editor at Tax Notes, even says the IRS proposed renouncing citizenship as an option for an American with a complicated tax situation who had long resided abroad.

Last fall, I attended an American Swiss Foundation trip to Switzerland and FATCA was the number one hobby horse for the Swiss participants. The difficulty in evaluating the Swiss complaints is that the Swiss have a combination of good and bad reasons for hating FATCA. The law creates compliance burdens for Americans living in Switzerland and Swiss who do legitimate business with Americans. But it also undermines tax evasion strategies that are the key reason that some Americans were interested in banking in Switzerland in the first place.

Of course, every law has compliance costs, and it's not even clear that it's such a big problem if more Americans, presumably dual citizens living abroad with relatively weak ties to the U.S., are renouncing citizenship. But the benefits of FATCA may also be relatively modest: It's expected to raise $7.6 billion in added taxes over 10 years.

In 1999, the State Department estimated that there are between three and six million Americans living abroad; if those numbers are similar today, that means FATCA will generate about $170 in extra annual taxes per expatriate.

The revenue estimate for FATCA may prove incorrect in either direction; it's based on a guess about how much unreported foreign income will be discovered when the new reporting and withholding requirements come into effect. As the law is implemented next year, we'll start to see how much revenue actually rolls in — and whether the law is worth the compliance costs and expatriations that it causes.

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