Quote:
Originally Posted by Demise
It's generally not your average John Smith that decides to give up citizenship.
Leading cause of renunciation is to avoid taxes (as US is the only country in the world that requires its citizens to file taxes in US even if they live abroad), so we have all sorts of millionaires who rather live tax free abroad than be US citizens.
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When people give up their US citizenship to avoid the tax, it means the benefits of being a US citizen is no longer able to offset the amount of tax that they pay. Two things are clear:
1. The US citizenship is losing its value substantially each day
2. The tax in the US is going higher and higher
Finally, when these WEALTHY people stay away from the US, that means the country is losing its wealth and the country has gradually stopped being able to attract some of the wealthy people in the world.