where's my tax cut Mr Bush??

Reader "John Galt" passed along a link to New York Times article about Americans giving up their citizenship. Some of them do so for "convenience" and some to avoid paying the uniquely punitive US tax on expats.

Concern about taxes among Americans living abroad has surged since President Bush signed into law a bill that sharply raises tax rates for those with incomes ofmore than $82,400 a year. The legislation also increases taxes on employer-provided benefits like housing allowances.

All other developed countries tax on residency not citizenship. And this does piss me off...

But, I'm afraid I must reveal my low-rent, loser status. Up until recently, this hasn't really been a problem for me and though the plummeting dollar does put me in some jeopardy - It isn't really worth it to renounce my citizenship, not that I would anyway.

But it is worth it for me to take out British citizenship, 'cause if I move back to the US - I won't be taxed on my US income.