WaPo: 1%’ers may renounce citizenship over disclosure rules
A new tax law passed in 2010 and taking effect next year is supposed to recoup taxes owed by citizens abroad who have offshore accounts.
The Foreign Account Tax Compliance Act (FATCA) requires U.S. taxpayers with money outside this country to report those assets to the IRS and pay taxes on the earnings. That’s not particularly new.
But it may have some unintended consequences — especially for those who haven’t been disclosing their accounts.
We’re hearing that, perhaps in response to the law, more U.S. citizens overseas are deciding to renounce their citizenship.
Read the article for some of the finer details. Really, there are millions of people who would kill (sometimes literally) to be US citizens. I say, let’s take these fatcats’ citizenship away and give it to the people who have earned it.