Record Number Of Americans Renouncing Citizenship
They must be really upset with this Republican Congress.
3,415 people renounced their American citizenship in 2014, a 14 percent jump from 2013. According to deVere Group, a financial advisory firm, last year marked a new record for U.S. citizens giving up their passports.
CBS reported avoiding taxes were a prime motivator for people giving up citizenship because a new law makes it harder for Americans to hide their assets from authorities. Four out of five of deVere’s clents said they would consider handing in their passports to avoid the Foreign Account Tax Compliance Act, or FACTA.
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