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Americans renouncing U.S. citizenship surged Americans renouncing U.S. citizenship surged sixfold in the second quarter from a year earlier as the government prepares to introduce tougher asset-disclosure rules. Expatriates giving up their nationality at U.S. embassies climbed to 1,131 in the three months through June from 189 in the year-earlier period, according to Federal Register figures published today. That brought the first-half total to 1,810 compared with 235 for the whole of 2008. The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside, is searching for tax cheats in offshore centers, including Switzerland, as the government tries to curb the budget deficit. Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act, more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport.  From News__________________________________________ Maybe time will bring what it will bring to people who bury their money offshore in hopes to shield it for their personal gains?! Each Nations Currency is designed to include the ability for that nation to circulate it within their environment and to be useful in international trade transactions. But to hoard it in offshore accounts without regard for the system which allowed them to gain it, is the nature of abuse that is a part of the greed premise within their motivations and acts. Let them go.... because at some point when the foreign government they run to, decide they will no longer allow the influence peddling these individuals bring into their environments, those nations will too find a means to take actions. Thank goodness for the Generations that existed before this current selfishly greedy generation. Previous generations invested in nation building investments in the places they lived and the nation they lived within, then they spread out to do good will in other nations. |
