Yeah Fatca has become more or less the American equivalent of the Soviet Union’s confiscation of citizen’s assets when they were overseas (or sometimes even if they were in the country, there was always a “reason” that could be dredged up to target political enemies). Onerous, confusing, outrageously expensive regulations on assets both domestic and foreign that in many cases (as through inheritance) even the holders won’t be aware of. A perfect tool for statists to force private citizens into government-mandated indentured servitude, much like the terms on some student loans that inflate wildly to six figures through interest usury.
It’s one of the reasons the US now has a record number of people expatriating, emigrating and renouncing— with millions more relinquishing or going off the State Dept’s radar. With so many restrictions on basic liberties being passed by GOPe RINOs in the Senate as much as the Dems, freedom-loving Americans simply have no trust in government to respect them or their basic freedoms.
Agree completely. And, it’s tragic. If Obama wanted to wreck the patriotic fighting spirit, this is a good piece of the strategy. How can you be proud of citizenship when the law seeks to loot you?
And precisely one of the GOP candidates (Rand Paul) has said even a single word about the need to repeal or reform FATCA.