https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act
http://kluwertaxblog.com/2017/04/18/15527/
I think that’s good right?
And 6 billion would willingly take their place. Why is that?
If they give up their citizenship and don’t tell the local precinct, they can still vote absentee for the Democratic candidate, right?
Interesting how carefully the article avoids mentioning that it was the Obama administration that passed this abomination.
I vote for Lorie Konish to be the next one out the door.
Only six billion? There’s been that many, so called, Hollywood stars that have threatened that. Besides, they are coming in faster than these broken promise people have identified themselves. But, being more realisitic, is it a toss-up. Do I want to trade 6 billion loud mouthed, problem children that bitch about everything they can get and not do anything in return, or do I want to accept their leaving and get them replaced by hiding people that many times earn their keep trying to be productive and try to stay under the radar by paying their taxes and not all doing other crimes? Need time to think.......
rwood
Not so long ago banks around the world were FALLING ALL OVER THEMSELVES to pursue depositors from the USA.
THEN came the new IRS vigilance of the Obama Admin; suddenly American citizens were treated like kids in need of a really good spanking.
The IRS went to all the major banks and said:
“We’re going to impose onerous reporting requirements on you, requiring you to fink to us regarding all your American depositors. If we discover you haven’t complied..? We’ll fine you 30% of ALL your transactions that touched the US banking system in ANY way...!”
Probably more than HALF of all world banking transactions touch the USA in some way:
The potential fines seemd to foreign bankers to reach the MOON.
The easier path..?
Simply ban any account from US passport holders over some really paltry sum.
The result is that Americans abroad are viewed by foreign bankers as AIDS-having LEPERS.
This all started cuz a Jewish banker with US/Swiss dual citizenship got into hot water with charges of major fraud. He made US authorities an offer:
“Let me off the hook and I’ll give you a secret list of ALL Americans with secret banks accounts in Switzerland.”
That perp..?
He also got a cut of ALL funds recovered —his total was over $100 million bucks.
Love it or leave it.
When you live abroad, you realize just how much Fed.gov views you as their slave. You don’t notice in the USA because their control is so complete
It also makes you a Pariah as no foreign financial firms or banks want to deal with you
Winning.
Only if the hollywood libtards who say they will leave and maybe gve up citizenship, would have morals to do what tgey say they will do.
Why is CNBC writing this story now? This story was relevant years ago.
If anything, tax reform encourages expats to repatriate their money.
Article is not making sense in today’s context.
Given Trump’s biz background I am surprised he has not tried to repeal FATCA.
A synopsis of the nightmare that is FATCA, if you live or work overseas and are an American citizen:
The (foreign financial institutions) FFIs in these countries are required to report all financial activities of their American clients if they cross a certain threshold amount determined by the IRS. If a taxpayer is found to be under-reporting or not reporting income and assets to the IRS for whatever reason, the taxpayer will be charged with tax evasion. With FATCA, the IRS will have access to the correct information directly from FFIs.
Damaging Effects of FATCA on Americans Living Overseas
FATCA has made filing taxes more complex and difficult for Americans living overseas. They are now required to report foreign financial assets, and comply with the many new reporting and filing rules. In addition, any FFIs whose services they use, including local banks, stock brokers, hedge funds, trusts and insurance companies, are required to report information directly to the IRS. The reporting requirements and registration will soon be mandatory and is making many FFIs reluctant to deal with Americans.
The penalties for non-compliance under FATCA rules are heavy. If an FFI does not report information to the IRS, both U.S. financial institutions and other U.S. withholding agents will withhold 30% on certain payments to them.
Taxpayers that do not report their financial assets overseas may incur heavy penalties and/or imprisonment. In attempt to avoid future tax complications many Americans living abroad have renounced their U.S. citizenship. Americans and green card holders residing overseas are not happy with the changes, which will result in a great deal of paperwork, and the need to hire a tax preparer to deal with the new changes. They also fear the disadvantages they will face when dealing with FFIs.
Foreign Banks Reluctant to Cater to Americans
Many banks in countries where FATCA is implemented are closing the accounts of Americans because of the new reporting requirements. Many Americans working abroad are losing access to overseas retirement pension plans and life insurance. Although many Americans have renounced their U.S. citizenship in order to avoid discrimination and reporting problems, for many this is not an option.
Caught between the U.S. and FFIs, Americans working overseas will need to put up with the more complex of the reporting requirements. The only choice aside from renouncing U.S. citizenship is to comply with the new tax laws.
“Those who already have their’s, from living in America, are willing to live in substandard countries...those who want to earn their’s tend to head for America...”
Those laws have been in place since long before Trump.
I do not believe in governments taxing anything of its citizens that is not part of the domestic economy. Just like corporations, Americans would willingly bring foreign earnings home, if those foreign earnings were not taxed to begin with. Yes, we should a “territorial” tax regime and quit chasing after what our citizens and corporations can go and pull out of other nations economies.