Intended Consequences?

I think they believe they are making room for more immigrants.

Record Numbers of Americans are Renouncing Their U.S. Citizenship

There are a large number of tax cheats and folks living abroad among the nearly 3000 people who dumped their citizenship last year and the just over 1000 who have already done so this year, but I’m certain that can’t be the only reason.

And, where are they all going?

This entry was posted in Color me confused. Bookmark the permalink.

1 Response to Intended Consequences?

  1. Kristophr says:

    Not tax cheats.

    The US and Eritrea are the only two countries on earth that insist on its citizens paying tax while they are paying tax to their host country while living abroad.

    On top of that FATCA requires foreign banks to report to the IRS the accounts of all US citizens, or face a 30% withholding on all funds moving to that bank from the US. Damned near all foreign banks have dealt with this by closing accounts held by Americans living abroad.

    So a lot of American expatriates have been forced to renounce in order to even keep funds in a bank where they live.

    And the IRS has been slamming Canadians who happened to be born on the US side of the border ( skipping National Health queues ) for years of taxes, even though these Canadians haven’t lived in the US almost their entire lives.

    The IRS has gone nuts under the Obama admin, and anyone who can get clear of them is doing so.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.