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IRS Has Raked in $7.5 Million From Renounced Citizenships

IRS Has Raked in $7.5 Million From Renounced Citizenships
 

By    |   Wednesday, 28 October 2015 09:59 PM

The United States is reportedly on pace in 2015 to experience a record-number of Americans giving up their citizenship – and the IRS is making millions from it.

The Internal Revenue Service publishes a list every three months of those who renounce their citizenship, with the latest figures released Monday. 

The most recent three-month totals show 1,426 Americans gave up their citizenship since July.

According to the Daily Caller, that brings the total for the year to 3,221, the highest amount ever recorded for the first nine months of a year.

If another 196 people give up their U.S. citizenship before the end of the year, a new annual record will be set, the Daily Caller reports.

The Daily Caller notes the furious pace of renunciations come despite the higher cost of surrendering citizenship, with the application alone costing $2,350.

The Daily Caller reports the IRS would have made over $7.5 million just by processing the renounced citizenships – though the figure could climb higher because of an expatriation tax. 

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The United States is reportedly on pace in 2015 to experience a record-number of Americans giving up their citizenship - and the IRS is making millions from it.The Internal Revenue Service publishes a list every three months of those who renounce their citizenship, with the...
irs, earned, renounced, citizenship, pay, tax
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2015-59-28
Wednesday, 28 October 2015 09:59 PM
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