10 years ago
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Why More Americans Are Renouncing U.S. Citizenship
A few times a year, the Treasury Department publishes a long list of names announcing all of the Americans who have lately abandoned their U.S. citizenship. According to the legal website International Tax Blog, the number hovered around 500 a decade ago. Last year, it hit a record high of nearly 3,000. This was not a gradual change. It was a sudden spike. It's a story of dominoes falling, one after another, leading to an unexpected outcome.
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I admit I've entertained the idea before, but it wasn't for tax evasion reasons. I sometimes get very disappointed in how my government acts. However, I fairly quickly snap out of it and realize the only way I can make things better is from the inside and being a citizen helps with that. Plus, the good ol' USA has some of my favorite restaurants. lol
Same, I've thought of moving to Canada before but then I snap out of that and settle for the next best thing - Seattle.
need a roomate? lol
Seattle.. Vancouver's uglier cousin :D
I'd still tap that.
Most of the "abandoned U.S. citizenships" have to do with recent laws that force anyone with international dealings to reveal information of not only their financial status, but those of the foreign contributors/investors as well. To deal in foreign investment, it has become for all practical purposes, mandatory to relinquish U.S. citizenship as foreign investors see the U.S. govt. overstepping their bounds/authority. Another tribute to overzealous govt regulation kissing billions of U.S. dollars and investments goodbye.
I'm behind taxing American Citizens who are overseas 100%... Only if the government starts actually taking taxes out on companies who squirrel away their profits to overseas "tax havens" like the Virgin Islands, the Caymans, or Ireland.
Come to think of it, if they actually did start taxing Companies properly, there would be no need to chase after Jim in Botswana.