Understanding the Renunciation of American Citizenship

What prompted the narrator to investigate the claim about Americans renouncing their citizenship?

• A radio announcement

• A television broadcast

• A tweet in all caps

• A news article

What was the primary goal of the Foreign Accounts Tax Compliance Act (FATCA)?

• To prevent tax evasion through foreign banks

• To regulate American industries

• To increase domestic bank transparency

• To reduce the national debt

How did foreign banks react to the requirements of FATCA?

• They complied willingly

• They ignored the regulations

• They increased interest rates

• They canceled accounts of American clients

Why did some Americans living overseas decide to renounce their citizenship?

• To manage their finances after account cancellations

• To gain citizenship in another country

• To protest government policies

• To avoid military service

What unintended consequence did FATCA have on average Americans living abroad?

• Increased tax refunds

• Loss of access to foreign banking services

• Higher income taxes

• More investment opportunities