Which Form 8854 Renounce 2023-2024

Last year in 2014, a record number of 3,000 US citizens renounced their citizenship and gave up their US passports. Unfortunately, that record is not going to last as it is likely to be broken this year and in the following years. The reason for this trend is taxes. America now has the world's most oppressive tax regime, and the cost of staying compliant is becoming increasingly burdensome. Many Americans living abroad view their US citizenship as a liability rather than an asset, and they are willing to spend a significant amount of money to renounce that citizenship. In fact, before 2010, the form required to surrender one's citizenship was free. But in 2010, a fee of $450 was imposed, making the US the most expensive nation to renounce citizenship. Surprisingly, people had no problem paying it. Last year, the cost of that form skyrocketed to $2,350, yet record numbers of individuals were still willing to pay that amount just to have the privilege of renouncing their citizenship. I believe the cost of the renunciation form will continue to rise along with the benefits of relinquishing US citizenship. The Internal Revenue Service (IRS) is likely to intensify its efforts to collect taxes from Americans, both domestically and internationally. This means that compliance with tax laws will become increasingly expensive, especially since the US government has enlisted the help of foreign financial institutions to enforce these laws. It is worth noting that the United States is only one of two countries in the world that taxes its citizens on their global income. The other country is a nation in northern Africa, which is practically unheard of. Even in that country, the tax rate on worldwide income is only two percent, whereas in the United States, the marginal tax rate can surpass forty percent. There...