U.S. citizens are renouncing their citizenship in record numbers - NewsBlist

Ditching a passport can save an American lots of money in taxes. The reason: The U.S., along with Eritrea, is one of only two countries in the world to tax its citizens on their worldwide income, regardless of where they live or work. If you reside in, say, Geneva, you still owe the U.S. tax man money on income you earn there.