More Americans Give Up Citizenship As IRS Gets Aggressive Overseas
By Martin Vaughan, Of DOW JONES NEWSWIRES
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In order to give up U.S. citizenship, a person must obtain or have citizenship in another country. The person surrenders their passport or green card during an interview with a consular officer in their new home country. He or she must also submit a form, including a list of assets, to the IRS to complete the process.
Chris Kavanagh of the American Institute in Taiwan, which represents U.S. interests in Taiwan, said 43 people gave up their U.S. citizenship in Taiwan in 2009, the highest that figure has been since 2003. He cautioned against drawing conclusions from that data, however.
The IRS says some of the swelling of numbers of expatriations towards the end of 2009 occurred because the agency made a push to notify people that had already surrendered their passport, but had not completed the process by submitting the IRS form. Until that form is received by the IRS, these people are still subject to U.S. tax. “There is some catch-up going on,” said IRS spokesman Bruce Friedland.
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Wow, things are really going bad.
Now we are exporting rich people. And, importing poor ones.
This can’t be good for the economy.
When does the tyrant close the borders? Camps next? And, the sheeple keep getting shorn!
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Reinke Faces Life 