The U.S.–once a low-tax haven–now causes many to renounce U.S. citizenship over taxes


CNBC reports on the relatively new phenomenon of tax exiles who flee America’s current high tax rates. The U.S. currently has the world’s highest corporate tax rates and substantially higher-than-average personal income taxes. See our earlier report here.

See the CNBC story here.

The urge to renounce U.S. citizenship is increasingly strong among high-earners who produce income overseas as well as domestically. In recent years, the U.S. government has been aggressively taxing Americans who hold money in foreign bank accounts.

“More Americans renounced their citizenship and terminated their long-term residency in the first three months of the year than ever before, courtesy of the crackdown in foreign tax rules.”