@badger posted a comment about a YahooNews story with a slightly different approach to the same subject that Jamie Golombek wrote about in the Financial Post. I thought I would pull it out for some wider visibility, as it only has 3 comments so far, and deserves a little attention.
The title is:
“New tax to fund Obamacare could leave American expats in Canada owing Uncle Sam”
The article begins:
What is the most feared government agency in the United States? The FBI, the DEA, the CIA, deadly special-ops soldiers like Seal Team Six?
No, it’s the U.S. Internal Revenue Service (IRS), whose long arms stretch around the world and deep into the pockets of Americans living abroad.
Now a new law gives expats a fresh reason to hate the Yankee revenuers.
“There really is a perfect storm gathering for Americans living outside the U.S.,” said Peter Megoudis, a partner with Deloitte & Touche in Toronto.
There’s no easy answer to the problem. Even dual citizens who renounce their American citizenship have to prove they’re square with the IRS and wealthier citizens are subject to a hefty “exit tax.”
You can read the middle.