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Why Americans Are Dumping Their Dual Citizenship

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It has nothing to do with Trump, none of the celebrities actually made the jump to another country but the cause centers around taxation and not representation.

http://www.msn.com/en-us/news/world/boris-johnson-among-record-number-to-renounce-us-citizenship-in-2016/ar-AAmKdAr?li=AA4Zpp&ocid=spartanntp

In a nutshell, changes in the IRS tax code that was implemented in 2010 is causing dual citizenship to become too much of a tax burden to maintain. Boris Johnson, the UK Foreign Secretary, hasn't lived in the US since he was 5 years old. Recently as 2014 he sold a home in London and the US IRS sent him a $50K bill for capital gains.

So he said screw these guys and filed the paperwork. And he is not the only one, over 5,400 people gave up on the US in 2016 and decided paying taxes to one greedy government is enough. I never understood what the advantage was of dual citizenship but there is certainly incentive these days to pick a flag and stick with it.

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Anyone that dumps American citzenship is out of their damn minds.  American citizenship is literally gold. 

Even compared to Western Europe.  In any nightmare scenario there would be no place better then here as far as I'm concerned.  Opportunity, security etc.  

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3 hours ago, UndertheHalo said:

Anyone that dumps American citzenship is out of their damn minds.  American citizenship is literally gold. 

Even compared to Western Europe.  In any nightmare scenario there would be no place better then here as far as I'm concerned.  Opportunity, security etc.  

Boris Johnson is the British Secretary of State. I'm sure he feels secure in his London estate where gun ownership is tightly restricted. Secure enough that should the shit hit the fan his diplomatic position would land him in crime ridden Washington DC in a matter of hours. 

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In reading expat blogs by Americans living in Europe, taxes are one of the biggest nightmares. One expat living in England said that it took him months to find an accountant who would even take on the reams of forms that he had to submit to the IRS, and it cost several thousand dollars in accounting fees just to file one year's return.

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