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The Wet Coast Daily, by Dave Cottrell: Published Daily from the WET West Coast by Dave Cottrell
Dave Cottrell’s insight:
More and More US Citizens Turning In their Passports due to the 2010 Foreign Account Tax Compliance Act, which requires US citizens living abroad, often as citizens of other countries, to pay US income tax on top of the taxes they pay to the country in which they reside. Many friends of mine who live in Canada, and earn very little income are STILL having to file, and face huge fines and even arrests when returning to the US to visit relatives. It is much simpler to simply renounce their US citizenship.