Feds: American expatriations near 4th annual record

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Washington Examiner:

A total of 1,380 Americans renounced their citizenship in the third quarter of the year, the Internal Revenue Service will announce through a posting in the Federal Register on Thursday, the second-highest total on record for the period.

 

The figure will bring the number for the year to 3,046, a drop of about 6 percent from last year's record of 3,221 for the same time frame. The number tends to increase towards the end of the year, which means there is still a chance 2016 could break the annual high of 4,279 Americans sent packing in 2015.

 

Tax experts have suggested the uptick is due, in part, to the Foreign Account Tax Compliance Act. The 2010 law was aimed at forcing nonresident citizens, estimated to be between 2-7 million, to report more of their income for tax collection.