Americans renouncing US citizenship soars to yet another record high!!

[J.Thomas]

1,426. That’s the number of Americans who renounced their US citizenship last quarter according to the US government’s report just released this morning.

That’s a record high for a single quarter, easily beating the last record high set earlier this year, which beat the previous record high set in 2013.

http://www.zerohedge.com/news/2015-1...er-record-high

This has got to do with double taxation.

Americans working in some European countries or others simply deciding to become a citizen there

Very bad trend

[KathrynAragon]

It's a minuscule percentage of Americans and I agree that it is mostly to do with double taxation - if you've built your life in another country and you're paying taxes there, why would you want to pay US taxes as well? Doesn't make sense to me.

[Oldhag1]

And? That is not a lot and it's not like there aren't oodles more waiting to take their place.

[J.Thomas]

Originally Posted by Oldhag1

And? That is not a lot and it's not like there aren't oodles more waiting to take their place.

Of course that isn't a lot but it's starting a trend.

You can imagine it will pick up from here.

In couple of years maybe tens of thousands will do the same.

[Oldhag1]

Originally Posted by J.Thomas

Of course that isn't a lot but it's starting a trend.

You can imagine it will pick up from here.

In couple of weeks maybe tens of thousands will do the same.

And?

[J.Thomas]

Originally Posted by Oldhag1

And?

I meant years

And US will lose educated work force.

Remember these guys aren't bums.

Some billionaires are also fleeing.

[HappyTexan]

Slow and steady.

It's not easy giving up your citizenship because you have to get citzenship in another country first.

My cousin gave up her US citizenship but not because she's wealthy. It was because of the new tax law.
She was having problems with her bank and other financial institutions who don't want to deal with Americans now.

[HappyTexan]

Originally Posted by Oldhag1

And? That is not a lot and it's not like there aren't oodles more waiting to take their place.

Yeah but you have skilled, educated and having money leave the country while they are replaced with 100X unskilled, uneducated third world people.

And that is the direction the US is going.

[JC84]

Perhaps instead of getting mad at the government for trying to cut tax evasions, you should be asking why, when such a large number of our nation is on some type of public assistance due to stagnant wages/increased COL (including exponentially rising medical expenses and tuition costs)

The middle and lower classes are squeezed enough. You can't get blood from a turnip. It's time to rebalance the tax code back to what it was before "trickle down economics"

[HappyTexan]

And while you guys aren't worried because of the low amount our government seems to be.

They upped the fee for giving up your citizenship from $450 to $2350.