Whats Driving Ex-Pats to Renounce U.S. Citizenship?

The video discusses the increase in U.S. citizenship renunciations, highlighting a significant rise in 2014. This trend is linked to the Foreign Account Tax Compliance Act (FATCA), which requires foreign banks to report on American account holders. FATCA aims to ensure tax compliance but is considered burdensome by many expats. The law mandates that Americans with over $10,000 in foreign accounts file reports, with severe penalties for non-compliance. Although the law has existed for decades, enforcement has intensified recently.

What does the text suggest about the enforcement of the foreign account tax compliance act over the years?

In what year did the text indicate a record high in renunciations occurred?