Record Numbers of Americans Renounce Citizenship

More Americans are deciding that they'd rather give up their citizenship than pay more taxes.

The Wall Street Journal reports that 2013 has already set a new record for "expatriations," defined as citizens renouncing their citizenship or permanent residents giving back their green cards. The Journal quotes tax lawyer Andrew Mitchel, who found that there have been 2,369 expatriations as of the end of the third quarter; that's an increase of 33 percent over all of 2011, the previous record-holder.

Expatriations are typically motivated by a desire to escape taxes, and the move is usually undertaken by Americans already living abroad.

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