In 2020, 6,707 Americans renounced their citizenship in favor of a foreign country. And many of them are ultra-wealthy and appear to be doing this to reduce their tax burden.
Wealthy people are renouncing American citizenship [Axios] – “The IRS publishes a quarterly list of the names of people who have renounced their citizenship or given up their green cards, but it only includes people with global assets over $2 million.”
The interesting thing is that we don’t know why they repatriated. I do know that my friends who have dealt with the tax system while working abroad… it’s a nightmare. They had contracts in which the company paid for an accounting firm to do it but even then sometimes they mess things up. I can’t imagine a regular person trying to do it themselves.
My Biggest Financial Regret (And How to Avoid Making the Same Mistake) [Bravely Go] – “It took me three and a half years total to pay off my debt and that is three and a half years of time in the stock market (during the longest bull market in US history I might add!!!!) that I will never, ever get back. Time is the one thing that we can’t make more of. […] Adding a missed three and a half years on top of that lifetime of low income, plus a lack of generational wealth and no inheritance, and time becomes a hell of a lot MORE important to me and people like me.”
This next one is a kind of fun to read this meandering discussion about retirement from a guy who has had his hands in a bunch of different things from education to entrepreneurship. I enjoyed this article on his blog, which he wrote in 2006 but recently appeared on HN:
Early Retirement [Philip Greenspun] – “Retirement forces you to stop thinking that it is your job that holds you back. For most people the depressing truth is that they aren’t that organized, disciplined, or motivated.” This is just one small sliver of a massive and delicious apple pie – read the whole thing!
How cool is this domino robot?????
Have a great weekend!