Goodbye, Uncle Sam! 3K Americans Ditch Passports Sophia Yan - CNNMoney
go to original February 22, 2014

Goodbye, Uncle Sam!

That's what 3,000 Americans chose to say last year, lining up at embassies around the world to renounce their citizenship. The numbers for 2013 represent a dramatic spike - triple the average for the previous five years, according to a CNNMoney analysis of government data.

Some of the rush is coming from expats who are tired of dealing with complicated tax filings - which are only getting worse as new regulations come into effect.

Unlike most countries, the U.S. taxes citizens on all income, regardless of where it is earned or where they reside. Reporting taxes can be so difficult that expats are often forced to seek expert help, which can cost thousands of dollars.

Brad Westerfield, a tax lawyer at Butler Snow, said that renunciations have increased following the implementation of a new disclosure law - the Foreign Account Tax Compliance Act - that targets overseas tax evasion.

Read the rest at CNNMoney

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