This is an incredibly interesting video. The video was made in association with an article that Mr. McGurn wrote in April 2012 titled – “What’s U.S. Citizenship Worth?” Mr. McGurn certainly clarifies that many people are NOT renouncing U.S. citizenship to avoid taxes. He emphasizes the complexity, the reporting requirements and the simple fact that people outside the United States do not want to be associated with U.S. citizens. Interestingly he introduces analogy of the Berlin Wall. Months and months ago I wrote that with FATCA, the U.S. was creating it’s own Berlin Wall.
The United States is in serious trouble. It must:
Stop citizenship-based taxation and repeal FATCA.
What is U.S. citizenship worth? It depends where you are coming from. But, for long term residents abroad, the value of U.S. citizenship is far less than the problems associated with keeping it!
