Re: US law - World Law - Secret Banking

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
participants (1)
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Duncan Frissell