Record number of Americans living abroad renounce citizenship

Record number of Americans living abroad renounce citizenship

A record number of Americans gave up their US citizenship in the first quarter of 2015, according to IRS data. This is blamed on the taxation of income earned outside the US, along with laws expanding offshore bank account and asset reporting.

A total of 1,335 people renounced US citizenship during the first three months of the year, topping the previous record by 18 percent, according to data compiled by Bloomberg.

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