A massive 1,131 individuals renounced their US citizenship last quarter, according to data that has yet to be officially released (though I was able to procure an advanced copy).
This is a HUGE jump.
Compared to the same quarter last year in which 188 people renounced their US citizenship, this year’s number is over SIX TIMES higher.
A couple years ago, when the US shut down some of the online poker sites, you had a large number of people leaving the US to pursue their economic dream. That had nothing to do with taxes, just the desire to earn a living. I'm not sure many of those people actually renounced their citizenship, however.
What has changed that is prompting so many to give up their citizenship?