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June 24, 2012


Wealthy Americans Renouncing Citizenship at Record Pace

The New York Post reports America's rich are renouncing their citizenship at record levels.

"Startling new data from Uncle Sam show that defections by Americans are expected to double this year, largely to avoid any stiff tax bills resulting from the proposed 55 percent hike on the rich -- as well as the likely expiration on Dec. 31 of the Bush era tax cuts. As many as 8,000 US citizens are projected by immigration officials to renounce in 2012, or about 154 a week, versus 3,805 in 2011, or about 73 per week."












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