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Americans Turn In Passports As New Tax Law Hits
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Story By: Larry Stine

 

 

 
 
 
   
   
  Originally Published on: 9/5/2013

More Americans living abroad are ditching their citizenship. And the Internal Revenue Service may have something to do with it. A new law requiring foreign institutions to report all assets owned by Americans will soon go into effect. That means folks with big cash stashes abroad will have to pay taxes on those monies. Unlike most countries, the U.S. taxes its citizens on all income, no matter where you earn it or where you live. Some who are deciding to hand over their passports are just tired of all the paperwork and money that goes into filing taxes in two countries.
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