US law - World Law - Secret Banking
Duncan Frissell
frissell at panix.com
Sat Apr 27 23:45:39 PDT 1996
At 02:43 PM 4/27/96 -0400, Michael Froomkin wrote:
>I disagree with the assertion that a hypothetical 2 yr old with a US
>passport who never set foot in the US again gets nothing for her
>citizenship. The evidence is that she didn't rennounce it: if was
>worthless to her she could easily do so.
>
She need not ever have even gotten a US passport. Additionally, she
probably can't renounce her citizenship until she reaches majority. Also,
if she is born with a fortune and the Clinton Exit Tax (which declares that
renunciation of citizenship is a taxable event) is in place, she is out vast
quantities of cash for nothing. The problem is the US tax system which
tries to maintain an extra-territorial reach and encourages renunciation of
citizenship.
DCF
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