More are renouncing U.S. citizenship as IRS cracks down

[davidpdx]

10. As someone who is an expat living overseas, I understand what is going on

Unlike those who gave a knee jerk reaction. They changed the laws to go after the rich people who were rich and the US Government is making foreign banks report accounts held by Americans. If we have over a certain amount of assets, then we have to fill out additional paper work. The laws were not known by most expats and until this year were not enforced. Starting with taxes for last year, the US Government is enforcing it. The law made many expats nervous because we didn't know what exactly would be required or taxes including residences abroad. My understanding now is that it is 600K and primary foreign residences do not count.

Those who had dual citizenship and are married to foreigners (in most cases this is the case) have been giving up their American citizenship because of the problems with these laws. I do not have dual citizenship, but am eligible for it in the country I live in, but would not give up my American citizenship.

You can't put all of these other people in the same pot with the guy who has a stake in FB that did the same thing. They are different motives.