More Americans turn in passports, reason? New tax law

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Thursday, September 5, 2013 - 9:48am

More Americans living abroad are ditching their citizenship and the IRS 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 paper work and money that goes into filing taxes in two countries.

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