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Number of Americans Renouncing Citizenship Jump Sixfold
Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules. Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Register figures published today. That brought the first-half total to 1,810 compared with 235 for the whole of 2008. The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside, is searching for tax cheats in offshore centers, including Switzerland, as the government tries to curb the budget deficit. Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act, more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport. In short - United States citizens, residing in a foreign country, are taxed on any income they make from a foreign source - presumable as well as paying foreign taxes (in effect double taxes). In the meantime almost 50% of people in the US pay no taxes - or get unearned money (EIC). Not only that but the democrats want Corporations to pay U.S. taxes on profits they may solely in a foreign market. IBM makes computers in Mexico and sells them in Mexico - the Democrats (and their Media and Occutard lackeys) wants a cut of that pie. That happens there will be a whole lot of office space available where corporate headquarters used to be. With the looming deadline for Fatca, more and more U.S. citizens are becoming aware that they have U.S. tax reporting obligations, said Matthew Ledvina, a U.S. tax lawyer at Anaford AG in Zurich. Once aware, they decide to renounce their U.S. citizenship. Gee... I can't understand why they would renounce their citizenship to avoid the double taxation. Posted by: CrazyFool 2013-08-10 |
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