Americans are renouncing their US citizenship in record numbers; here’s why you should care . . .

[sharenow]

Americans are renouncing their cherished United States citizenships in record numbers — but it has nothing to do with President Donald Trump.

In fact, one of the president’s promises may bring them back into the fold.

A record 5,411 Americans renounced their citizenship in 2016, 26 percent more than had done it in the previous year, the New York Post reported.

2016’s fourth quarter, which witnessed the election of Trump over his Democratic rival, saw the year’s biggest surge when 2,365 took that step — but it wasn’t his election that prompted them to turn their backs on the United States.

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Experts contend that it’s America’s tax code — not politics — that is to blame.

The dreaded tax time has returned, prompting a surge in Americans renouncing their citizenship
The dreaded tax time has returned, prompting a surge in Americans renouncing their citizenship

While most countries base their tax structure on residency, the united States bases it on citizenship, meaning that Americans are subject to taxes on income earned in foreign countries. The Post reported:

A steady rise in US renunciations began in 2010 with the passage of the Foreign Account Tax Compliance Act, which required foreign banks holding assets for US citizens to report them to the IRS — or pay to the IRS 30 percent of gross proceeds generated by those accounts.

 

One famous name on the list of those renouncing their U.S. citizenship is London’s flamboyant former Mayor Boris Johnson, who was born in the United States to British parents.

Many folks on social media said good riddance to those who left for greener pastures.

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But at least one blamed the debacle on the “tax the rich and middle class” Democratic Party.

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And to that end, Trump has made tax reform a priority for his administration and promised “phenomenal” tax reductions for businesses and individuals coming within weeks.

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