It isn’t slowing down at all. It just continues to go up. Americans don’t want to be Americans anymore, and they don’t want anything to do with the United States government.
According to a CNNMoney analysis of Internal Revenue Service (IRS) and Treasury data, the number of citizens and long-term residents of the U.S. renouncing their citizenship has spiked more than 20 percent in the last year to 4,279.
This has been the trend for the last several years now. Eighteen times as many Americans threw their citizenship or long-term residency in the trash bin in 2015 compared to 2008. Of course, as we reported, 2014 was the third consecutive record-breaking year.
Why are Americans ditching their passports? A complicated tax code, a soaring number of regulations, a corrupted political system and the list goes on.
On the tax code, the news organization writes:
“Unlike most other countries, the U.S. taxes its citizens on all income, no matter where it’s earned or where they live. For Americans living abroad, that results in a mountain of paperwork so complex that they are often forced to seek professional help, forking out high fees for accountants and lawyers.”
Here is a chart from the report:
It should be interesting to see what the rate would be should Bernie Sanders become president of the United States.
Good old Bernie knows that most people have no choice but to stay here and pay, pay, pay whatever taxes the government wants.
Just remember the government that has the power to give you everything you want today; has the power to take everything it wants from you tomorrow.