There goes John Galt

From Time of all places........

Chicago native Ben loves his country and is proud to be an American. Yet the longtime resident of Melbourne has just relinquished his U.S. citizenship. "This is not something I did lightly or happily, but I saw no other choice," says Ben, a businessman who became an Australian citizen two years ago.

His words resonate with another American expatriate, John, a business owner based near Lausanne, Switzerland, who like Ben asked that his last name be withheld for fear of alienating his family in the U.S. "Giving up my U.S. citizenship is a genuine option," says the Ohio native, who recently received his Swiss passport and is considering relinquishing his American one. "I am at a breaking point — being American costs me time [and] money, but mostly aggravation." (See 50 authentic American experiences.)

For U.S. citizens, cutting ties with their native land is a drastic and irrevocable step. But as Overseas American Week, a lobbying effort by expatriate-advocacy groups, convenes in Washington this week, it's one that an increasing number of American expats are willing to take. According to government records, 502 expatriates renounced U.S. citizenship or permanent residency in the fourth quarter of 2009 — more than double the number of expatriations in all of 2008. And these figures don't include the hundreds — some experts say thousands — of applications languishing in various U.S. consulates and embassies around the world, waiting to be processed. While a small number of Americans hand in their passports each year for political reasons, the new surge in permanent expatriations is mainly because of taxes.

Thanks to reader Jeremy for the tip.

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