Wednesday, June 18, 2014

Record Numbers of Americans are renouncing their US citizenship

The reason? Taxes, and a campaign by the IRS to go after non-residents and taxes they owe.

Article here.  (via Taxprof blog).

From the article:
The tax dragnet has also swept up many middle-income Americans living abroad, prompting some to give up their U.S. citizenship. While people who renounce aren't freed of taxes due for past years, they don't want to risk sizable taxes and penalties for them and their children in the years ahead, experts say. Nearly 8,000 taxpayers have renounced U.S. citizenship in the past five years, Mr. Mitchel found, compared with fewer than 5,000 in the preceding decade. ...

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