Tina Turner joins thousands in giving up American citizenship in favor of their residential country. This comes as part of a global movement of those with dual citizenship who are getting weighed down with the tax requirements of the U.S. Despite living in another country, and for most, making their money there, individuals who have dual citizenship with the United States are forced to file taxes twice. Most are unable to afford the burden imposed by the US, the only industrialized country to maintain taxation for oversea citizens. Even tax free savings and joint foreign accounts aren’t safe from the IRS.
Due to tax evasions, by many of the rich and powerful, a new law(FACTCA) requires foreign banks to notify the IRS of any American account, a decision that has sparked outrage from the majority of average citizen who never broke a law. One of the main complaints is the taxes are going towards systems and benefits that are never utilized by the citizen overseas, who are already paying much higher taxes in their country of residence. Although thought is being put into a correction to make possessing a dual citizenship more affordable, the change might not come soon enough for many who can start calling themselves “___ formally known as American.”
By: Courtney Kidd, LMSW
SJS Staff Writer
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