Record Number Of Americans Renouncing Citizenship
Click here for reuse options!There are 776 names on the Treasury Department list published Friday for the third quarter of 2014.
That’s the third highest quarterly figure ever, according to Andrew Mitchel, an international tax lawyer in Centerbrook, Conn., who tracks the data. The total number of published renouncers so far in 2014 is 2,353, putting this year on pace to exceed last year’s record total of 2,999, adds Mr. Mitchel…
Experts say that the growing number of renunciations by U.S. citizens and permanent residents is linked to a five-year enforcement campaign against U.S. taxpayers who have undeclared offshore accounts. The campaign began after Swiss banking giant UBS …admitted in 2009 that it had systematically encouraged U.S. taxpayers to hide assets in secret Swiss accounts.Unlike other developed nations, the U.S. taxes citizens on income they earn anywhere in the world. The rule dates to the Civil War. U.S. tax liabilities can also cover children born to Americans abroad, extending the reach of the Internal Revenue Service across generations as well as oceans. There are only partial offsets for double taxation for people who owe taxes both to the U.S. and a foreign country, and the reporting rules are onerous, experts say.
Copyright 2014 Liberaland
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Larry Schmitt October 25th, 2014 at 21:45
This is what a woman posted on another Disqus site: “Don’t believe the GOP hates the poor/women hype. I am a poor female Republican and they like me just fine.” I didn’t bother asking her how she liked them repeatedly trying to cut her SNAP benefits, and her kids’ school lunches, and her unemployment insurance. Another person voting against her own interests.
Tammy Minton Haley October 26th, 2014 at 00:00
or a “plant”…just like the stock photo ads, the photo-shopped black faces, and the fake “Obamacare” horror stories…
republicans are liars…they cheat, they lie, they steal….
fancypants October 26th, 2014 at 03:35
keep in mind she’s a republican ….Everything after that is most likely hanging off a fishing hook & waiting for you to bite.
Foundryman October 25th, 2014 at 22:50
Once they renounce and no longer citizens, are they deported?
Tammy Minton Haley October 26th, 2014 at 00:02
bet not…?
DaddyO_969 October 26th, 2014 at 09:30
Not if they’re white.
Foundryman October 25th, 2014 at 22:50
Once they renounce and no longer citizens, are they deported?
Tammy Minton Haley October 26th, 2014 at 00:02
bet not…?
DaddyO_969 October 26th, 2014 at 09:30
Not if they’re white.
fahvel October 26th, 2014 at 03:49
rich proud and don’t give a shit for anyone in their so-called country of origin – if the story is true, their citizenship should be retroactively revoked rather than voluntarily rejected. I’d be curious where their new home countries are and how much it costs to become a citizen. Maybe too, they should be denied the right to enter the country they have rejected.
Kendal Chandler October 26th, 2014 at 04:46
Tell them to hit the road.
Kendal Chandler October 26th, 2014 at 04:46
Tell them to hit the road.
Budda October 26th, 2014 at 07:03
I don’t know that they are really Americans to start with but they aren’t Americans now.
Budda October 26th, 2014 at 07:03
I don’t know that they are really Americans to start with but they aren’t Americans now.
Gayla Tanner October 26th, 2014 at 14:58
Thanks to this tax attack, some that renounced their citizenship decades ago are learning they need to do it again… after paying a ransom to the US government.
I have a friend that moved to Canada with her parents when she was eight, they renounced their citizenship and became all Canadian. In the eighties the Reagan administration gave back that citizenship to every person that renounced it, whether they wanted it or not.
My friend had travelled back and forth across the border visiting friends and family for 50 years until one trip she was stopped and told she owed back taxes on her “offshore” bank account. Her offshore account was at the bank she worked at her entire adult life, it was her retirement fund.
When she and her parents argued that they never asked for their US citizenship back and that they weren’t aware they had it they were told they could renounce again after paying. They lost everything.
We’re screwing expats then counting their renouncements again.
Gayla Tanner October 26th, 2014 at 14:58
Thanks to this tax attack, some that renounced their citizenship decades ago are learning they need to do it again… after paying a ransom to the US government.
I have a friend that moved to Canada with her parents when she was eight, they renounced their citizenship and became all Canadian. In the eighties the Reagan administration gave back that citizenship to every person that renounced it, whether they wanted it or not.
My friend had travelled back and forth across the border visiting friends and family for 50 years until one trip she was stopped and told she owed back taxes on her “offshore” bank account. Her offshore account was at the bank she worked at her entire adult life, it was her retirement fund.
When she and her parents argued that they never asked for their US citizenship back and that they weren’t aware they had it they were told they could renounce again after paying. They lost everything.
We’re screwing expats then counting their renouncements again.
madame48 October 26th, 2014 at 19:26
So leave the country….and don’t keep your business here sucking off our taxpayers for defense, courts, roads, ports, airports etc….see how they make it in Angola or Iraq
madame48 October 26th, 2014 at 19:26
So leave the country….and don’t keep your business here sucking off our taxpayers for defense, courts, roads, ports, airports etc….see how they make it in Angola or Iraq
Aaron Gonzalez October 27th, 2014 at 01:44
Just goes to show you what these kinds of greedy people REALLY feel about America. All talk and fluff about American pride and such junk. Good, don’t come back.
Aaron Gonzalez October 27th, 2014 at 01:44
Just goes to show you what these kinds of greedy people REALLY feel about America. All talk and fluff about American pride and such junk. Good, don’t come back.
HessenBalkan December 2nd, 2014 at 15:59
These are not all wealthy people, there are also people who just let their green cards expire because they don’t need them anymore. Sometimes you need a green card and maybe after a couple years not anymore…Not everyones goal is it too life in the US forever.
HessenBalkan December 2nd, 2014 at 16:59
These are not all wealthy people, there are also people who just let their green cards expire because they don’t need them anymore. Sometimes you need a green card and maybe after a couple years not anymore…Not everyones goal is it too life in the US forever.