Who can blame them?
American citizens living abroad are renouncing their citizenship in record numbers, according to new government data.
Data from the Internal Revenue Service released Friday shows 1,130 individuals “expatriated” themselves from the U.S. by either renouncing their citizenship or terminating long-standing U.S. residency. It’s the highest single quarter of such expatriations ever recorded.
The first half of the year suggests that 2013 will be a record year for U.S. citizens abandoning their American affiliation, according to The Wall Street Journal.
The publication cites numbers collected by Andrew Mitchel, an international tax attorney, that reveal more Americans have renounced their citizenship or terminated long-standing U.S. residency in the first half of 2013 than in all of 2012. The previous quarterly record of 679 was reported in the first quarter of 2013.
Naturally, this makes them targets of greedy Democrats.
Sen. Charles Schumer (D-N.Y.) and other Democrats introduced a bill targeting wealthy Americans abroad renouncing their citizenship, that would subject them to double the usual tax rate and bar them from ever returning to the U.S.
But even notable Democrats faced scrutiny over offshore investments. Before being confirmed as Treasury Secretary, Jack Lew faced probing questions about a $56,000 investment in a Cayman Islands fund, dating back to his brief stint at Citigroup.