- Jul 19, 2012
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Here is a sign that life is getting complicated for U.S. taxpayers with assets abroad: More of them are deciding they are better off cutting official ties with America.
In the first half of 2013, 1,809 people renounced their American citizenship or permanent-resident status, according to a tally by Andrew Mitchel, a tax lawyer who tracks U.S. data. At that pace, the 2013 total would double the previous high of 1,781 renunciations in 2011.
This is a small percentage of the total of expats abroad, but it's just one more sign that regulation and taxation has gotten out of hand. It's how the government created modern day Detroit.