Remember all those stars who threatened to leave the country if Donald Trump won the presidency? Well most of them probably aren’t going to anywhere but according to a new report it appears that many are leaving the United States. When Donald Trump became President, many people thought the election would bring about long-awaited U.S. tax reform in the United States. But not everyone. According to federal government records, a record 5,409 Americans renounced their citizenships in the year 2016, including a whopping 2,364 in the final quarter of the year alone. That’s a more than 26%
increase from the 4,279 who handed in their passports in 2015. The cause of the defections, which led the U.S. to say so long last quarter to everyone from Jonathan Abbis to Anna Zwirner, is primarily the U.S. tax system. When it comes to taxes, the United States is an outlier because, unlike nearly every other country, it taxes people based on nationality rather than residency. While U.S. citizens can claim credits with the IRS for what they pay to foreign tax authorities, those amounts are not always enough to offset what they owe. FULL REPORT
