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Saturday, August 10, 2013

Number of Taxpayers Who Renounced U.S. Citizenship Hits Record High

Wall Street Journal, Number of Americans Renouncing Citizenship Surges: Expert Says 2013 on Pace to See Highest Number of U.S. Expatriations Ever:

The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged to a record high in the second quarter, as new laws aimed at cracking down on overseas assets increase the cost of complying and the risk of a taxpayer misstep.

A total of 1,130 names appeared on the latest list of renunciations from the IRS, according to Andrew Mitchel, a tax lawyer in Centerbrook, Conn., who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

WSJ

Taxpayers aren't required to explain the move, but experts said the recent rise is likely due to tougher laws and enforcement.  "The IRS crackdown on U.S. taxpayers living abroad seems to be having an effect," said Mr. Mitchel.

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Comments

Time to get rid of the problem? It's called the IRS.

Posted by: Pete | Aug 10, 2013 2:58:55 PM

hey, one thing leads to another, now doesn't it? an overbearing maniacal dictator in power, and his henchmen, lead to people leaving a sinking ship...belieze, costa rica, etc.,
here i come...

Posted by: ghostmarine | Aug 10, 2013 6:28:36 PM

That is still tiny compared to the 1M people getting US citizenship each year.

Posted by: TTT | Aug 10, 2013 6:38:32 PM

'A tiny number' = 'an extremely small minority' are leaving;
How many more are scaling back their activities, or 'Going Galt' altogether ? What will be the net effect 'if This Goes On' ?


Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as "bad luck." - Heinlein

Posted by: M. Report | Aug 10, 2013 8:13:27 PM

Don't forget to add in Snowden.

Posted by: Diggs | Aug 10, 2013 8:54:25 PM

Not much of an American who runs when America needs them most.

Posted by: PacRim Jim | Aug 10, 2013 9:00:09 PM

Good bye freeloaders.

Posted by: exboyracer | Aug 10, 2013 9:25:12 PM

The worst thing that my wife ever did was become a US citizen.

Posted by: lasjdflkj lajsdlfk | Aug 10, 2013 10:08:21 PM

There's no indication of how many are citizens and how many are green card holders. I've worked with some Indians in IT who had plans to work here for a number of years and then take all the moolah they made back home and live like the Maharajah. It woudl be helpful to know how many are US citizens living overseas and how many are foreign national green card holders and where they come from.

Posted by: Landru | Aug 10, 2013 10:31:05 PM

And you believe the IRS numbers? Why?

Posted by: PTL | Aug 11, 2013 2:04:02 AM

Heard enough horror stories about people born in the US who never worked or lived there getting IRS attention to make these numbers seem kinda low to me.

Posted by: Rob | Aug 11, 2013 2:27:03 PM