New tax law pushes record number of Americans to renounce US citizenship

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​A record number of Americans are renouncing their citizenship as they seek to remove the burden of filing complicated and costly tax returns simply for living in another country.According to Bloomberg News, just over 1,000 Americans gave up their nationality in the three months from January to March. That’s a significant increase from the 670 who did so in the same time span last year, and it’s already one third of the way to matching the total number of Americans who renounced their citizenship in 2013.Last year, data from the Internal Revenue Service showed that approximately 3,000 Americans gave up their passports – a number that tripled the average of the previous five years.Although the reasons for doing so can range from one individual to another, many of the cases have been linked to the Foreign Accounts Tax Compliance Act, which has been gradually taking effect since it was passed in 2010. Looking to crack down on tax dodgers and institutions that help make that behavior possible, Congress passed the legislation in the hopes that it would bring in hundreds of billions of dollars in unpaid taxes.

For full report read …… http://rt.com/usa/158736-americans-citizenship-us-refuse/

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