This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

More Americans Drop Citizenship Over Taxes

By Neal Colgrass, Newser Staff

It's April again: time to add up receipts, find little-known tax breaks, and, in some cases, renounce U.S. citizenship altogether.

In fact, a record number of Americans abroad renounced their citizenship last year as complaints increased about IRS rules, Reuters reports.

One rule forces all Americans to file forms for foreign accounts containing at least $10,000. Another, newer rule stipulates that financial institutions must cough up information on U.S. clients to the IRS.

More from Newser
'iPad Mini' Coming for Less Than $300
13 Stars With Major Tax Issues
America's Weirdest State Taxes

Those banks, hedge funds and private equity funds are "going to drop Americans like hot potatoes," says one analyst. "The foreign banks are upset enough about the regulations that they're saying they just won't keep American customers."

Meanwhile, more Americans abroad are speaking up on the issue and disputing the label of "tax evader." Says one American in Canada, who blogs about expatriation: "It's making life difficult for a lot of people. It's driving us away."

--Written by Neal Colgrass of Newser

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $112.07 2.20%
FB $89.22 2.30%
GOOG $632.63 0.64%
TSLA $241.85 7.60%
YHOO $33.69 3.60%

Markets

Chart of I:DJI
DOW 16,505.91 +220.40 1.35%
S&P 500 1,957.60 +17.09 0.88%
NASDAQ 4,742.5120 +44.9760 0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs