Throughout its history, America has been a beacon that attracted immigrants from around the world. Immigrants came to America expecting nothing other than freedom and opportunity. In America, anyone could become successful on their own merits. It was made possible by low regulations, low taxes, and the fair application of the rule of law from a government with minimal corruption. What has changed?

Until recently, it was unheard of to renounce US citizenship. From 1998 to 2008, only a few hundred people gave up their citizenship each year. However, that number has been growing exponentially over the last five years, with a record 3000 people renouncing in 2013. The latest data show 2014 is on pace to break the record:

http://intltax.typepad.com/intltax_blog/number-of-expatriates/

So how has the United States government responded to this? First, the fee to renounce citizenship has been increased from $450 to $2350. Next, they impose an exit tax if your income is above $157,000 or you have more than $2 million in net worth. If you fall under that category, you must pay a tax on everything you own as if it were all sold. That means every asset, including real estate, pension plans, jewelry, everything. That includes assets outside of the US. See this:

http://money.cnn.com/2014/12/10/pf/taxes/expat-passport-citi...