The United States is an outlier: Its extraterritorial tax laws apply to American citizens and companies no matter where they are. We are the only country (except, arguably, Eritrea) that taxes all of its citizens on worldwide income rather than where the income is earned. Expatriate Americans have to pay taxes once, wherever they live, and then file again in the United States. . LONDON — THE MAYOR OF LONDON, Boris Johnson, who was born in New York and holds both American and British passports, recently said that he would not pay a tax bill from the United States on capital gains from the sale of his home in the London borough of Islington. Mr. Johnson pointed out that he hasn’t lived in America since he was 5. He’d like to renounce his citizenship, but said the process was “very difficult.” . nytimes/2014/12/08/opinion/why-im-giving-up-my-american-citizenship-passport.html?_r=1
Posted on: Mon, 08 Dec 2014 12:02:22 +0000