In case any of you would like to join this effort and haven’t come across this …
http://www.signon.org/sign/repeal-fatca?source=c.em.cp&r_by=188650
Repeal FATCA
By Rami Schandall (Contact)
To be delivered to: The United States House of Representatives and President Barack Obama
IRS efforts to chase tax cheats are netting another group entirely. Americans, green card holders, and dual citizens living abroad, face the threat of prohibitive fines for simply failing to file with the IRS, when many are unaware they were required to do so. This aggressive cash grab can devastate the lives of law-abiding citizens who already pay high taxes in their country of residence.The fines for not reporting are as high as 50% of any unannounced holdings, year over year. This can add up to more than 100% of assets, even if no tax is owed! Retirement funds and education funds for families who may never have even lived in the US would be wiped out. This is disproportionate and harsh punishment, and anti‐constitutional under the 8th Amendment of the Constitution.FATCA asks foreign financial institutions to act as collectors for the IRS, sometimes breaking local privacy laws, and setting up prohibitive barriers to international investment and legitimate trade.This is a terrible plan on so many levels. Repeal it now!American citizens abroad are being disproportionately punished by laws aimed at money launderers and people using offshore investment for the purposes of tax evasion. FATCA and FBAR are unfair and unconstitutional when applied to citizens resident abroad.
NEW goal – We need 2,000 signatures There are currently 1,005 signatures
BTW, as you may know, there is also an effort at ACA (American Citizens Abroad) to do this also
See http://www.aca.ch/joomla/index.php?option=com_content&task=view&id=466&Itemid=2
Looks like you are both working for the same objective, and going to the same petition source.. GREAT!!
Need to get more blogs around carrying exactly this same message.
Good work!
Yes, both links are to the same petition. The more to sign, the better!! Pass it on.
Good luck with the petition against FATCA.
But I am afraid that one of the primary purposes of FATCA is to identify the assets of Americans living abroad with the objective of coercing as many as possible of the 6 or 7 million expats (most not filing) back into the US tax system.
The first phase will be FATCA, the second phase will be to abolish the Foreign Earned Income Exclusion, which usually comes up for grabs every 4 or 5 yrs anyway.
Americans abroad are experiencing first hand the results of “Taxation Without Representation.”
Members of US congress have little incentive to help people whose interests they don’t represent and from whom they don’t receive any votes.
In any case, good luck with the petition. Every effort made to increase awareness about the silent persecution of Americans living abroad is helpful.
Of course, the more that sign, the better.
But I also take Boiling Frogs view, but my justification is more control over the world banking system (under the guise of regulation) than overseas expat assets. If you look at US expat’s assets, as a whole, they are worth much less than the control the FACTA will give to the US Gov. over foreign businesses and foreign financial institutions.
Plus, it’s propaganda for the politicans. They are basically telling the people that they are going after the “rich overseas Americans who don’t pay taxes.” It’s complete BS, but I think that message we tend to see in the mainstream media.
We could change the president tomorrow, but I doubt any of this would go away. There’s no financial “logic” that applies to this, it’s all about control, and THAT is definitely in the US agenda.
I agree.
The perception of “rich overseas Americans who don’t pay taxes” is a “go after them” knee-jerk reaction of many unthinking Americans still resident in the US. But then, with the media messages, lobbyists running government, some radical evangelicals, lessening emphasis on the importance of education for all, etc., etc., there has been a gradual “dumbing down of America” over the years — IMHO.
Have attempted to contact Rami via email and see if it is possible to get some action going again!
See the newest White House Petition.