Ex-Pats, Taxes and Surrendering Passports

Source:

Another angle on our complicated, loophole-available tax system.

Hasta la vista, Uncle Sam! A record 1,337 Americans gave up their passports in the first three months of the year, according to new data released by the U.S. government.

That’s nearly 40% of the 3,415 Americans that renounced citizenship last year, suggesting that U.S. renunciations will again hit a new high this year. In 2014, the number of Americans who gave up their passport was 15 times higher than in 2008.

The surge in renunciations is part of a backlash from expats who are tired of handling complicated tax paperwork, a burden that has increased in recent years as a new tax law kicked in.