While the conventional wisdom still suggests the U.S. is the best place to be, a look at Treasury Department figures would suggest otherwise. According to CNBC the Treasury Department reported that 1,335 Americans became expatriates in the first quarter of 2015. This surpassed the previous record of 1,130 that was published in the second quarter in 2013. So what is prompting Americans to give up the most desired passport in the world?
A look beneath the surface indicates that a U.S. passport is not as desirable as it used to be. Thanks to big government welfare programs and military crusades, wealthy Americans are being juiced for every last dollar, and they’re doing something about it. In order to protect their wealth from endless confiscation, our best and brightest are doing the unthinkable and giving up their U.S. citizenship.
Some of these Americans happen to be celebrities, businessmen and sports heroes. Facebook co-founder Eduardo Saverin pulled the plug on his citizenship in 2012 for “tax reasons.” Tina Turner “relinquished” her passport in 2013, and most commentators speculate that America’s aggressive tax policies pushed her to do so. Russia recently granted a passport to Roy Jones, Jr., so it wouldn’t be a surprise if he is the next celebrity to cut ties with Uncle Sam.
America’s freedom index is falling while its tax policy becomes even more onerous. This will cause the pace of renunciations to pick up, so Congress will be inclined to enact Exit Tax legislation. The citizen renunciation form already increased by over 422% in January, and the price will leap as our freedoms wane. The U.S. is slowly becoming a debtor’s prison, and it is bound to get worse.