This year could be a record year for US renunciations. In the first three months of this year, 1,337 Americans have given up their passport. That’s 40% of the total passports given up last year. Last year renunciations were 15 times higher than in 2008, but if the first three months of this year is any indication of what’s to come, 2015 will be a record year.
The main reason for the surge in renunciations is US tax laws. Expats are tired of filling out complicated tax forms for simple tax returns according to Keith Mann. The tax laws have gotten so complicated that American living abroad faces a nightmare each year at tax time. Congress continues to make it harder for average citizens around the globe to file their taxes. Most people that live here are sick of the tax system but continue to comply. Some taxpayers are now saying all the disrespect is not worth the citizenship.
Our tax system is costing the country billions. Congress is adding to the loss by passing laws that increase the bureaucracy and decrease their ability to collect taxes without all the forms.