Report: Record number of Americans renouncing citizenship

Source: The Hill | November 1, 2017 | Josh Delk

Americans are on pace to renounce their citizenship in record numbers in 2017, according to the latest quarterly report from the Treasury Department. 

Some 5,411 U.S. citizens expatriated in 2016, a record high that topped 2015’s numbers by 26 percent.

2017 is currently on track to beat those figures, Bloomberg News reported Tuesday, estimating a tally of 6,813 by the end of the year if the fourth quarter is similar to 2016’s.

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Under federal law, Americans are taxed according to their nationality, which causes U.S. citizens living outside the country to face taxation from both the U.S. and their nation of residence. 

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