Uncle Sam is raking in millions of dollars from something people might not imagine- the record numbers of Americans giving up their citizenship each year.
The U.S. government has collected nearly $12.6 million in fees since fall 2014, after quintupling the amount it charges for renunciations, according to a recent statement from a CNNMoney analysis of official data. That’s more than double the total it garnered over the six previous years in the United States.
Many don’t know that U.S. citizens and long-term residents now pay $2,350 apiece to ditch their passports or green cards, up from $450 previously.
The higher renunciation charges have come at a time when more people than ever are cutting ties to the U.S. People simply are fed up. Last year, 4,279 Americans said farewell, up 20% from 2014. That’s 18 times as many as in 2008, and the third year in a row that’s set a new record.
While it’s not an easy process, for many it just makes sense.