A report published by the U.S. Treasury Department Friday showed that 2015 had a record-number of people renouncing their citizenship or giving up their green cards, and it’s the third year in a row that the present year’s record has beaten the previous year.
The feds blame stringent tax policies for the 4,279 people in 2015 cutting all ties with the United States, up from 3,415 in 2014.
“An increasing number of Americans appear to believe that having a US passport or long-term residency isn’t worth the hassle and cost of complying with US tax laws,” Andrew Mitchel, an international lawyer who analyzes IRS data, told the Wall Street Journal, pointing blame toward the Foreign Accounts Tax Compliance Act (FATCA), which went into effect in 2010.
The Act was passed by President Obama in an effort to reduce tax evasion, and over the last five years has brought in $13.5 billion.
[ US Treasury ]