TV News LIES

Friday, Jul 25th

Last update02:22:45 PM 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...


Billionaire Ackman accuses Herbalife of fraud

HerbalifeBillionaire hedge fund manager Bill Ackman broadened his public assault Tuesday on diet shaker maker Herbalife,...

Edward Snowden urges professionals to encrypt client communications

Edward SnowdenThe NSA whistleblower, Edward Snowden, has urged lawyers, journalists, doctors, accountants, priests and others with a...

Snowden: NSA snoops shared intercepted sextings

NSA intercepted sextsFormer National Security Agency contractor Edward Snowden says the analysts who monitored the texts and e-mails...

Bowe Bergdahl Thanks Obama for ‘Saving His Life’

Bow BergdahlU.S. Army Sergeant Bowe Bergdahl has a new lawyer to defend him as the Army investigates...
 
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!