by Doug Casey
International Man: In recent years, record numbers of Americans are renouncing their citizenship. What is going on here?
Doug Casey: Well, it used to be that having a US passport was a tremendous advantage. But over the years, it’s turned into an albatross around the necks of the people who own one.
America is the only major country in the world that taxes its citizens no matter where they live.
Even if an American moves abroad—he never returns or even sets foot in the US again—he’s obligated to file taxes and, at best, can get a $100,000 or so exemption on earned income.