Reuters is reporting that a record number of US citizens have renounced citizenship.
Last year, almost 1,800 people renounced their U.S. citizenship or handed in their Green Cards. That’s a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It’s also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined.
Many say they are doing so for tax reasons.
Our tax code is cumbersome, onerous, complex and frustrating. The US government employs more than 90,000 workers to enforce over 70,000 pages of federal tax code! The US is one of the few countries who taxes citizens’ income earned beyond our borders.
However, even with all of our issues, we still live in the greatest country in the history of mankind. Renouncing your citizenship is short-sighted and dare we say cowardly.
There are much easier and more effective ways to pay for the infrastructure and defense necessary to operate the red, white and blue. See the Fair Tax, the Flat Tax or God forbid a Consumption Sales Tax.
Renounce your citizenship at your own peril. We’re sticking it out and working to simplify our tax policy in a way that honors the sacrifices of our Founders.