Why So Many American Expats Are Giving Up Their Passport

Recently in the news it was reported that many Americans are giving up their passports. Some 3,000 Americans gave up their citizenship last year and that number is continuing to rise. The simple reason for this..... TAXES.  In fact, the extraterritorial tax laws apply to American citizens and companies no matter where they are. USA are the only country that taxes all of its citizens on worldwide income rather than where the income is earned. Expatriate Americans have to pay taxes once, wherever they live, and then file again in the United States.

To find out more about this story, click on the following link - http://www.nytimes.com/2014/12/08/opinion/why-im-giving-up-my-american-citizenship-passport.html?action=click&pgtype=Homepage&version=Moth-Visible&module=inside-nyt-region&region=inside-nyt-region&WT.nav=inside-nyt-region&_r=0

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