About 3,000 American expats are renouncing their citizenship because of complicated tax structures, says CNN Money.

For instance, take Laurie Lautmann, who has been living in New Zealand for over three decades. She says the U.S. tax obligations drove her crazy, and she found it difficult to find a local firm who understood the system, reports CNN Money. For years, she forked over about US$3,360 annually to file her taxes, but eventually gave up.

Meanwhile, expat Richard Sikes, who now lives in Canada, is considering whether to apply for U.S. citizenship for his 16-year-old son. If he does, his son will have to pay to prepare U.S. tax returns.

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All over the world the income tax system is wrong. The whole thing should be scrapped in favor of a — GST a sales tax on goods and services. The more you consume the more you pay. That’s fair. And a small percentage – 1 or 2% – financial transaction tax in lieu of income tax. Simple, fair and sustainable.

Tuesday, March 11 @ 10:48 pm //////

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