IRS Tax Law: Expat Americans Renounce Citizenship to Avoid Fatca Rules

I wish the US would change their tax laws. I'm a US citizen who was born in Canada. I've never lived in the US, I can't vote in any US elections, but I still have the burden of filing US taxes every year and making sure I don't make financial decisions that the US would tax me on. All these great "benefits" for the privilege of being born to a single parent who is American.

I've kept my US citizenship this whole time as I wanted to keep my options open to move to the US in the future. But the older I get and the more settled I am in Canada, revoking my citizenship seems like the best option.

I can’t help but think that incentivizing a one-way exit door ends up being worse for the US on balance. It incentivizes brain drain of Americans who just wanted some overseas experience and found themselves making decent money.

When expats start to have aging parents or want to have kids in proximity to family there is a natural inclination to come home. I’m guessing that’s harder to do if you’ve renounced your citizenship when relatively young.