AMERICANS RENOUNCED THEIR CITIZENSHIP IN RECORD NUMBERS IN 2011
- If you think residing in America is taxing, just talk to one of the many expatriates who is contributing to a shocking statistic recently discovered: across the globe, people are renouncing their US citizenship in record numbers.
At least 1,788 Americans officially threw away their US citizenship in 2011, exceeding the totals from 2007, 2008 and 2009 combined. The Internal Revenue Service has been keeping a tally of US citizens driven to renouncing that title since only 1998, but last year's number has officially raised the bar when it comes to calling America quits. What's more, experts say, is that more and more Americans will soon be saying 'sayonara' to Uncle Sam if the federal government keeps up its trend of heavily taxing US citizens abroad.
Out of the 34 countries that belong to the Organization for Economic Cooperation and Development, the United States is the only nation that taxes its citizens no matter where they reside on Earth. As long as a person maintains citizen status, they are expected to send the United States government pennies on every dollar earned no matter where they live, under current law. With the US enacting stricter guidelines in recent years that demand wealthy Americans abroad paying the IRS even more, citizens are voluntarily refusing the perks and protection of the United States in numbers unmatched in recent memory.
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