Normally averaging hundreds per year, last year the U.S. had almost 1,800 citizens renounce their citizenship and move overseas. The number of wealthy Americans dropping their citizenship has grown sevenfold in the four years since a whistleblower at UBS prompted a crackdown on tax evasion, according to a separate Bloomberg report.
The latest, Facebook co-founder Eduardo Saverin, stands to potentially save hundreds of millions of dollars by giving up his citizenship, and according to an immigration attorney and expert on citizenship matters, saving on taxes – especially capital gains duties – is usually the reason people make the decision.
John Dorrance III, the heir to the Campell’s Soup fortune, ditched his U.S. citizenship and moved to Ireland before selling his stake in the family business, according to Forbes.
The Government actually publishes quarterly lists of Americans renouncing their citizenship.
And as a parting remembrance, the IRS has one final departure tax for those leaving after renouncing their citizenship.
As the United States continues its downward spiral of economic ruin, socialistic agenda, and class warfare, we can only expect this trend to increase.
By: joe prole
In: Regional News, Politics
Tags: Atlas Shrugged, Expatriotism, Tax regulations, Unintended consequences
Location: United States (load item map)
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