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#1
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Record number of Americans renouncing their citizenship
http://www.dailymail.co.uk/news/arti...ing-taxes.html Record 1,800 people renounced U.S. citizenship last year alone, up eight times the number of those who did in 2008 US one of few countries to tax its citizens on income earned while abroad Taxes for ex-patriots are notoriously difficult; income up to $95,100 isn't taxed under Foreign Earned Income Exclusion, but wealthy must also pay 'exit tax' to leave States Many expats are unaware of complicated laws and often have to pay thousands of dollars in in fines As millions of Americans are scrambling to get their tax returns postmarked by this evening, a smaller sect did something much more drastic and renounced their US citizenship. Last year alone, almost 1,800 people renounced their U.S. citizenship or handed in their Green Cards – and many of them said it was because of tax reasons. That's a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It's also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined. In fact, Superman declared plans to renounce his U.S. citizenship a year ago, in Action Comics. 'Truth, justice, and the American way' - it's not enough anymore,' the comic book superhero said, after both the Iranian and American governments criticized him for joining a peaceful anti-government protest in Tehran. But those of more modest means renounce, too. They say leaving America is about more than money; it's about privacy and red tape. Two filing requirements affect Americans abroad: the Report of Foreign Bank and Financial Accounts - which has been around since 1970 but now carries penalties for noncompliance - and the Foreign Account Tax Compliance Act, passed in 2010 with the aim of reducing offshore tax evasion. The first regulation requires all Americans, including those living abroad, with at least $10,000 in overseas bank accounts, to file a supplementary form disclosing all of their foreign accounts. That includes any accounts in which the U.S. citizen has a financial interest. That could include a joint account with a spouse or child, accounts for corporations in which the American owns more than 50 per cent of the value of shares of stock, or any trust or estate that benefits the U.S. citizen. The tax compliance act - the newer law - asks foreign financial institutions such as banks, hedge funds, and private equity funds to provide the IRS with information on U.S. clients. Institutions that do not comply will be subject to a 30 per cent withholding tax on certain U.S.-sourced payments and proceeds of property sales beginning in the 2013 tax year - for instance, dividends on investments in U.S. companies. Some expatriates say they were unaware of the first regulation for years and even decades. In 2008, the IRS received only 218,840 such filings. American nationality law grants citizenship to almost everyone born in the United States or born abroad to American parents, regardless of how much time they've spent in the United States. Many may not even know the extent of their U.S. ties. In 2004, the stakes for noncompliance rose. Failure to file meant potential fines and criminal charges. Americans abroad can be punished for noncompliance even if they owed no income tax - and IRS data show that most of them don't owe money. Income up to $95,100 isn't taxed under a rule called the Foreign Earned Income Exclusion. In 2009, the income cap was $91,400, and 88 per cent of all taxpayers claiming the foreign earned income exclusion owed nothing. Since 2008, the IRS has offered several voluntary-disclosure grace periods during which expatriates can file back taxes without facing criminal charges - but with the possibility of incurring penalties. 'Americans abroad are terrified. We've had people pay tens of thousands of dollars in fines. We've had people … pay huge amounts of back taxes,' she says. 'Up to this point, we never heard of anyone renouncing, or if they did, they didn't talk about it,' says Ms Serrato, who says her group does not advocate renunciation. |
#2
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Record number of Americans renouncing their citizenship
On 2012-04-19, Home Guy wrote:
In fact, Superman declared plans to renounce his U.S. citizenship a year ago, in Action Comics. Don't let the door hit ya' where the good lord split ya'! nb -- vi --the heart of evil! |
#3
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Record number of Americans renouncing their citizenship
On Apr 19, 2:10*pm, Home Guy wrote:
http://www.dailymail.co.uk/news/arti...number-America... Record 1,800 people renounced U.S. citizenship last year alone, up eight times the number of those who did in 2008 US one of few countries to tax its citizens on income earned while abroad Taxes for ex-patriots are notoriously difficult; income up to $95,100 isn't taxed under Foreign Earned Income Exclusion, but wealthy must also pay 'exit tax' to leave States Many expats are unaware of complicated laws and often have to pay thousands of dollars in in fines As millions of Americans are scrambling to get their tax returns postmarked by this evening, a smaller sect did something much more drastic and renounced their US citizenship. Last year alone, almost 1,800 people renounced their U.S. citizenship or handed in their Green Cards – and many of them said it was because of tax reasons. That's a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It's also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined. In fact, Superman declared plans to renounce his U.S. citizenship a year ago, in Action Comics. 'Truth, justice, and the American way' - it's not enough anymore,' the comic book superhero said, after both the Iranian and American governments criticized him for joining a peaceful anti-government protest in Tehran. But those of more modest means renounce, too. They say leaving America is about more than money; it's about privacy and red tape. Two filing requirements affect Americans abroad: the Report of Foreign Bank and Financial Accounts - which has been around since 1970 but now carries penalties for noncompliance - and the Foreign Account Tax Compliance Act, passed in 2010 with the aim of reducing offshore tax evasion. The first regulation requires all Americans, including those living abroad, with at least $10,000 in overseas bank accounts, to file a supplementary form disclosing all of their foreign accounts. That includes any accounts in which the U.S. citizen has a financial interest. That could include a joint account with a spouse or child, accounts for corporations in which the American owns more than 50 per cent of the value of shares of stock, or any trust or estate that benefits the U.S. citizen. The tax compliance act - the newer law - asks foreign financial institutions such as banks, hedge funds, and private equity funds to provide the IRS with information on U.S. clients. Institutions that do not comply will be subject to a 30 per cent withholding tax on certain U.S.