Americans Renouncing Citizenship Hits All-Time High

[DonViejo]

Source: The Daily Beast



The number of Americans renouncing their citizenship has hit a record high, according to U.S. government data. The total number of individuals expatriating rose 26 percent from 2015, to 5,411 in 2016. While it’s tempting to point to the exhausting 2016 election season as a reason for many to renounce, Bloomberg News points out that the increase largely stems from tax laws that in 2010 were made tougher for U.S. citizens banking overseas. Because America taxes people based on nationality, under the recent rules its citizens are liable for U.S. taxes even when living abroad. Since the new compliance regulations went into effect, Bloomberg noted, the number of expatriations has reached a new high each year.

READ IT AT BLOOMBERG NEWS

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Read more: http://www.thedailybeast.com/cheats/2017/02/10/americans-renouncing-citizenship-hits-all-time-high.html?via=desktop&source=copyurl

[bdamomma]

1. K&R

[cstanleytech]

2. Thats fine by me if they recounce it but they should also be denied entry back into the US

permanently.

[riverbendviewgal]

3. It is costly to give up citizenship.

For the costs see. FORBES.


http://www.forbes.com/sites/robertwood/2015/10/23/u-s-has-worlds-highest-fee-to-renounce-citizenship/#3cb6ff3c6568
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UK'S Boris Johnson is on the list. He had to pay tax on All his assets including his home. He was born in NYC to British parents and left the USA when he was a child.

GREEN card holders who left the USA and handed in their green cards are obligated to file US tax forms forever. Children who were born in other countries whose parents are American also are obligated to file US TAXES. If they relinquish or renounce the must pay the fees and tax obligations even though they were not born in the USA.

Many were on the fence but with Trump in power they are deciding to leave. The list will rapidly growing.

Many Americans will leave for their Children's' sake. Education in American will be far less superior than it is now. Also the risk of the draft for the wars coming that Trump wants.

It is alarming. Glad I left when I did.

[eppur_se_muova]

4. Because what's OK for corporations is not OK for people.

Want to hide $10 billion in profits overseas by not-so-subtle bookkeeping ledgerdemain* ? Go right ahead !
Don't want to pay US taxes on wages earned outside the US, for which the US did nothing ? NO WAY !

Remember -- unlike Rmoney, most Repugs don't believe that corporations are people.

They believe corporations are BETTER than people.




















* Yes, I know it's misspelled. I'm playing with words.