Wealthy people are renouncing American citizenship
It's so irritating to be an American that has moved overseas. Basically the only country in the world that charges taxes on money you make and spend somewhere else, just because of where you were born. Thanks to IRS regulations, 90% of investment firms will just reject me outright rather than deal with the paperwork. Getting someone to help file my inordinately complex taxes costs thousands of dollars more than I actually pay in tax. I can't have a proper retirement account here since America doesn't recognize the local pension providers, so my government mandated pension is deducted from my salary here and then also taxed as income in the USA. If I ever want to leave, the IRS charges a small fortune for the privilege of not being a citizen too.I'm sure there's a small number of rich people gaming the system, but for the vast majority of expats the citizenship-based taxation system is almost cartoonishly cruel.