Americans renouncing citizenship surge

Tougher rules by the US government have increased the number of Americans who are renouncing their citizenship in the second quarter from a year earlier, a report says.

Federal Register figures showed that expatriates giving up their nationality at US embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, Bloomberg reported.
The new figures brought the first-half total to 1,810 compared with 235 for the whole of 2008.

The United States is the only country in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.

The Obama administration is now searching for tax cheats in offshore centers, including Switzerland, as the government tries to curb the budget deficit.

Shunned by banks in Switzerland and Germany and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act (FATCA), more of the estimated 6 million Americans living overseas are weighing the cost of holding a US passport, according to the report.

With the looming deadline for FATCA, more and more US citizens are becoming aware that they have US tax reporting obligations,” said Matthew Ledvina, a US tax lawyer at Anaford AG in Zurich.Once aware, they decide to renounce their US citizenship.”

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

To continue reading:http://rinf.com/alt-news/breaking-news/americans-renouncing-citizen...

Views: 72

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega commented on Burbia's video
Thumbnail

CHARLIE KIRK WAS CNP! JOSH REEVES 9-11-25

"With all due respect this guy comes off as a drunken asshole and he didn't even  know who…"
yesterday
Doc Vega posted a blog post

Was a Planned Civil War Averted?

We are living in sadly historic times where good and evil are in battle all the time. Not that this…See More
yesterday
Sandy posted a photo
Sunday
Less Prone posted a video

President Trump addresses U.N. General Assembly - FULL SPEECH

President Donald Trump speaks at the United Nations General Assembly in New York City.Full video here: https://www.c-span.org/event/white-house-event/preside...
Sunday
Burbia posted a video

2 MIN AGO: Western Provinces MAJOR New WEXIT Announcement - Canada EXPLODES!

In a stunning turn of events, Western provinces just made a major new WEXIT announcement — and it’s shaking the foundations of Canadian unity. Is Western sep...
Saturday
Doc Vega posted a blog post

How You Provoke a Civil War

In the world of counter intelligence which is simply one aspect of many pertaining to asymmetrical…See More
Friday
Burbia commented on Burbia's video
Thumbnail

CHARLIE KIRK WAS CNP! JOSH REEVES 9-11-25

"I don't follow as much with Josh Reeves than I use to. He seems to be a documentary producing…"
Friday
Burbia posted a video

CHARLIE KIRK WAS CNP! JOSH REEVES 9-11-25

DONATE-paypal-dayglow76@yahoo.comCashapp-reevesradioVenmo-Josh-Reeves-61FILMS AND AUDIOBOOKS DOWNLOAD STORE-https://store.payloadz.com/results/242828-josh-re...
Friday
Doc Vega posted blog posts
Thursday
tjdavis posted a video

CHARLIE KIRK VIDEO THAT KEEPS GETTING REMOVED OFF OF SEVERAL PLATFORMS

I had not planned to share this publicly, but I believe Advar, who spoke with Charlie Kirk while I was very ill, would have wanted me to. After my interview ...
Thursday
pohonemas33 team commented on Chris of the family Masters's photo
Thumbnail

Gold-Coast-Message

"untuk bermain slot, kamu cukup kunjungi situs kacang99 pasti langsung gacor"
Wednesday
Doc Vega posted blog posts
Wednesday
Burbia posted a blog post

Former President Trump?

When was this article written? It is attributed to Victor Davis Hanson. He is a Fellow at Hoover…See More
Sep 22
Doc Vega posted a blog post

Don’t Go Hunting For Bigfoot

It is October 19, 2019 at 5:46 AM. This will be the last time any visual evidence of Mark is seen…See More
Sep 22
tjdavis posted a video

Most Corrupt Series: Elizabeth Warren | Forgotten History

Elizabeth Warren has built her reputation as a "reformer", but her political career has also drawn sharp criticism. Questions have been raised about her fina...
Sep 19
Doc Vega commented on Doc Vega's blog post Ashrams and Moonies Perfect Case for Mind Control
"less prone, Thanks for your support Buddy! "
Sep 18
Doc Vega posted a photo

main-thumb-ti-6724328-100-cnsgqkrgkrhyeyyerazynmuwoplecnbx

When will they put Trump on Mt. Rushmore?
Sep 18
Doc Vega's 4 blog posts were featured
Sep 18
Burbia's blog post was featured

Charlie Kirk Assassination

September 10th 2025 in Utah Turning Point USA CEO has been assassinated. Coincidentally,  answering…See More
Sep 18
Charles Magus's blog post was featured

FURTHER PROOF OF WALK-INS! Prisoners of the Dulce Base by Sherry Shriner

There is a real connection between the Cabal and what is happening at this Undergroung…See More
Sep 18

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted