- Prison Planet.com - http://www.prisonplanet.com -
Due to Increased Regulations, Millions of Americans Abroad Forced to Reconsider U.S. Citizenship
Posted By yihan On July 17, 2013 @ 10:30 am In U.S. News | Comments Disabled
The Weekly Standard 
July 17, 2013
The Foreign Account Tax Compliance Act, or Fatca, is forcing millions of Americans living abroad to reconsider their U.S. citizenship, a lawyer, Colleen Graffy, writes in the Wall Street Journal.
“The legislation is Fatca, the Foreign Account Tax Compliance Act. To appreciate its breathtaking scope along with America’s unique “citizen-based” tax practices, imagine this: You were born in California, moved to New York for education or work, fell in love, married and had children. Even though you have faithfully paid taxes in New York and haven’t lived in California for 25 years, suppose California law required that you also file your taxes there because you were born there.
Though you may never have held a bank account in California, you must report all of your financial holdings to the State of California. Are you a signatory on your spouse’s account? Then you must declare his bank accounts too. Your children, now adults, have never been west of the Mississippi but they too must file their taxes in both California and New York and report any bank accounts they or their spouses may have because they are considered Californians by virtue of one parent’s birthplace,” Graffy explains.
“Extrapolate that example to the six million U.S. citizens living around the globe. Many, if not most, don’t know about these requirements. Yet they face fines, penalties and interest for not complying—even if they owe no U.S. taxes, own no U.S. property, have no U.S. bank account and haven’t lived there in years—if ever.
Full story here. 
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/due-to-increased-regulations-millions-of-americans-abroad-forced-to-reconsider-u-s-citizenship.html
URLs in this post:
 The Weekly Standard : http://www.weeklystandard.com/blogs/due-increased-regulations-millions-americans-abroad-forced-reconsider-us-citizenship_739896.html
 Tax Changes Drive Surge In Americans Renouncing Citizenship: http://www.prisonplanet.com/tax-changes-drive-surge-in-americans-renouncing-citizenship.html
 Americans Renounce Citizenship To Avoid IRS: http://www.prisonplanet.com/americans-renounce-citizenship-to-avoid-irs.html
 Supreme Court turns down case challenging Obama’s citizenship: http://www.prisonplanet.com/supreme-court-turns-down-case-challenging-obamas-citizenship.html
 23 Million Americans Have Had Their Taxes Increased an Average of $3,900 This Year–But May Not Know It Yet: http://www.prisonplanet.com/23-million-americans-have-had-their-taxes-increased-an-average-of-3900-this-year-but-may-not-know-it-yet.html
 Migration wave means a third of Londoners were born abroad: http://www.prisonplanet.com/migration-wave-means-a-third-of-londoners-were-born-abroad.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.