How do I go about renouncing my U.S. citizenship?

[Fear_Itself]

Regarding How do I go about renouncing my U.S. citizenship?

It appears there have been a number of changes in the tax law with respect to those who wish to renounce their citizenship that makes it much less onerous, even desirable, to do so to avoid taxes:

http://www.wealth-bulletin.com/rich-life/rich-monitor/content/1054959505/

In the final months of the Bush administration, the US Government introduced a package of tax reforms that included an amendment to the exit tax on US citizens and long-term green card holders who expatriate the US.

The tax allows US citizens and permanent residents wanting to renounce citizenship or permanent residency to pay a one-off income tax on gains over $600,000 (€420,000). All assets beyond this amount are valued at mark-to-market.

The exit tax allows a clean break from the US tax system from the date of expatriation without imposing the previous 10-year period after expatriation where tax rules used to apply – another big incentive, say lawyers.

One of the other benefits of the amended exit tax is that a former US citizen who has expatriated will be able to travel to the US without his income becoming taxable. Under the previous exit tax this was not possible.

So it appears a small number of the ultra-wealthy actually can take it with them!

Also, all the links in that article and the replies are now dead.

[C_K_Dexter_Haven]

Thanks for the update, Fear Itself. I’ll see whether any staffers are interested in updating the online version.

[YFKM]

I’m new to this forum and found this thread while poking around, “How do I go about renouncing my U.S. citizenship?” My question is, if our government can pass a law allowing Jose Illegal and his kids to graduate from a U.S. High School and attend a U.S. College without fear of deportation, then why can’t Joe Legal. Scenario, Joe Legal travels to Mexico, renounces his citizenship, becomes Jose Illegal, crosses the heavily guarded border back into the U.S., obtains a job paying no taxes, housing assistance, education assistance and etc. What would happen if he was deported? Where would the U.S. deport him to, “the U.S.?” Scenario 2, Joe Legal lives in a state that decides to leave the Union. Does the U.S. deport everyone who lives in that state? I’m not saying that Joe Legal should try this, nor am I saying that this would be morally correct. What I am saying is that the old adage no longer holds true. It should now read, “What’s good for the Goose is not good for the Gander!” I would also like to state that I am a proud U.S. Citizen who raises his kids to respect everyone and to appreciate what we have in this country. I also believe that we owe our lives and gratitude to those who have and still do defend this great country. I state this so that no one responds with anger or sarcasm. Our current state of government and the mind set of our country has my head spinning trying to understand right from wrong. Am I alone in this feeling? Somebody please do a gravity check!