Business Report 2/9/16: Thousands of American citizens, long-term US residents hand in passports

Business Report: Thousands of American citizens or long-term U.S. residents hand in their passports

HONOLULU (HawaiiNewsNow) - Last year, 4,279 people renounced their American citizenship residency. That was a record number, 20% more than the year before, and 18 times the number in 2008. Some are Americans living overseas, tired of dealing with complicated tax paperwork.

Unlike most other countries, the U.S. taxes its citizens on all income, no matter where it's earned. More than 7 million Americans live abroad.

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