Leaving it rather than loving it.
Dundas-based tax and immigration lawyer David Lesperance said on Twitter yesterday that he booked 2014’s last renunciation appointment at the Toronto consulate for a client on Tuesday.
In an e-mail Tuesday, the Toronto consulate said the earliest date they could book for a renunciation is January 22, 2015.
When people are lining up to renounce US citizenship, which for decades was the most coveted in the world, you know something fundamental has changed.
US citizens and "US persons" living abroad have always been obligated to file with the IRS but FATCA is the latest in leviathan shakedown. The cost of administration to the IRS and other federal agencies is likely higher than any additional revenue obtained. With tax treaties and foreign tax credits in place, very few expatriates actually pay any US taxes. Regulation for its own sake.
Posted by: John Chittick | Tuesday, August 26, 2014 at 12:49 PM
The reason purpose is not gathering money but gathering something more valuable: Information. It's not regulation for its own sake, it's regulation so to better control people's lives.
Posted by: Richard Anderson | Tuesday, August 26, 2014 at 02:01 PM
It's also the reason I surrendered my Green Card the day I left the US.
Posted by: John Chittick | Tuesday, August 26, 2014 at 08:25 PM