A case against the Swiss bank UBS in 2008 led Congress to create more regulations for foreign banks holding American money. Rather than comply, many banks opted to stop serving American account-holders. Fabrice Coffrini/AFP/Getty Images hide caption

toggle caption Fabrice Coffrini/AFP/Getty Images


Why More Americans Are Renouncing U.S. Citizenship

A U.S. law aimed at tax cheats hiding money abroad has had unintended consequences and has complicated life for many Americans living overseas.

Listen Loading… 4:18
  • Playlist
  • Download
  • Embed
    <iframe src="http://www.npr.org/player/embed/275937138/279987831" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

Former UBS banking executive Raoul Weil was indicted by a U.S. federal grand jury in 2008, on charges that he helped wealthy clients avoid billions in taxes. Antonio Calanni/AP hide caption

toggle caption Antonio Calanni/AP

A waiter serves patrons at Tony's Restaurant, part of the Casablanca Hotel in New York's Times Square. The custom at some restaurants of automatic gratuities for larger parties might change because of an IRS rule change. Don Emmert/AFP/Getty Images hide caption

toggle caption Don Emmert/AFP/Getty Images

Senate Finance Committee Chairman Sen. Max Baucus, D-Mont., (center) and House Ways and Means Committee Chairman Rep. Dave Camp, R-Mich., (right) speak about overhauling the tax code at the 3M Innovation Center in Maplewood, Minn., on July 8. Hannah Foslien/AP hide caption

toggle caption Hannah Foslien/AP

A chart shows estimated tax revenue losses due to online sales in 11 U.S. cities. Figures for 2013 are projections. IHS Global Insight hide caption

toggle caption IHS Global Insight

A yard sign opposes a local tax increase to fund public safety in Josephine County, Oregon. The ballot measure reportedly failed by a thin margin. Amelia Templeton/OPB hide caption

toggle caption Amelia Templeton/OPB

Taxes this year will be as much of a drag as ever. But not because of the Affordable Care Act. iStockphoto.com hide caption

toggle caption iStockphoto.com

While many people look to tax preparation services for help, Tobie Stanger, editor at Consumer Reports, says online tools are often cost-effective. /iStockphoto.com hide caption

toggle caption /iStockphoto.com

President Obama, with House Speaker John Boehner (R-Ohio) behind him, delivering his State of the Union address last January. Saul Loeb/Getty Images hide caption

toggle caption Saul Loeb/Getty Images

MIT health economist Jonathan Gruber, who explained the ins and outs of health overhaul in a comic book, says that excluding the value of health insurance from federal taxes is a terrible idea, at least from an economist's point of view. Macmillan hide caption

toggle caption Macmillan

The largest tax break in the federal code doesn't appear on the forms the average person fills out each year. iStockphoto.com hide caption

toggle caption iStockphoto.com

President Obama looks over a roller coaster with K'Nex inventor and Chairman Joel Glickman (left) and President and CEO Michael Araten on Friday during a tour of the company in Hatfield, Pa. Susan Walsh/AP hide caption

toggle caption Susan Walsh/AP

Treasury Secretary Timothy Geithner as he arrived at the Capitol on Thursday for negotiations with congressional leaders. Alex Wong/Getty Images hide caption

toggle caption Alex Wong/Getty Images

NPR thanks our sponsors

Become an NPR sponsor