04 August 2010

Following Our Foundings, Renouncing Citizenship to Save on Taxes

The Financial Times has an article published Monday that people are lining up in London to renounce their US Citizenship and hand in their US Passports.  Apparently, the line is so long, that appointments are necessary and you can't get one until February of 2011.  According to the article there are many reasons why people are renouncing their US citizenship but chief among them is the attempt to escape the ever growing reach of the IRC (Internal Revenue Code).  It seems that those working and living abroad have better tax advantages available to them since nations like the UK do not have far reaching revenue generating schemes that extend beyond their borders. 

No longer is the IRC just internal and the people of this country should call it what it really is, an all encompassing Inter-World Revenue Code.  Our founders effectively renounced their loyalty to the English Crown on the basis of taxes, so it seems fitting that it is coming full circle.  It is a shame that those would rather renounce their citizenship than fight to make changes that would benefit all Americans.  However, it is a decision based on freedom following the American spirit of personal choice and one that I honestly can't find fault towards.  Good luck to those who have or are thinking about escaping the tax code through renouncing your citizenship, but just do me a favor, and move to the lower latitudes first! 

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