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Americans renounce citizenship over taxes

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There has been a noticeable increase in the number of U.S. citizens living abroad that choose to renounce their citizenship, and many have cited taxes as the primary cause, according to Forbes. Last year at least 5,133 citizens made the decision which followed an all-time high of 5,411 during the previous year. The numbers are likely much higher as these totals do not count anyone that didn’t file formal exit forms with the IRS. Currently, it costs $2,350 to formally relinquish an American passport.

The Foreign Account Tax Compliance Act of 2010 compels foreign countries to provide information to the U.S. government regarding the finances of expatriates. Because Americans must often pay taxes to the state in which they are living, as well as to the U.S., it can be impossible to avoid becoming double-taxed on the same income despite receiving a foreign tax credit. Penalties for noncompliance can include fines and criminal charges.

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Nov
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4:00 pm Introduction to Watercolor @ Art in the Valley
Introduction to Watercolor @ Art in the Valley
Nov 14 @ 4:00 pm – 6:30 pm
Introduction to Watercolor @ Art in the Valley
This class provides a hands-on experience for painting with watercolors, and meets once a week for five weeks. Each week we will work to build a solid foundation in technique. Materials are provided, but feel[...]
7:30 pm Disney’s The Lion King JR. @ RMA Melton Memorial Gymnasium
Disney’s The Lion King JR. @ RMA Melton Memorial Gymnasium
Nov 14 @ 7:30 pm – 9:30 pm
Disney's The Lion King JR. @ RMA Melton Memorial Gymnasium
Disney’s The Lion King JR. is playing at Randolph-Macon Academy starting on Wednesday, November 14, 2018 at 2:00 pm for two days only, through Thursday, November 15, 2018. Lasting approximately 90 minutes (including intermission), the[...]
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15
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6:00 pm Drawing Studio @ Art in the Valley
Drawing Studio @ Art in the Valley
Nov 15 @ 6:00 pm – 8:30 pm
Drawing Studio @ Art in the Valley
All drawing levels welcome. In this class we’ll work on creating drawings from still life, plaster casts, or reference photos. Learn and develop your abilities in composition, proportion, and rendering with artist and instructor Michael[...]
7:30 pm Disney’s The Lion King JR. @ RMA Melton Memorial Gymnasium
Disney’s The Lion King JR. @ RMA Melton Memorial Gymnasium
Nov 15 @ 7:30 pm – 9:30 pm
Disney's The Lion King JR. @ RMA Melton Memorial Gymnasium
Disney’s The Lion King JR. is playing at Randolph-Macon Academy starting on Wednesday, November 14, 2018 at 2:00 pm for two days only, through Thursday, November 15, 2018. Lasting approximately 90 minutes (including intermission), the[...]
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6:30 pm Deck the Halls – Premier Gala @ Blue Ridge Arts Council
Deck the Halls – Premier Gala @ Blue Ridge Arts Council
Nov 16 @ 6:30 pm – 9:30 pm
Deck the Halls - Premier Gala @ Blue Ridge Arts Council
Each November, the gallery of Blue Ridge Arts Council is transformed into a holiday wonderland. Deck the Halls has proven to be a tremendous success over the past 15 years. Hundreds of volunteers participate in[...]