This was to close certain problematic tax avoidance issues. People were fleeting from the US to avoid paying taxes, but kept all the benefits, or hid the money off-shore.
The problem here is that they never raised the amount you must report, because in the past, 150k used to be a lot. Now that should be closer to 500k. But like the minimum wage and tax brackets, they haven't kept it up with inflation. Not in the way they needed to at least.
Unfortunately the main loss from US citizenship loss is voting and potentially travel to the US. But the wealthy influence politics by lobbying not voting.
Now if Citizenship was required to fund lobbying... wooh that would be a big hit for those abandoning the US.
Kept all what benefits? People who fled the US are now living under some other country's benefits, and pay taxes there instead.
Don't citizens of (almost) every other country in the world have the ability to go live abroad and keep all their benefits, whatever they are? I'm not following where Americans can actually get away with anything special.
> the main loss from US citizenship loss is voting and potentially travel to the US
There's a heavy to push to make this available to anyone regardless of citizenship, claiming that providing proof of identity will be burdensome. This is the same group that touted election fraud, russian interference and other false narratives for 4 years after the prior candidate lost.
The problem here is that they never raised the amount you must report, because in the past, 150k used to be a lot. Now that should be closer to 500k. But like the minimum wage and tax brackets, they haven't kept it up with inflation. Not in the way they needed to at least.
Unfortunately the main loss from US citizenship loss is voting and potentially travel to the US. But the wealthy influence politics by lobbying not voting.
Now if Citizenship was required to fund lobbying... wooh that would be a big hit for those abandoning the US.