In case you have not heard, Superman renounced his American citizenship. His action falls in line with a growing trend in the United States in which a record number of people are following the Man of Steel’s lead. In an Action Comic, featured in its record-breaking 900th issue, had Superman renouncing his U.S. citizenship following a clash with the federal government.
Following In Superman’s Footsteps
It just does not pay to be an American anymore and Americans are renouncing their U.S. citizenship at record rates. The citizenship renouncements have surged over 600% in the second quarter from the previous year. This is largely due to the fact that the government is preparing to introduce tougher asset-disclosure rules with more strict penalties.
According to recently published Federal Register figures, 1,810 U.S. citizens have renounced their citizenship, in only the second quarter of this year, as compared with 235 former citizens in the whole of 2008.
With Laws Like These, No Wonder Americans Are Leaving
Already, the United States is the only country in the world which will not let its citizens order cheaper foreign prescriptions in order to preserve the pharmaceutical mafia monopoly. Along these same lines, the U.S is the only nation in the Organization for Economic Cooperation and Development that taxes its citizens wherever they reside in the world on income that is not earned in the United States.
The government says they are searching for tax cheats in offshore centers, including Switzerland, as the government is in a desperate search for more revenue as the try to curb the budget deficit. What they are finding are American citizens who are being fined tens of thousands of dollars for IRS laws that most didn’t know existed.
American once hid their foreign assets in Swiss and German banks. However, the IRS and their partner, the U.S. government has coerced these foreign banks to report the assets of American citizens, under the much tougher asset-disclosure rules as legislated by the Foreign Account Tax Compliance Act (FACTA). Thus, many more of the six million Americans, who are living overseas, are weighing the cost of holding a U.S. passport and retaining their citizenship.
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