informationliberation
The news you're not supposed to know...




Austrian Economics: Understand Economics, Understand the World
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
The Disappearing Male: From Virility to Sterility

The Obama Deception: The Mask Comes Off
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in EuropeThe New American Century: The Untold History of The Project for the New American Century
(more)
Article posted Aug 10 2013, 10:18 PM Category: Economy Source: Bloomberg Print

Americans Giving Up Passports Jump Sixfold as Tougher Rules Loom

By Dylan Griffiths

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.

“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.”

Fatca requires foreign financial institutions to report to the Internal Revenue Service information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest. It was estimated to generate $8.7 billion over 10 years, according to the congressional Joint Committee on Taxation.

Read More





Latest Economy
- Liberals Sign Petition to Impose 10% "Male Privilege Tax"
- Jim Grant On Gold's Liquidation Sale: A "Vexing But Wonderful Opportunity"
- Currencies Depend on Faith, Gold Doesn't
- How Socialism Destroyed Puerto Rico, and How Capitalism Can Save It
- Peter Schiff On The Real Reason Greece Folded... And What They'd Do If They Were Actually Smart
- Peter Schiff: The Chickens are Coming Home to Roost
- What In The World Just Happened To The New York Stock Exchange?
- Video: Americans Choose Free Hershey Bar Over Silver Bar Worth $150









No Comments Posted Add Comment


Add Comment
Name
Comment

* No HTML


Verification *
Please Enter the Verification Code Seen Below
 


PLEASE NOTE
Please see our About Page, our Disclaimer, and our Comments Policy.


FAIR USE NOTICE
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy



Advanced Search
Username:

Password:

Remember Me
Forgot Password?
Register

Florida Man Ordered by City to Keep BBQ Smell From Leaving His Property - 07/25Native American Woman Dies in Jail, Begging for Help, Officers Told Her to "Quit Faking" - 07/28Florida Cops Enter Family's Backyard and Shoot 8-Year-Old Daughter's Beloved Dog - 07/28Iowa Court Rules Against Cops Who Arrested Woman For 'Illegally' Drinking Alcohol While Parked In Parking Lot - 07/28After 11-MONTH Investigation, La. Cops Working With DEA Bust Teens For A Few Grams Of Marijuana, MDMA - 07/273-Year-Old London Child Deemed 'Extremist' and Placed in Government Reeducation Program - 07/28Obama Tells Snowden to "Come Home, Be Judged" - 07/28'Nothin's Easy' -- New Comedy Central Short Series From Libertarian David Angelo - 07/28

Man Follows Speeding Cop, Finds Out He Was Speeding To Buy PeanutsMission Creeps: Homeland Security Agents Confiscate Women's Panties For 'Copyright Infringement'Cop Shoots Couple's Dog, Threatens Jail For Trying To Save Dog's LifeSWAT Team Shoots Teen Girl & Her Dog During Pot Raid On Wrong HomeDurham, NC Cop Testifies Faking 911 Calls To Enter Homes Is "Official Policy"Indiana Sheriff Says US A "War Zone" To Justify New MRAP Military VehicleTampa Cops Surveil Pot Dealer, Catch Him Selling Pot, Raid His Home & Kill Him"You Just Shot An Unarmed Man!": Witness Says Police Shot His Friend With His Hands Up
(more)

 
Top