Going Galt?
McClatchy reports on a very positive indicator: IRS crackdown on foreign assets leading many to renounce U.S. citizenship
Last year, 1,780 Americans relinquished their citizenship to avoid disclosing foreign account information to the Internal Revenue Service. This is a sharp increase over 2010, when 1,485 renounced citizenship. In 2009, the number was 731 and in 2008 226.
The increasing numbers of Americans renouncing citizenship is the result of an IRS crackdown: Within the past three years, the agency has stepped up efforts to track down and prosecute U.S. citizens who evade taxes by hiding money and other financial assets in foreign bank accounts.
Why is this positive? Because these parasites have been enjoying the privilege of US citizenship without paying for it. They aren’t simply facing a large tax bill, they could be facing criminal charges over hiding income, and they are avoiding possible prison time for tax fraud.
Let some other ‘host’ country deal with the problem of these ‘moochers’.
2 comments
Good riddance to bad rubbish.
Exactly. They weren’t adding anything to the country, so let them annoy someone else with their larcenies and sense of privilege.