3 Challenges to Throwing Away Your American Passport for Taxes

Some 73% of Americans living abroad are considering renouncing their U.S. citizenship in response to additional tax reporting required by the Foreign Account Tax Compliance Act, according to a new survey. The number of Americans renouncing U.S. citizenship increased by 39% in the three months leading up to September 2014 after the new global tax law came into force, according to Federal Register data. Experts say the nature of the new reporting rules aren't too complicated. It's simply reporting information about your foreign financial accounts, the income earned in those accounts during the year and where on your tax return you reported that income to ensure you aren't evading taxes. TheStreet's Scott Gamm shares three challenges to giving up your American passport for taxes.