Most people who are US citizens did not choose to be such. They had that citizenship thrust on them as a matter of law upon their birth. To make people pay to give up citizenship for which they never asked is an abomination.
The real hit is the tax burden placed on those renouncing citizenship, including the exit tax.
It's a corporation asking to change the contract and jurisdiction; your corporation has debts, and every commercial transaction has its costs.
I was about to say this really doesnt help all that much does it? As you said, the big hit is on your exit tax; the fees are a moot point considering everything else.
https://brighttax.com/blog/us-exit-tax/
maybe it's cheaper to be audited
Renouncing your citizenship might be a good move. But does it really make any difference? Because all politicians are all the same. They use the very same system, just with different flavors.
Ref: #311423
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