Matthew Feeney on Renouncing U.S. Citizenship to Escape the IRS
(LucasTheExperience / Foter / CC BY-NC-ND/)
Earlier this month it was reported that the number of Americans renouncing their citizenship increased sixfold in the second quarter compared to last year. The increase comes ahead of a July 2014 deadline imposed by an absurd piece of legislation called the Foreign Account Tax Compliance Act (FATCA), which compels foreign financial institutions to disclose the holdings of their American customers to American authorities. Matthew Feeney argues that the increasing number of Americans renouncing their citizenships is only the latest reminder of not only the arrogance of the IRS but also of the fact that American tax laws place an unreasonable burden on Americans who choose to live abroad.