Is The IRS Really Driving Americans Overseas To Renounce Citizenship?

More American citizens living abroad are thinking about giving up their U.S. citizenship thanks to a new set of tax laws and agreements between the Internal Revenue Service and thousands of foreign banks. The Foreign Account Tax Compliance Act (FATCA) took effect on July 1, four years after Congress agreed to use international banking institutions to target U.S. citizens who were living abroad and not paying their taxes.