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In reply to the discussion: If you know any American persons living in another country than America than please let them know [View all]riverbendviewgal
(4,252 posts)59. There’s no way anyone can put enough lipstick on this pig to make it kissable.
There are truly big tax cheats out there and they should be caught
BUT FATCA is not going to get them...
.
please see why.
lawyer James Jatras, a former US Diplomat and Senate staffer, who set up a high profile campaign to have the contentious legislation repealed.
http://www.iexpats.com/rolled-back-deadline-of-fatca-gives-critics-hope/
RepealFatca.com is a website dedicated to getting rid of the worst law most Americans have never heard of
http://www.repealfatca.com/
FATCA (the Foreign Account Tax Compliance Act) was passed in 2010. With the stated purpose of catching fat cat tax cheats who hide their money abroad, FATCA instead would have the effect of:
- violating Americans constitutional protections;
- overstepping the limits of Executive power at the expense of Congressional authority, especially the Senates advice and consent to the ratification of treaties;
- disregarding the mutual respect of sovereignty among nations;
- draining money from the federal treasury under the guise of replenishing it;
- punishing Americans who work abroad bringing business to the U.S.;
- setting up a global financial fishbowl, with personal financial information shared among governments worldwide;
- leading to higher taxes and, eventually, international taxation;
- imposing expensive regulatory mandates on foreign and U.S. business, with costs passed on to consumers;
- threatening American jobs and the American economy by scaring off foreign investment in the United States;
- violating trade agreements; and
- injuring Americas global competitiveness.
All this supposedly is justified by FATCAs claim to recover lost taxes of less than $1 billion per year enough to run the government for about two hours. (In fact, the way the U.S. Treasury plans to enforce FATCA, it would probably lose more money than it would take in!)
Tax evasion at home or abroad is a valid concern, but FATCA is the wrong way to address it. This is one law that needs to be stopped before it is implemented (starting in 2014) and then repealed.
- violating Americans constitutional protections;
- overstepping the limits of Executive power at the expense of Congressional authority, especially the Senates advice and consent to the ratification of treaties;
- disregarding the mutual respect of sovereignty among nations;
- draining money from the federal treasury under the guise of replenishing it;
- punishing Americans who work abroad bringing business to the U.S.;
- setting up a global financial fishbowl, with personal financial information shared among governments worldwide;
- leading to higher taxes and, eventually, international taxation;
- imposing expensive regulatory mandates on foreign and U.S. business, with costs passed on to consumers;
- threatening American jobs and the American economy by scaring off foreign investment in the United States;
- violating trade agreements; and
- injuring Americas global competitiveness.
All this supposedly is justified by FATCAs claim to recover lost taxes of less than $1 billion per year enough to run the government for about two hours. (In fact, the way the U.S. Treasury plans to enforce FATCA, it would probably lose more money than it would take in!)
Tax evasion at home or abroad is a valid concern, but FATCA is the wrong way to address it. This is one law that needs to be stopped before it is implemented (starting in 2014) and then repealed.
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If you know any American persons living in another country than America than please let them know [View all]
riverbendviewgal
Jul 2013
OP
Indeed. My sis in law and my nephews went to Ireland. They are now Irish citizens!
SugarShack
Jul 2013
#53
Exactly. People have no inkling how many people this impacts who have no US interests
NoOneMan
Jul 2013
#22
i'd like to see some support for the proposition that you can renounce your citizenship & still
HiPointDem
Jul 2013
#25
us has the banks where you have accounts report for 10 years after you renounce
riverbendviewgal
Jul 2013
#38
If they earn the income in this country, they pay the taxes to this country.
Common Sense Party
Jul 2013
#51
First off, it'd be fine with me if the US tax system wasn't broke in the first place
NoOneMan
Jul 2013
#15
There are many treaties that prevent double taxation of people who are citizens of one country but
pampango
Jul 2013
#20
I know people who are Americans living abroad and they only wind up paying US taxes on
Bluenorthwest
Jul 2013
#37
Here is a letter from Rand Paul and others that will interest you. to Geithner
riverbendviewgal
Jul 2013
#61
an established bona fide non-resident U.S. Citizen is exempt from about the first $94,000 - annually
Douglas Carpenter
Jul 2013
#46
The thing is that FATCA is a money maker...and taking from the easiest and those not the one percent
riverbendviewgal
Jul 2013
#57
There’s no way anyone can put enough lipstick on this pig to make it kissable.
riverbendviewgal
Jul 2013
#59