The IRS released data for 2020, according to which 6,707 Americans renounced US citizenship during the reporting period. This is a record 237% more than a year earlier.
The bulk of the refuseniks are the country's rich and ultra-rich.
The most common reasons cited in applications for renunciation of citizenship are general social unrest and the presidential elections. Some wealthy Americans complained about the inability to go on vacation with an American passport under the conditions of coronavirus restrictions.
Another reason was the taxes that US President Joe Biden intends to increase specifically for the rich in order to cover the ever-increasing budgetary expenses. Among Biden's proposals is an increase in capital gains taxes, which will eventually amount to 43.4%, almost double the current level.
It is the largest American taxpayers, if Biden's tax reforms are implemented, will pay many times more than they do now, writes Business Insider.
Thus, the planned tax hike promises to be another common reason that Americans will continue to massively renounce their United States citizenship.
