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Renunciation of US citizenship is not something I talk about a lot on this channel, most notably because as I have discussed in other videos, it applies to a relatively narrow subset of Americans and expats who live abroad. Also there is a lot of misnomers about renunciation and quite honestly matters pertaining to renunciation you need to discuss with an Immigration and Nationality lawyer on a case by case basis. It's really in my opinion not overly appropriate to make sort of one size fits all videos on something as important as renunciation.

That said, there has been some news that I thought was pertinent on this topic. I was reading a recent article in ZeroHedge, that is zerohege.com, the article is titled: Liz Warren and Socialist Pals Want To Normalize Confiscation Of Assets With 'Ultrarich' Tax. Now there is a lot of information in there. I urge those who are interested in this and again there is some hyperbole and you may not agree with the stance of the author or whatever of the article but a lot of good data points in there including this one regarding renunciation specifically. Quoting further: "Warren's proposal also includes a 40% "exit tax" on people worth $50 million or more who attempt to renounce their US citizenship to avoid paying the tax (which would obviously happen the moment this Bill had a chance in hell of passing). Excuse the language there, I am quoting directly. 

That said good point there but I think it's kind of interesting that they don't note that there already is an exit tax associated with those who renounce their US citizenship. I've made videos on that in the past. Depending on your circumstances the exit may or may not apply to you. In the vast majority of cases involving especially older Americans who have a long history with the United States generally speaking the exit tax probably will apply. 

Again this is one of those topics where you need to get narrowly tailored legal advice from a professional who deals with these matters on a regular basis because just going out on the internet; some YouTubers said including myself, again that's why I am putting these caveats onto this video because at the end of the day one-size-fits all advice regarding something this important is not a great thing. That being said, as we discussed in other videos there already is an exit tax regime. I believe it was promulgated under the Bush Administration or at least in its present iteration that's when it was promulgated, but it now looks like the possibility of further legislation which may change the exit tax or "enhance" it may be in the offing. That stated, it all remains to be seen and we will certainly keep you updated on this channel as that situation evolves.