"The true bureaucrat is a man of really remarkable talents. He writes a kind of English that is unknown elsewhere in the world, and an almost infinite capacity for forming complicated and unworkable rules." - H.L. Mencken
The US Will Make Foreign Banks Tax Expatriate US Investors
tax 2000-07-07
The Internal Revenue Service (IRS) is moving
forward in its pursuit of expatriate American
citizens who don't pay their taxes. It is usually
a surprise for non-US citizens to discover that
the US taxes the world-wide income of its citizens
wherever they are. Americans who see this as
unreasonable - and there are many of them - have
two choices: cheat, or give up their citizenship.
According to the IRS, a high proportion of the
millions of American citizens who live abroad are
cheating, and the IRS has announced a series of
measures this year to thwart them, involving
improved detection techniques, heavier penalties,
and new rules for institutions involved in making
investments for expatriate US citizens.
