TV News LIES

Saturday, Jun 23rd

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...


Israeli Prime Minister Netanyahu's wife Sara charged with fraud

Sara Netanyahu charged with fraud Israeli Prime Minister Benjamin Netanyahu's wife, Sara, has been charged with fraud over alleged misuse of...

U.S. special ops soldier killed, 4 wounded in attack by extremists in Somalia

US soldier killed, 4 wounded in Somalia A U.S. operations soldier was killed and four wounded in an attack Friday by al-Shabab extremists in...

France blasts ‘incoherent’ Trump after G7 fiasco

Macron with Trump at G7 France pledged on Sunday to stand by the G7 summit statement disowned by Donald Trump and...

Whale dies after eating more than 17 pounds of plastic

Whale dies after eating 17 punds of plasticA short-fin male pilot whale died in southern Thailand after swallowing more than 17 of plastic...
 
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!