4 ms·
Not necessarly disagreeing, but when you say "many" (And that 266% increased made headlines everywhere), I feel it needs some context: 8.7 million abroad. 3,41
by ckozlowski 11y ago
Not necessarly disagreeing, but when you say "many" (And that 266% increased made headlines everywhere), I feel it needs some context:
8.7 million abroad.
3,417 renounced citizenship.
Or, .039%.
I'm going to take a stab at this and guess that's some of the 1% right there who had millions stashed abroad. Maybe the tax law was painful to them, but for the rest, it's hardly a crisis.
- mike_hearn 11y agoThe statistics on renunciations may not be correct. There are lists of people published who renounced, but every time I read a story about FATCA I keep coming across comments posting by people who claim they gave up their citizenship and never appeared on these lists. The real question is how many people would like to give it up, but can't, because obtaining citizenship where they live is extremely tough and because the US is unusually vindictive towards people who try and renounce. They can even retroactively undo your renunciation if they decide you did it for tax reasons. Seen from one angle, US citizenship looks a lot like modern slavery. You're born into it, it's difficult to escape, you get no benefit out of the relationship and no matter where in the world you run to your 'owners' will demand a slice of the fruits of your labours.
- chadscira 11y agoThats crazy! I had no idea they can "undo your renunciation". Sounds like slavery to me ;).
- jleyank 11y agoThis is Hacker News, right? Way easier to work in SV with that blue passport/screaming chicken than otherwise (except possibly countries such as Canada). Throwing away easy access to the Valley strikes me as a reasonably high price for non-retirees to pay.
- mike_hearn 11y agoThere are far more hackers outside of SV than in it, I'd guess.