This article was published in the Thursday, November 14, 2013 issue of the Wall Street Journal and can be found at :
This article focused on the number of U.S. citizens that have renounced their citizenship during the current year. Laura Saunders, the author’s article, claims a 33% increase over 2011, when 1,781 citizens revoked their citizenship. This year, over 2,369 Americans have left the country. According to Freddi Weintraub, partner at Fragomen Worldwide, “nothing has changed in immigration law that would make people want to renounce”. He is implying that ex-patriots who have renounced have largely done so as a result of anticipated tax hikes in the United States.
What I think would have been interesting is if an analysis could be conducted to determine any correlation between higher income individuals and renouncing their citizenship with the U.S. This article is suggesting that individuals are doing so in anticipation of tax cuts expiring, so one would naturally wonder if these are high-income individuals.
I’d also be interested in seeing which countries these citizens are fleeing to. One could also make the assumption that they are leaving the country for more tax-friendly places, but is that actually the case?
These are questions that I would like to see answered in connection with this article; I believe it would be interesting to see if any correlation exists between the above two assumptions.