Even with President Trump, Americans seeking to renounce citizenship on pace for record high in 2017
It has been a while since we last looked at the statistics for Americans renouncing their citizenship, but it appears sadly that the trend is not only still going strong, but that it is expected to achieve another record when Dec. 31 comes around.
According to a new report from Bloomberg, 6800 Americans will voluntarily give up their U.S. citizenship in 2017, which is a 5.5% increase over last year’s numbers, and 700% over the amount from 2012.
According to aÂ BloombergÂ note today,Â a record 6,800 Americans are expected to renounce their citizenship in 2017, a 26% increase YoY and nearly 7x the pace set just 5 years ago.
In the third quarter of this year, 1,376 Americans renounced their U.S. citizenship, putting the annual tally on track to top 2016â€™s record, data from the Treasury Department show.
If this yearâ€™s fourth quarter mirrors that of 2016, when 2,365 people chose to expatriate,Â 2017â€™s annual tally would be 6,813. Thatâ€™s a 26 percent rise from 2016â€™s total of 5,411â€”which was itself a 26 percent jump from 2015. –Â Zerohedge
It is extremely hard to tell if the type of individuals leaving the ranks of U.S. citizens are the same one’s that bailed during the years of the Obama administration, or if they are instead the Hollywood celebrities who threatened to do so following the election of Donald Trump to the White House.Â However it is much more likely that these ex-pats are leaving America due to changes in the country itself, and not necessarily due to who currently resides in the halls of Washington.
Besides moving out of the U.S. forever, many Americans are also leaving certain states in droves due to economic concerns and the incompetency of political officials.Â And sadly, the primary movers are those who actually have a little money and wealth, since men with means will always find an open door to be able to locate to places nearly anywhere in the world.
Kenneth Schortgen JrÂ isÂ a writer forÂ The Daily Economist,Â Secretsofthefed.com,Â Roguemoney.net, andÂ Viral Liberty, and hostsÂ the popularÂ youtube podcastÂ on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.