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article imageTax leads Americans abroad to renounce U.S. citizenship

By Patrix     Dec 18, 2006 in Business
Talk about people outside America going against it. Americans living in foreign countries are choosing to renounce their citizenship rather than pay higher taxes. The US is the only developed country that taxes it citizens while they live overseas.
“The administrative costs of being an American and living outside the U.S. have gone up dramatically,” said Marnin Michaels, a tax lawyer with Baker & McKenzie in Zurich.
So far this year, the Internal Revenue Service has tallied 509 Americans who have given up their citizenship, said Anthony Burke, an I.R.S. spokesman in Washington.
This underlines the very American spirit of enterprise and individual liberty so taxing them actually makes them put themselves over the country. So much for patriotism, eh?
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