Record Number of Americans Renounce Citizenship

Hope and change, baby. Hope and change.

(Reuters) – A year ago, in Action Comics, Superman declared plans to renounce his U.S. citizenship.

“‘Truth, justice, and the American way’ – it’s not enough anymore,” the comic book superhero said, after both the Iranian and American governments criticized him for joining a peaceful anti-government protest in Tehran.

Last year, almost 1,800 people followed Superman’s lead, renouncing their U.S. citizenship or handing 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.

But not everyone’s motivations are as lofty as Superman’s. Many say they parted ways with America for tax reasons.

People can’t afford to keep it anymore.

See, the United States is one of the few countries in the world to tax its citizenship on income earned while working overseas. The government has its hands in your wallet whether you live here or not, whether you utilize government services or not. Reporting foreign-earned income to the IRS is even more difficult and costly than reporting domestic-earned income.

Many people just give up. And now, thanks to more and more bureaucracy and higher and higher taxes, many are doing just that. And we’re losing that tax revenue. To get that little bit more from them we end up losing it all. Which is a good description for our entire tax structure.

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