America is losing talent because of the IRS’s overreaching

There are many unintended repercussions to US tax policy (not to mention their disproportional penalty system). Investing in the US is becoming riskier, as is immigrating there.

Another unintended effect is the loss of talent. Some famous Americans are now renouncing their US citizenship.

One such is Terry Gilliam, known for being “the American” in Monty Python and, later, for directing some amazing movies including Brazil (which has long been one of my favourites).

Although Gilliam obtained a British citizenship in 1968, he didn’t renounce his US citizenship until 2006. Although he claimed that this was to protest against President George W. Bush in an interview with Der Tagesspiegel, he told The Onion AV Club that it was “related to concerns about future tax liability for his wife and children.”

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2 Responses to America is losing talent because of the IRS’s overreaching

  1. CA Freeb says:

    I had heard about this a while ago. I bet he feels relieved now that he went through with this in 2006.

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