Tax Exiles Flee America

“Traditionally the entrepreneurial and productive wanted to come to America. Many still do. But the choice is no longer so clear-cut. Some lawyers admit that they counsel foreign businessmen to consider carefully before seeking American citizenship. It might not be worth the cost and trouble. International tax attorney Andrew Mitchel said, ‘My advice to, say, a small-businessman abroad would be to think twice about acquiring U.S. citizenship.’ In his view the benefits might not be worth the hassle: ‘Many of these people do not realize what that means for their businesses until they start dealing with the IRS.’ Washington’s behavior appears to be having an impact on possible new citizens.”

http://www.fee.org/the_freeman/detail/tax-exiles-flee-america

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