Americans Are Ditching Citizenship in Record Numbers

While many aspire to become US citizens, most don’t realize that the gradualist transition of the US into a banana republic via the deepening of financial repression policies (via intensifying inflationism, taxations, various controls, mandates and etc…), the growing police state and the unwieldy welfare-warfare state has been prompting for a growing number of wealthy Americans to flee their land of birth. 

More have been joining the bandwagon personified by celebrity Tina Turner’s abandonment of what seems as a scuttling of the  former “land of the free” ship

From the Fortune Magazine:

Americans are ditching their U.S. passports in record numbers, a sign of growing frustration with a system that taxes U.S. citizens on their global wealth whether they live in Montana or Mongolia.

The latest bold-faced names to relinquish their U.S. citizenship include Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan, according to federal data released Wednesday. Also on the list, published quarterly by the Internal Revenue Service, is Isabel Getty, the daughter of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty.

In total, more than 670 U.S. passport holders gave up their citizenship -- and with it, their U.S. tax bills -- in the first three months of this year. That is the most in any quarter since the I.R.S. began publishing figures in 1998. And it is nearly three-quarters of the total number for all of 2012, a year in which the wealthy songwriter-socialite Denise Rich (christened "Lady Gatsby" by Yachtingmagazine) and Facebook co-founder Eduardo Saverin joined more than 932 other Americans in tossing their passports.

If the recent quarter's pace continues, 2013 will become a landmark year for saying goodbye to America, tax-wise.

Given the prohibitive costs from the exit tax which used to be an obstacle for emigration, the record number of Americans renouncing their citizenship means that the cost of residency has grown much bigger than the costs of the exit.

With productive capital fleeing, what remains in the US will be the political parasites. All these signifies as ominous signs for the US political economy, US financial markets and the US dollar standard. Again these are the side-effects of incumbent political trend as expressed via policies.