Banking problems on the way for US expats?

Toxic citizens?

Jackie Bugnion is an American citizen who has lived in Switzerland for 45 years. She had two securities accounts in her adopted country but in the spring she was told that she should find another home for her money. This summer those accounts were moved into SEC-regulated subsidiaries. "I call them the 'American ghettos'," she says. These subsidiaries are subject to higher fees and higher minimum investments than normal accounts. "It makes you feel toxic when this happens to you after you have been the client of a bank for years," says Ms. Bugnion.

American expatriates are fast becoming the world's financial refugees. Onerous legislation from the U.S. government is making it too difficult – and too expensive – for banks to service U.S. citizens that live abroad. Expats are being left with a fast diminishing range of options. An increasing number are taking the most drastic step and renouncing their citizenship.

For poor folk this is not too much of a problem,however,you should be able to deduct taxes that are paid to a foreign country.

I'm sure the country of Venezuela will cooperate with US citizens in not notifying the IRS.

Hey, what was that tea party in Boston 1773 all about anyway?