-sourced payments and proceeds of property sales beginning in the 2013 tax year - for instance, dividends on investments in U.S. companies. Some expatriates say they were unaware of the first regulation for years and even decades. In 2008, the IRS received only 218,840 such filings. American nationality law grants citizenship to almost everyone born in the United States or born abroad to American parents, regardless of how much time they've spent in the United States. Many may not even know the extent of their U.S. ties. In 2004, the stakes for noncompliance rose. Failure to file meant potential fines and criminal charges. Americans abroad can be punished for noncompliance even if they owed no income tax - and IRS data show that most of them don't owe money. Income up to $95,100 isn't taxed under a rule called the Foreign Earned Income Exclusion. In 2009, the income cap was $91,400, and 88 per cent of all taxpayers claiming the foreign earned income exclusion owed nothing. Since 2008, the IRS has offered several voluntary-disclosure grace periods during which expatriates can file back taxes without facing criminal charges - but with the possibility of incurring penalties. 'Americans abroad are terrified. We've had people pay tens of thousands of dollars in fines. We've had people … pay huge amounts of back taxes,' she says. 'Up to this point, we never heard of anyone renouncing, or if they did, they didn't talk about it,' says Ms Serrato, who says her group does not advocate renunciation. They need to pay tax to finance the banksters. |
#4
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Record number of Americans renouncing their citizenship
On 4/19/2012 8:10 AM, Home Guy wrote:
http://www.dailymail.co.uk/news/arti...ing-taxes.html Record 1,800 people renounced U.S. citizenship last year alone, up eight times the number of those who did in 2008 US one of few countries to tax its citizens on income earned while abroad Taxes for ex-patriots are notoriously difficult; income up to $95,100 isn't taxed under Foreign Earned Income Exclusion, but wealthy must also pay 'exit tax' to leave States Many expats are unaware of complicated laws and often have to pay thousands of dollars in in fines As millions of Americans are scrambling to get their tax returns postmarked by this evening, a smaller sect did something much more drastic and renounced their US citizenship. Last year alone, almost 1,800 people renounced their U.S. citizenship or handed in their Green Cards – and many of them said it was because of tax reasons. That's a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It's also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined. In fact, Superman declared plans to renounce his U.S. citizenship a year ago, in Action Comics. 'Truth, justice, and the American way' - it's not enough anymore,' the comic book superhero said, after both the Iranian and American governments criticized him for joining a peaceful anti-government protest in Tehran. But those of more modest means renounce, too. They say leaving America is about more than money; it's about privacy and red tape. Two filing requirements affect Americans abroad: the Report of Foreign Bank and Financial Accounts - which has been around since 1970 but now carries penalties for noncompliance - and the Foreign Account Tax Compliance Act, passed in 2010 with the aim of reducing offshore tax evasion. The first regulation requires all Americans, including those living abroad, with at least $10,000 in overseas bank accounts, to file a supplementary form disclosing all of their foreign accounts. That includes any accounts in which the U.S. citizen has a financial interest. That could include a joint account with a spouse or child, accounts for corporations in which the American owns more than 50 per cent of the value of shares of stock, or any trust or estate that benefits the U.S. citizen. The tax compliance act - the newer law - asks foreign financial institutions such as banks, hedge funds, and private equity funds to provide the IRS with information on U.S. clients. Institutions that do not comply will be subject to a 30 per cent withholding tax on certain U.S.-sourced payments and proceeds of property sales beginning in the 2013 tax year - for instance, dividends on investments in U.S. companies. Some expatriates say they were unaware of the first regulation for years and even decades. In 2008, the IRS received only 218,840 such filings. American nationality law grants citizenship to almost everyone born in the United States or born abroad to American parents, regardless of how much time they've spent in the United States. Many may not even know the extent of their U.S. ties. In 2004, the stakes for noncompliance rose. Failure to file meant potential fines and criminal charges. Americans abroad can be punished for noncompliance even if they owed no income tax - and IRS data show that most of them don't owe money. Income up to $95,100 isn't taxed under a rule called the Foreign Earned Income Exclusion. In 2009, the income cap was $91,400, and 88 per cent of all taxpayers claiming the foreign earned income exclusion owed nothing. Since 2008, the IRS has offered several voluntary-disclosure grace periods during which expatriates can file back taxes without facing criminal charges - but with the possibility of incurring penalties. 'Americans abroad are terrified. We've had people pay tens of thousands of dollars in fines. We've had people … pay huge amounts of back taxes,' she says. 'Up to this point, we never heard of anyone renouncing, or if they did, they didn't talk about it,' says Ms Serrato, who says her group does not advocate renunciation. A characteristic of human nature is to vote with one's feet. I find is quite amusing how the government becomes more oppressive whenever the P.L.L.C.F. get control of things. ^_^ TDD |
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