20 Percent of Americans Giving Up US Passports

By Joe Gullo | jgullo@nexstar.tv

Published 02/08 2016 01:02PM

Updated 02/08 2016 01:02PM

Copyright 2016 Cable News Network/Turner Broadcasting System, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More and more Americans are giving-up their U.S. Passports.

A CNN Money analysis of the latest government data shows more than 20 percent, more than 4,200 people,  turned-in their passports last year.

The trend is increasing with Americans living overseas, amid complicated paperwork and new tax regulations. Those new rules are meant to fight tax evasion.

No matter where they live, U.S. citizens are taxed on all income, unlike most other countries. 

Copyright 2016 Cable News Network/Turner Broadcasting System, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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