[Wake up CALL]

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Is renouncing your US citizenship to avoid paying US income taxes altogether a thought? The sacrifice would be huge, but so would the savings...and for some, the sacrifice might not be all that big (friends/family living elsewhere, etc).

Does anybody know of anyone who's done this?

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Yes, and you still have a ten year US tax obligation if the IRS determines that a contributing factor to your decision of denouncing your citizenship was to avoid taxes. You still lose.