Search results
Results from the WOW.Com Content Network
v. t. e. Under United States federal law, a U.S. citizen or national may voluntarily and intentionally give up that status and become an alien with respect to the United States. Relinquishment is distinct from denaturalization, which in U.S. law refers solely to cancellation of illegally procured naturalization.
All property of a covered expatriate is deemed sold for its fair market value on the day before the expatriation date, which usually results in a capital gain, which is taxable income. [65] Eduardo Saverin, a Brazilian-born co-founder of Facebook, renounced his US citizenship just before the company's expected initial public offering. The ...
1997. Q2 1998. Ljubica Acevska. Diplomat. Naturalized. Republic of Macedonia. A native of Capari in the former Yugoslavia, Acevska came to the United States with her family in 1966. [ 5 ][ 6 ] She relinquished U.S. citizenship in 1995 to become the first Macedonian Ambassador to the United States. [ 7 ] N/A.
Reed Amendment author Jack Reed. The Reed Amendment, also known as the Expatriate Exclusion Clause, created a provision of United States federal law ( 8 U.S.C. § 1182 (a) (10) (E)) attempting to impose an entry ban on certain former U.S. citizens based on their reasons for renouncing U.S. citizenship. Notably, entry can be denied to persons ...
Originally, under the Foreign Investors Tax Act of 1966, people determined to be giving up their nationality for the purpose of avoiding U.S. taxation were subject to ten years of continued taxation on their U.S.-source income, to prevent ex-nationals from taking advantage of special tax incentives offered to foreigners investing in the United ...
West Virginia: 65% of any Social Security income included on your federal income tax return is subject to state income tax in West Virginia. However, those taxes are being phased out. In 2025, 35% ...
In the United States today, everyone except those whose income is derived from tax-exempt revenue (Subchapter N, Section 861 of the U.S. Tax Code) is required to file a federal income tax return. U.S. citizens are subject to federal income tax on worldwide income regardless of their country of residence. [14]
Most people's retirement plans include the Social Security benefits they count on accessing as early as age 62. For some people, Social Security might even be the primary income they live on, even...