More Americans Drop Citizenship Over Taxes
By Neal Colgrass, Newser Staff
It's April again: time to add up receipts, find little-known tax breaks, and, in some cases, renounce U.S. citizenship altogether.
In fact, a record number of Americans abroad renounced their citizenship last year as complaints increased about IRS rules, Reuters reports.
One rule forces all Americans to file forms for foreign accounts containing at least $10,000. Another, newer rule stipulates that financial institutions must cough up information on U.S. clients to the IRS.
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--Written by Neal Colgrass of Newser
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