The Durk Pearson & Sandy Shaw®
Life Extension NewsTM
Volume 16 No. 10 • November 2013


Why Are The Numbers of Individuals Renouncing
Their American Citizenship Increasing So Fast?

We don’t think there is any great mystery about why people might be interested in renouncing their American citizenship when the costs imposed upon citizens (taxes and regulations) are increasing so rapidly. Like everything else, citizenship provides benefits and imposes costs, and there is a limit to what people are willing to accept as a reasonable “deal.” The numbers are not yet large, but the rate of increase is pointing in a steeply upward direction. These numbers are for the last quarter, data that will be shortly officially released but has been obtained and publicized by a reliable media figure. Last quarter, 1,131 individuals renounced their U.S. citizenship as compared to the same quarter last year in which 188 people renounced their U.S. citizenship.

Incredibly, the government is now charging an exit tax to prevent some high net worth individuals from taking their wealth with them. This applies to anyone whose average U.S. tax liability over the last five years was about $150,000 (roughly $500,000 in taxable income in 2012 dollars) and/or has a net worth of at least $2 million on the date of their expatriation. The net worth figure is NOT adjusted with inflation. Compare this exit tax outrage with the “Act of July 27, 1868” in which the U.S. Congress declared that “the right of expatriation is a natural and inherent right of all people, indispensable to the enjoyment of the rights of life, liberty, and the pursuit of happiness.”

We are fed up with the incredible GREED of the government. An average taxable income of $150,000 over the last five years is hardly enough to consider someone rich. In fact, this is well under the $250,000 that Obama promised was an income level that would not, under his Administration, be subject to higher taxes. Just another LIE in a growing output of government communication that is almost all LIES. Don’t get used to it, folks, then they’ve really gotcha.

References

http://www.sovereignman.com/expat

https://s3.amazonaws.com/public-inspection.federalregister.gov/

See also:

http://www.sovereignman.com/expat

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