Posted on 07/04/2012 7:11:39 AM PDT by SeekAndFind
I wonder what the driving force behind that is?
Going to live in another country is one thing....giving up your U.S. citizenship is another,
Good riddance.
This is mainly Americans working abroad. Part of this trend is because the US is the only country which taxes income earned in foreign countries. I think one of the more recent driving issues is that now foreign banks have been given extremely burdensome new reporting requirements for Americans working abroad to the point where many are now refusing to provide service to US citizens.
We are a nation of 315 million. These numbers, less than 2,000 a year are statistically meaningless. The numbers are infinitesimal.
I wonder what the driving force behind that is?
I suspect it has to do with double taxation on income.
When I was working in Switzerland in the 80’s I had to still file with the IRS every year and report foreign earned income. At that time I believe anything over $75,000 per year was taxed again by the US federal government.
But where to go? Europe is a basket case, the ME a smoldering mess, no decent place in Africa (including SA), and leftist governments in most of S. America.
Its not like American citizenship means anything anymore.
I am willing to bet that ALL of these Citizen renuoncers are WEALTHY folks (AKA the 1% ).
The USA is one of only 2 countries I know ( the other one being a small African country I can’t remember ) that taxes you based on your citizenship REGARDLESS of where you earned your income.
Germans who work in America and make money here are NOT taxed in Germany for the money made here. But Americans who make money in Germany are taxed IN GERMANY *AND* America.
There was a time when an ex-pat could open a Swiss account and deposit their money there without having to inform the IRS. Not anymore. America bullied Switzerland to inform the IRS of ALL American bank accounts and the Swiss CAVED.
RE: Its not like American citizenship means anything anymore.
Aren’t we still the land of the free and the home of the brave?
RE: But where to go?
Does Facebook co-founder Eduardo Saverin know something we don’t?
FWIW,there is an entire system of statistics of rare events, which (probably) would show that the increase in abandonment of citizenship are “significant,” and worthy of further study.
FWIW,there is an entire system of statistics of rare events, which (probably) would show that the increase in abandonment of citizenship are “significant,” and worthy of further study.
http://en.wikipedia.org/wiki/Poisson_distribution for example.
For example, the U.S. adds one international migrant (net) every 36 seconds. Immigrants account for one in 8 U.S. residents, the highest level in more than 90 years. In 1970 it was one in 21; in 1980 it was one in 16; and in 1990 it was one in 13. In a decade, it will be one in 7, the highest it has been in our history. And by 2050, one in 5 residents of the U.S. will be foreign-born.
Perhaps our growing immigrant population will result in some wishing to return back to their home country. We recognize dual nationality, but perhaps their home country does not forcing them to make this decision.
One would have to analyze who is in the 1,800 and see where they came from, their age, their income, etc. At this point, I see these data as virtually meaningless.
I would have to agree with you. If you take the net worth of those former American citizens and look at it in the long term it will have a serious effect on the USA’s bottom line.
If the trend continues to increase then the effect becomes more obvious over the short term.
It's just never enough.
Other people have a right to an individuals labor and the US being a nation of rights and all....
“....Aren’t we still the land of the free and the home of the brave?...”
Ummmm.....no. That all died in Nov. 2008 and is so passe’.
The recent SCOTUS decision on odongocare put the final nail in the coffin. Also, old odongo had to do a world-wide tour to apologize to the entire wide world for our “braveness” over the recent course of modern history, but its all cool...he got everything straightened out for us. /s
But hey, there are a few of us trying to throw the rotten, slimy, commie bums out of office in about 126 days or so in order to try to restore a modicum of freedom to the common American. The brave part, well, the republicans are still working on that one....they’ve got a long way to go, but a couple of us on here still have some balls.
The US imports a much larger percentage of third worlders than in 1970 and immediately go on the dole. How is that affecting America in a positive way?
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