Actor Wesley Snipes Freed After 3 Years for Refusing to be Taxed*
By Hwaa Irfan
Giving up US citizenship has been in the news recently with 1,780 expatriates relinquish their passports at U.S. embassies – an up from 235 at the beginning of the global economic crisis in 2008 according to Andy Sundberg, secretary of Geneva’s Overseas American Academy. In 2011 that figure was 1,781.
The U.S., is the only nation in the Organization for Economic Cooperation and Development, OECD that taxes its citizens wherever they are side living. To add insult to injury, US citizens have to pay capital gains tax to the US government if they sell a property in Britain that is their main residence.
Even then the U.S. does not let that go without a price. As Bloomberg reports, a fee has to be paid – an exit tax of US$450 on unrealized capital gains if…
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