The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged sixfold bringing it to a record high number of people fleeing the United States as the Obama administration prepares to introduce tougher asset-disclosure rules.
Via Paul L. Caron, Pepperdine University School of Law, "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."
Even before this latest quarterly report the numbers were astoundingly high. From the first quarter of 2009 to the first quarter of 2013 more Americans have renounced their U.S. citizenship under Barack Obama than the combined amount from the beginning of 1998 to the end of 2008.
While these former American taxpayers will be forced to pay an exit tax, the money they take with them will be now spent elsewhere, helping another country's economy, opening businesses, buying homes, cars, etc....
According to experts, 2013 is on pace to see the highest number of citizen renunciations ever.
