Americans Renouncing US Citizenship is Soaring to All Time High to Avoid Taxes RTAmerica
go to original August 15, 2013

Is there a max exodus of Americans wanting to avoid paying taxes? RT's Meghan Lopez asks correspondent Erin Ade to explain the number. (RTAmerica)

The number of U.S. taxpayers renouncing citizenship or permanent-resident status surged to a record high in the second quarter, as new laws aimed at cracking down on overseas assets increase the cost of complying and the risk of a taxpayer misstep.

A total of 1,130 names appeared on the latest list of renunciations from the Internal Revenue Service, according to Andrew Mitchel, a tax lawyer in Centerbrook, Conn., who tracks the data. That is far above the previous high of 679, set in the first quarter, and more than were reported in all of 2012.

Taxpayers aren't required to explain the move, but experts said the recent rise is likely due to tougher laws and enforcement.

"The IRS crackdown on U.S. taxpayers living abroad seems to be having an effect," said Mr. Mitchel.

The IRS declined comment.

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