To quote good ol’ JFK, “The cost of freedom is always high, but Americans have always paid it,” but did you know to give up your “freedom” it will cost you as well?
Since the beginning of the Obama Administration, there has been a rising number of American citizens renouncing their U.S. citizenship. The new price is set to reflect the actual cost to provide the renouncement and cover the necessary resources.
During the Bush administration, 2001-2008, 3,937 U.S. citizens gave up permanent resident status or became expatriates. From 2009-June 30, 2014, 9,566 people gave up their U.S. citizenship. More than double. And once you renounce your citizenship, gaining it back is extremely difficult. Just ask any foreigner trying to gain citizenship or even a visa.
So why the surge in expatriation? Colby Itkowitz from The Washington Post suggests:
Many Americans living abroad are frustrated by U.S. tax laws that require them to still pay the Internal Revenue Service on salaries earned in other countries. A 2010 law, the Foreign Account Tax Compliance Act, sought to crack down harder by requiring foreign banks to report on American accounts. It was intended to make it more difficult for tax-evading Americans to hide money in offshore accounts.
This steep fee surely is outweighed by the taxes saved by the individuals Itkowitz has suggested. Also, the higher price will ensure that people wishing to renounce citizenship really want to.
As a proud American citizen who loves this country, I only hope those who appreciate what this country has to offer stay. Any ‘citizen’ who doesn’t want to pay their fair share and contribute to the vibrancy and vivacity of this nation can by all means leave. The land of opportunity is for those who truly value the sacrifices made by everyone from our Founding Fathers to Claudette Colvin to our servicemen and women. The least we all can do is…pay our taxes.
Record numbers of Americans are renouncing their U.S. citizenship and moving out of the country. Find out why!