3,000 Americans ditch their passports http://t.co/eqP3NkHzA6 via @CNNMoney – comments reflect homeland states of mind abt #Americansabroad
— Citizenship Lawyer (@ExpatriationLaw) February 18, 2014
The article includes:
Brad Westerfield, a tax lawyer at Butler Snow, said that renunciations have increased following the implementation of a new disclosure law — the Foreign Account Tax Compliance Act — that targets overseas tax evasion.
The measure, approved by Congress in 2010, is aimed at recouping some of the hundreds of billions the government says it loses each year in unpaid taxes.
“They’ve become so complicated — the increased filing obligations over the years,” Westerfield said. “You see more people giving up their citizenship or relinquishing their green cards … Individuals [are] wanting to simplify their financial affairs, and just pay tax and report to one jurisdiction.”
The comments are amazing. Great window into what America thinks of its expats. Would you want to remain a citizen of a country that regards you with so much contempt?
Related articles
