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Americans are renouncing their US citizenship in record numbers; here’s why you should care . . .

Americans are renouncing their United States citizenship in large number – but it is not because of President Donald Trump.

In fact, one of the president’s promises could bring them back.

A record 5,411 Americans renounced their citizenship in 2016, 26 percent more than had done in the previous year, the New York Post reported.

2016’s fourth quarter, which witnessed the election of Trump over his Democratic rival, saw the year’s biggest surge when 2,365 took that step — but it wasn’t his election that prompted them to turn their backs on the United States.

Experts say it was America’s tax code that was to blame.

While most nations base their tax structure on residency, the United States bases it on citizenship, meaning that Americans are subject to taxes on income earned in foreign countries. The Post reported:

A steady rise in US renunciations began in 2010 with the passage of the Foreign Account Tax Compliance Act, which required foreign banks holding assets for US citizens to report them to the IRS — or pay to the IRS 30 percent of gross proceeds generated by those accounts.

One such name on the list of those renouncing their U.S. citizenship is London’s former Mayor Boris Jonson, who was born in the United States to British parents.