Record 5,411 Americans Renounced Their U.S. Citizenship in 2016
9th February 2017
For the fourth year in a row, a record number of Americans and green-card holders renounced their U.S. citizenship or legal permanent residency in 2016, according to Treasury Department data slated for publication Thursday.
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Taxes, and penalties for citizens abroad not paying taxes, are a key reason for the record levels of expatriations, according to Mitchel. The 2010 Foreign Account Tax Compliance Act, a statute intended to fight tax evasion by Americans with accounts abroad — Mitchel explained to The Daily Caller — has caused many American living outside the U.S. to escape the IRS’ grasp by leaving the system entirely.