TV News LIES

Tuesday, Jan 17th

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...


Rex Tillerson has a shaky show before skeptical senators

Rex TillersonRex Tillerson had terse exchanges Wednesday with Republican Marco Rubio and other key senators during his...

Mercedes recalls about 48K SUVs to fix air bag sensor

Mercedes recallMercedes-Benz is recalling nearly 48,000 SUVs in the U.S. to fix a sensor problem that could...

Intel chiefs presented Trump with claims of Russian efforts to compromise him

TrumpClassified documents presented last week to President Obama and President-elect Trump included allegations that Russian operatives...

'Scientology': Ex-member says he fought to go to twin's funeral

ScientologyFor the sixth episode of Leah Remini: Scientology and the Aftermath, the A&E series returned to...
 
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!