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Read it at Bloomberg News
The number of Americans renouncing their citizenship has hit a record high, according to U.S. government data. The total number of individuals expatriating rose 26 percent from 2015, to 5,411 in 2016. While it’s tempting to point to the exhausting 2016 election season as a reason for many to renounce, Bloomberg News points out that the increase largely stems from tax laws that in 2010 were made tougher for U.S. citizens banking overseas. Because America taxes people based on nationality, under the recent rules its citizens are liable for U.S. taxes even when living abroad. Since the new compliance regulations went into effect, Bloomberg noted, the number of expatriations has reached a new high each year.