It's good to be an American again.
Tax policy drives this.
We know this because the IRS is keeping score.
The Daily Caller reported, "Prior to Obama’s tenure in office, fewer than 1,000 Americans expatriated annually. After Congress passed — and Obama signed — the Foreign Account Tax Compliance Act on March 18, 2010, the figure skyrocketed and hit a new annual record for each of the next six years. The law required Americans and green-card holders outside the United States to file reports on financial accounts held overseas."
This law was designed to raise revenue through taxes on Americans who work overseas.
Rather than roll the law back, Obama came up with a complicated plan that did not work.
"The feds tried to stop the exodus by increasing the fee to expatriate from $450 to $2,350 in 2014, but the move failed. The number of those who expatriated hit an all-time record in 2016 of 5,411 before dropping to 5,133 in 2017," the Daily Caller reported.
Republicans, however, are leaving this awful law on the books. We have a government that, when it comes to the will of the people, is as responsive as a dead cat.
Please enjoy my books in paperback and on Kindle.
Trump the Press covers the nomination.
Trump the Establishment covers the election.
Fake News Follies of 2017 covers his first year as president.
For autographed copies, write me at DonSurber@gmail.com