But seriously, while it is a funny question, that we may never know (if Trump does not get elected), it is meant to point out that since the Foreign Account Tax Compliance Act (Fatca) was passed, nearly 14,000 people have renounced their citizenship, with each of the last three years breaking the previous record.
So, Fatca is off to a big head start that many hope will be addressed through tax reform.
The burden has gotten heavier in recent years with the Foreign Account Tax Compliance Act, which became law in 2010. It requires individuals to report certain foreign assets and banks to disclose all foreign accounts held by Americans. That comes on top of another rule that requires Americans to disclose foreign bank holdings above $10,000. The regulations are part of a U.S. government campaign to fight tax evasion, given added impetus after major Swiss banks admitted to helping Americans hide assets offshore. But those efforts are making life difficult for the 7.6 million Americans living abroad.
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