With the U.S. fiscal deficit running stubbornly high, the country is looking for more ways to help balance the budget and cut debt. For the 2012 financial year, the U.S. government will slap more rigorous penalties on those who have been hiding assets overseas from the tax department.

According to the Internal Revenue Service, U.S. residents or foreign immigrants with more than 50 thousand dollars in assets or 10 thousand dollars in deposits, have to report their overseas financial situations to the U.S. tax authorities.

People who cheat would be fined up to 10 thousand dollars per month. Experts say the new measure will affect many Chinese in America, and that they may rather give up their residency, in order to maintain their own assets.

Go to Forum >>0 Comment(s)