25% of U.S. expats ‘planning’ to renounce citizenship or ‘seriously considering’ it While many taxpayers dread tax-filing season, Americans living abroad face even bigger yearly burdens, and those are now so frustrating that some want to ditch their U.S. citizenship.
Roughly one in four American expatriates is “seriously considering” or “planning” to renounce U.S. citizenship, according to a survey from Greenback Expat Tax Services.
American expats must pay annual U.S. income taxes on worldwide earnings, including their salaries, business profits, investment income and more, which involves filing returns and paying taxes in two countries.
While the U.S. has measures to prevent double taxation, such as the foreign-income exclusion and tax credit, many expats still oppose the dual-filing requirements due to the time commitment and expense of preparing those returns. What’s more, nearly 80% don’t feel they should have to pay U.S. taxes while living abroad, the survey finds.
@TransAmericanFriendship
