The number of Americans renouncing United States citizenship or terminating long-term residency is on a record pace. Every 3 months, the government publishes the names of individuals who renounced U.S. citizenship or gave up a green card. This public outing puts Americans on notice who relinquished their rights.
For January to March, 1,001 people are on the latest list. One name you’ll recognize? Tina Turner. The total for one quarter last year was even higher, but it’s nearly a 50% jump from January to March of 2013. With 2,999 for all of 2013, the number for 2014 could top 4,000. But these are just IRS and Treasury Department numbers.
What is often called consular expatriations, where people don’t file exit tax forms with the IRS, are apparently not counted. Indeed, the Treasury Department’s published list states explicitly this is just those about whom the Secretary of the Treasury has data. It means these numbers are under-stated, some say considerably. Statistics are also not available for why people say good-bye.
Complex or costly taxes are often only one factor. America’s global income tax compliance and disclosure laws can be inconvenient, expensive, and some say downright oppressive. No group is more severely impacted than U.S. persons living abroad. For those living and working in foreign countries, it is almost a given that they must report and pay tax where they live. Full story...
Related posts:
For January to March, 1,001 people are on the latest list. One name you’ll recognize? Tina Turner. The total for one quarter last year was even higher, but it’s nearly a 50% jump from January to March of 2013. With 2,999 for all of 2013, the number for 2014 could top 4,000. But these are just IRS and Treasury Department numbers.
What is often called consular expatriations, where people don’t file exit tax forms with the IRS, are apparently not counted. Indeed, the Treasury Department’s published list states explicitly this is just those about whom the Secretary of the Treasury has data. It means these numbers are under-stated, some say considerably. Statistics are also not available for why people say good-bye.
Complex or costly taxes are often only one factor. America’s global income tax compliance and disclosure laws can be inconvenient, expensive, and some say downright oppressive. No group is more severely impacted than U.S. persons living abroad. For those living and working in foreign countries, it is almost a given that they must report and pay tax where they live. Full story...
Related posts:
- Tina Turner gives up US citizenship...
- 221 percent increase in one year? Why are so many people renouncing...
- California couple move to Thailand to avoid the financial stress of living in the US...
- Americans giving up passports jump sixfold as tougher tax rules loom...
- U.S. citizens ditch passports in record numbers...
- More Americans give up passports over tax...
- More and more Swiss-Americans ditch US passports...
- Facebook co-founder becomes Singapore citizen to save millions on taxes...
No comments:
Post a Comment