- Mar 11, 2009
- Reaction score
- South Carolina
- Political Leaning
And another truism coming to pass...When you unfairly try to go after the wealthy and tax their success they just leave because they can afford to do so...So who's next in the progressive push for so called "income justice"? Well, it would have to be the middle class....and they can't afford to run....Buckle up people.Globally, more U.S. citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 is already on track to becoming a record year for renunciations. A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.
While those numbers are still a fraction of the estimated six million Americans living abroad, lawyers say the main trigger for cutting ties with U.S. recently is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government.
U.S. Expats Balk at Tax Law, Reconsider Citizenship - WSJ.com