May 14, 2012 6:54 AM

IRS crackdown on foreign assets leading many to renounce U.S. citizenship

A growing number of U.S. citizens who live abroad and have bank accounts there are making a radical decision to avoid paying taxes: They’re giving up their U.S. citizenship. Last year, 1,780 Americans relinquished their citizenship to avoid disclosing foreign account information to the Internal Revenue Service.

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