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1) Renouncing US citizenship is a small but growing trend. https://www.migrationpolicy.org/article/renouncing-us-citizenship-new-trend https://www.migrationpol
by andrewtbham 6y ago
1) Renouncing US citizenship is a small but growing trend.
https://www.migrationpolicy.org/article/renouncing-us-citizenship-new-trend https://www.migrationpolicy.org/article/renouncing-us-citize...
2) The fact that the US created an exit tax is proof that is a growing problem.
The best case for this as a prediction can be made for this idea in the book "Sovereign Individual"
Even if you don't renounce, many wealthy people have second citizenships. Jim Rogers is the first wealthy person I heard really talk about this.
- learc83 6y agoThe effective tax rate has been on a downward trend for the past 50 years, so if renouncing US citizenship is a growing trend, that doesn't make a good argument for a strong positive correlation between the two.
- enraged_camel 6y agoPrecisely. People don't realize how high taxes were back in the 50s, all the way through the 70s. https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspx https://bradfordtaxinstitute.com/Free_Resources/Federal-Inco...
- andrewtbham 6y agoPeople don't realize there was no income tax till 1913, only tariffs. Income taxes are historically raised to pay for war... The US has been on war time taxes ever since WWII. https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States https://en.wikipedia.org/wiki/History_of_taxation_in_the_Uni...
- andrewtbham 6y agoThe overarching trend/correlation is.... All governments are increasingly competing with other jurisdictions on lower taxes and better services. The reason is people have increasing options because of better communication (internet), transportation (especially shipping), job mobility, etc. Covid has accelerated this trend with wfh.
- learc83 6y agoWell the only trend that we can look at quantitatively, tax rate vs US citizenship renunciations shows the exact opposite correlation to what you've been arguing.