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There's a growing trend...

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There's a growing trend...

Post by marv1 on Wed Nov 27, 2013 1:42 pm

...of Americans renouncing their US citizenship. And it's about income, bank accounts and taxes.

New tax law driving expats to renounce U.S. citizenship
(snip)

Singer Tina Turner traveled to the U.S. Embassy in Bern, Switzerland, earlier this month and relinquished her citizenship. Her husband is Swiss and she’s lived there for more than 20 years.

Facebook co-founder Eduardo Saverin dropped his U.S. citizenship last year and now resides in Singapore, a move that some financial experts estimate saved him $67 million in U.S. taxes.

Denise Rich, formerly a high-profile Democratic Party fund-raiser, also handed in her U.S. passport last year and resides in tax-friendlier Austria.

(snip)

“FATCA [Foreign Account Tax Compliance Act] is a textbook example of a bad law that doesn’t achieve its stated purpose but does manage to unleash a host of unanticipated destructive consequences,” said Sen. Rand Paul, R-Ky., when he introduced a bill this year to repeal FATCA. “Tax evasion is a problem that should be addressed, but not in an egregious way.”

(snip)

Cynthia Bennett, who lives in Germany, didn’t want to wait for Congress. She renounced in 2011 and told BBC News that FATCA was the last straw.

“U.S. congressmen and senators will happily throw middle Americans living and working abroad under the bus,” she said, “if that can garner sound bites under the pretense of ‘punishing rich tax evaders.’”

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Re: There's a growing trend...

Post by bp60 on Sun Dec 01, 2013 12:30 am

boy does this stink.whoda thunk?

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