100s Give Up Passports After Tax-Disclosure Rules Start

The video discusses the increasing number of Americans renouncing their citizenship due to the Foreign Account Tax Compliance Act (FATCA), which aims to prevent tax evasion by requiring foreign banks to report U.S. account holders. This has led to a 39% rise in renunciations in the third quarter, with 2,353 Americans giving up their citizenship this year. FATCA is controversial as the U.S. is the only OECD country taxing citizens regardless of residence. The law is expected to generate $8.7 billion in additional tax revenue over ten years.

How does FATCA help the IRS in identifying tax dodgers?

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What was the estimated additional tax revenue that FATCA would produce for the federal government over ten years?

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