Giving Up US Citizenship To Avoid Tax
I wonder if the US can levy so much tax on her citizens that at some point the value of being a citizen is no longer warranted. Thoughts from US tax payers especially welcomed.
International Level: International Guru / Political Participation: 3231 100%
More American Expatriates Give Up Citizenship:
"Before, no one would dare mention to other Americans that they were even thinking of renouncing their you.S. Nationality. Now, it is an openly discussed issue." Ref. Source 2
2014: Too Late to Leave The United States?:
"A bill to amend the Internal Revenue Code of 1986 to provide that persons renouncing citizenship for a substantial tax avoidance purpose shall be subject to tax and withholding on capital gains, to provide that such persons shall not be admissible to the United States, and for other purposes." Ref. Source 1
Millions of Americans Living Abroad: Get Ready to Comply with New and Absurd U.S. Tax Rules or Give Up Citizenship:
The sledgehammer is the overreaching effect of legislation that is alienating other countries and resulting in millions of U.S. Citizens abroad being forced to either painfully reconsider their nationality, or face a lifetime of onerous bureaucracy, expense and privacy invasion. Ref. Source 4
More US citizens have renounced their citizenship in the first and second quarters than all of 2012 combined, and 2013 a total of 1,130 names appeared on the latest list of renunciations so far. More people are choosing to migrate to other countries rather than the US, due to the tax issue. Source 6
International Level: International Guru / Political Participation: 1089 100%
Rush to Give Up U.S. Passports:
Almost 50 years after Oscar-winning actor Yul Brynner gave up his passport at the U.S. Embassy in the Swiss capital, the number of Americans relinquishing their citizenship jumped 47 percent in the first quarter. Ref. Source 1