Taxes and the american citizen...

[theOAP]

To add to my previous post:

No one knows how many US Persons have given back their passport or Green Card. Different articles site a number of 1500 to 1800 for 2011. The number is the subject of much debate. Some say it's only those who had to file with the IRS through OVDI type programms. Some say it only includes those who went through renunciation but not relinquishment or Green Card holders. Many who have gone through renunciation have never seen their names appear in the Congressional Record, which is required. A recent FBI record (associated with the Brady Act, of all things) lists 3,220 renunciants (but not relinquishers) in October of 2012 alone. Their are no reliable numbers being given out.

Some reading:
The Bloomberg article is from last year. This article was published on 31 January, 2013.
No one's mentioned Tina Turner! Ms Turner probably fits into the category of wealthy. Although starting with Ms Turner, the TIME article goes on to discuss the very large majority of renunciants who could not be classed as wealthy. For an accurate current insight of 'a few' US expats feelings, read the comments.

Why Americans Working Abroad Are Ditching Their U.S. Citizenships | TIME.com

The following article is composed mainly of one man's current disgust with the results of US policy on banking as it effects the expat. It might not have been particuarly newsworthy but for the fact that the gentleman was a very active in US politics abroad.

EDITOR'S NOTEPAD » William Olenick

 

[bondi688]

Yes, the US is a tax haven for many, but US banks are not required to share information on dual citizen or foreign depositors that might have overseas tax obligations. This is why so many are annoyed at FATCA, the lack of reciprocity.

The heavy handed approach of the US lawmakers and IRS in bringing in FATCA and the significant burdens the act will soon place on many Americans who are not tax evaders, foreign governments and institutions, and then turned out the US herself was not anywhere near ready to do what she forces others to do, was what I was pointing out (comment 103)when I revived the discussion on this thread yesterday. I see the comments drifted to some Americans renunciation of US Citizenship. I did not intend to get into heavy political controversy, but understand in some sense, the drift in the discussion is not irrelevant, off-based, illogical or unexpected.

 

[brett]

Texas Proud.....my colleague who gave up his US citizenship was a citizen by virtue of his birth in the US. I suspect that this is the situation of most people who go this route.