Americans renouncing their citizenship is at a record high

The number of Americans confirmed to have renounced their citizenship has hit a new high, up 26 percent from 2015, to a new record 5,411, according to government data. Most likely, the reason people are leaving is because of money. Tax attorneys at Andrew Mitchel LLC told US News and World Report: 'The escalation of offshore penalties over the last 20 years is likely contributing to the increased incidence of expatriation.' Indeed, the Treasury Department has upped its enforcement of tax rules for American expats , and some have decided that having to file taxes with multiple countries is just not worth the headache.