18 February 2014 (01:26 UTC-07 Tango)/17 Rabi ‘ath-Thani 1435/29 Bahman 1392/19 Bing-Yin (1st month) 4712
“The U.S. used to be the ‘Rolls Royce’ of destinations, the land of opportunity, both naturalized and native-born American citizens are choosing to say goodbye to Uncle Sam today.”-Eugene Chow, immigration attorney in Hong Kong
According to the latest Federal Bureau of Investigation data, a record 3128+ Americans renounced their U.S. citizenship in 2013! The data was made public after a Canadian news source filed a U.S. freedom-of-information demand.
But wait there’s more! The Global News discovered that FBI data, concerning people who reject U.S. citizenship, is much higher than what the IRS and even the Department of State (DoS) has reported! This revelation also shows that the FBI tracks former citizens!
Here’s why the FBI numbers are higher than what the IRS and DoS reports. There is the officially recognized ‘renunciation’ of citizenship, which can cost $450 USD, and there’s the free unofficial ‘relinquishment’ of citizenship. The FBI tracks both.
Compare the renunciation of citizenship of U.S. residents to Canadians: An average of 172 Canadians renounce their citizenship every year, the number of U.S.ians who reject their citizenship is now in the thousands every year!
The latest report to Congress by the U.S. National Taxpayer Advocate blames the increased loss of U.S. citizens on the British empire type of taxation of U.S. citizens living in other countries. FATCA (Foreign Account Tax Compliance Act) imposes massive fines, even tens of thousands of dollars for just being late with the filing!
“…the IRS has not acted upon advice it has received from some well-informed stakeholders. FATCA carries with it the potential for substantial
resource burdens and significant due process concerns that will arise….”-from the National Taxpayer Advocate’s report to Congress: The Foreign Account Tax Compliance Act Has the Potential to be Burdensome, Overly Broad, and Detrimental to Taxpayers
But remember, the number of citizenship renunciations pales in comparison to the number of ‘mericans simply fleeing their country. According to the Organisation for Economic Co-operation and Development, U.S. citizens are the number one migrant group moving TO Mexico, by almost 1-million in 2010! But the Obama regime has this warning: “Persons who wish to renounce U.S. citizenship should be aware of the fact that renunciation of U.S. citizenship may have no effect whatsoever on his or her U.S. tax or military service obligations….”-U.S. Department of State
Another 1.18 million citizens have left the U.S.! Don’t blame new tax rules!
Yet again, Record number of people renounce U.S. citizenship.
people officially renounce U.S. citizenship because of taxes