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 posted a blog post

In Memory of Those Who Served

 Bullets flew and ricochetedI was on that hill todayMy Company commander got blown awayI was on…See More
23 hours ago
Doc Vega posted blog posts
Tuesday
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea I was wrong Emperor Penguins are big and powerful but still alive but this,  A size…"
Tuesday
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"Cheeki kea here's another that they say there have been modern sightings of!  The name of…"
Tuesday
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea, did you ever hear of the giant Imperial Penguins? They were about 6 feet tall and could…"
Tuesday
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea I do not think these giant two legged birds would need to have a bad attitude as long as…"
Tuesday
Olivia Brooks updated their profile
Tuesday
John Miller was featured
Tuesday
tjdavis's 2 blog posts were featured
Tuesday
Zfort Group's blog post was featured
Tuesday
Doc Vega's 6 blog posts were featured
Tuesday
Burbia commented on tjdavis's video
Thumbnail

“What’s His Motive?” - Inside The Mind of George Soros

"Trump calls for George Soros and son to face federal…"
Tuesday
Burbia commented on tjdavis's photo
Tuesday
Profile IconSeeta Sathe and Olivia Brooks joined 12160 Social Network
Tuesday
tjdavis posted a video

Mossad, Terrifying CIA Technology, Blackwater & The Most Secret CIA Unit | John Kiriakou

John Kiriakou served 15 years in the CIA as a Case Officer (Spy) and as CIA's Head of Counterterrorism Operations in Pakistan where he lead the raid that cap...
Monday
tjdavis posted a photo
Monday
tjdavis posted a video

A Critique of the Tavistock Institute - The Mother Of All Conspiracy Theories

An examination of the Tavistock Institute, a theory which seeks to explain how Western societies have been brainwashed by a cabal of social scientists and th...
Sunday
tjdavis posted a video

“What’s His Motive?” - Inside The Mind of George Soros

In this short clip, Patrick Bet-David, Sebastian Gorka Adam Sosnick, and Tom Ellsworth George Soros and what motivates him to do the things he does. FaceTime...
Aug 27
Doc Vega posted blog posts
Aug 27
cheeki kea favorited Bob of the Family Renner's photo
Aug 26

© 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