The number of Americans renouncing their citizenship in 2016 is pacing toward record levels for the second consecutive year, the Washington Examiner reported
A total of 508 Americans renounced in the second quarter, bringing the overall number to 1,666 so far in 2016. At the same point last year, 1,795 Americans had renounced.
The Examiner adds that 2015 ended with 4,279 Americans renouncing, a record amount and a 560 percent increase over the highest amount ever recorded in the Bush administration.
The surging numbers of expatriates has been brought on partly by the Foreign Account Tax Compliance Act of 2010, "aimed at forcing nonresident citizens to report more of their income for tax collection," according to the Examiner.
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