TV News LIES

Wednesday, Feb 21st

Last update05:20:13 AM GMT

You are here News Of Special Interest Why are Americans giving up their citizenship?

Why are Americans giving up their citizenship?

E-mail Print PDF

US passportsGoodbye, US passport.

That's not a concept that Americans contemplate lightly. But it's one that many of them seem to be considering - and acting on.

The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012. It's still a small proportion of the estimated six million Americans abroad, but it's a significant rise.

The list is compiled by the Federal Register and while no reasons are given, the big looming factor seems to be tax.

A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply.

More...


Most Recent Related Stories...


Meet Marit Bjoergen, now the most decorated female athlete in Winter Olympics history

Marit BjoergenThe most decorated woman in Winter Olympics history makes no secret why she competes: “I am here...

Bermuda becomes first national territory in world to repeal same-sex marriage

Bermuda repeals same-sex marriageLegislation replacing same-sex marriage with domestic partnerships in Bermuda was signed into law by the governor...

EPA’s Pruitt Suggests Global Warming May Not Be A ‘Bad Thing’ For Humans

Scott Pruitt: Damn Fool says global warming my be good thingScott Pruitt, the administrator of the Environmental Protection Agency, alluded earlier this week that global warming...

Carter Page Touted Kremlin Contacts in 2013 Letter

Carter Page letter shows Kremlin connection Former Trump campaign adviser Carter Page bragged that he was an adviser to the Kremlin in...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!