The number of Americans renouncing their U.S. citizenship or changing their permanent residence to another country reached an all-time high in 2013, according to a Treasury Department report published Thursday.
Not only did the number shatter the previous record set in 2011, but it represented a 221 percent increase from the year before, according to the International Tax Blog.
The blog attributed the exodus to three factors:
1. Increased awareness of the obligation to file U.S. tax returns by U.S. citizens and U.S. tax residents living outside the U.S.;
2. The ever-increasing burden of complying with U.S. tax laws; and
3. The fear generated by the potentially bankrupting penalties for failure to file U.S. tax returns when an individual holds substantial non-U.S. assets.
It’s often said that a nation can be judged by the number of people who want in, so the reverse should also be true — that Obama’s America can be evaluated by the number of people who want out.
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