Tuesday, April 17, 2012

Tax time pushes some Americans to renounce their U.S. citizenship

Source: Reuters

The United States is one of the only countries to tax its citizens on income earned while they're living abroad. And just as Americans stateside must file tax returns each April an estimated 6.3 million U.S. citizens living abroad brace for what they describe as an even tougher process of reporting their income and foreign accounts to the IRS.

For those wishing to legally escape the filing requirements, the only way is to formally renounce their U.S. citizenship. Last year, IRS records show that at least 1,788 people did, and that's likely an underestimate.

This is a Suspicious News Brief. Read more at Reuters

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