More Rich Americans Renounce U.S. Citizenship for Lower Taxes by Jonathan Berr

More Rich Americans Renounce U.S. Citizenship for Lower Taxes by Jonathan Berr

A U.S.-born resident of Ireland recently came into some money after he and his wife sold a farm they inherited from her parents. Instead of enjoying his windfall, the man is furious at the Internal Revenue Service for penalizing him for running afoul of the agency's confusing regulations regarding the reporting of income from foreign bank accounts. He is so mad, according to his attorney, Jane Bruno, that he's considering renouncing his U.S. citizenship.