Why Are Americans Renouncing Their Citizenship?

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Why Are Americans Renouncing Their Citizenship?

 

By Tom Geoghegan

 

A new law called the Foreign Accounts Tax Compliance Act (Fatca) will,

from 1 July next year, require all financial institutions around the world to report directly to

the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books.

http://www.informationclearinghouse.info/article36373.htm