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Warren Whitaker proposes changes to the U.S. tax system in an April 2012 Offshore Investment article titled "Restoring Sanity to taxation of US citizens who reside or have accounts abroad." Warren writes that "US citizens who reside abroad are so burdened with US tax requirements and possible penalties that many are considering the surrender of their US passports." To alleviate that burden, he suggests shifting the reporting burden to foreign banks; applying FBAR filing penalties to taxes due rather than account totals; amending the rules establishing non-citizenship; lessening the estate tax; and softening penalties for unreported income in order to encourage return to the tax system.
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.
