Economic Tip of the Day: August 22, 2012
Did you know that American billionaires are renouncing their citizenship in record numbers to avoid paying increased tax rates? The U.S. discourages this practice by releasing a quarterly publication naming all recently renounced former citizens. If the U.S. government can prove the renunciation was motivated by a desire not to pay taxes, the former citizens can be arrested if they ever return to the United States.
- More of the Super Wealthy Defect From the USSA (wealthwire.com)
- 460 people renounced US citizenship so far this year (foxnews.com)
- Wealthy Americans Renouncing Citizenship at Record Pace (politicalwire.com)
- Taxpayers Who Renounced U.S. Citizenship Fell in 2012 Second Quarter (taxprof.typepad.com)