U.S. News

Record number cut ties to US last year: Report


The number of people renouncing official ties to the United States hit a new record last year, The Wall Street Journal reported Friday, citing an analysis of Treasury Department data.

Nearly 4,300 people cut ties with the U.S. in 2015 by giving up citizenship or long-term permanent residency cards, according to the report. It marks an increase of 25 percent from the previous year and a 42 percent jump from 2013.

Increased enforcement of rules against citizens holding undeclared offshore accounts could have contributed to the increase, the newspaper said.

A record number of people renounced official ties to the U.S. last year.
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The Treasury's tough talk on taxes extends beyond individuals. Treasury Secretary Jack Lew has looked to curb so-called "tax inversion" deals, in which a company completes an acquisition, moves its tax address out of the United States and potentially reduces taxes.

The Obama administration has previously called for "economic patriotism" in keeping corporate money in the United States.

Read the full Wall Street Journal report here.