Posted on 06/01/2016 10:20:58 AM PDT by NRx
...And indeed, government statistics show record numbers of people are renouncing their U.S. citizenship. But it’s not Trump that has persuaded them to go. It’s taxes.
...The regulations also created new filing requirements for individuals with assets overseas and increased the fines for missing a form. The penalty for failing to file is $10,000 per form. The consequences are even steeper for intentionally not filing a document known as the Report of Foreign Bank and Financial Accounts, which could result in a fine of $100,000 or 50 percent of what’s in the bank account — whichever is greater.
“They’re like, 'Oh my, God, the IRS is going to bankrupt me,'” Mitchel said of his clients. “People get terrified of this, and they don’t want to have anything to do with the IRS, and then they want to renounce.”
Mitchel said that many of his clients have been paying taxes in the country where they live now and may not have bothered filing a U.S. return. Most countries in the world expect you to pay taxes only when you live inside their borders. But two nations — the United States and Eritrea — require its citizens to pay taxes on income while living in other countries. And Mitchel said it’s not just the very wealthy who are chafing under the new regulations. Many of his clients are moderate-income households and retirees living overseas who find navigating the morass of requirements more trouble than it is worth.
(Excerpt) Read more at washingtonpost.com ...
The fee for the application form for renunciation of U.S. citizenship now costs $2,350.
It used to be free, because nobody wanted to renounce.
Not true. They're made in the Socialist Republic of Minnesota :)
Too many people think it's all a misunderstanding. Those laws are there for a reason - the earning power and assets of US citizens are already deemed to be the property of the Federal Government. There was no other purpose to write something like FATCA.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.