This is the comment of the day, from omghe’sstillanamerican:
Yes the UK talks about collecting foreign account information of residents of their own countries while the Treasury department issued this gem (Bloomberg Businessweek):
“When taxpayers overseas avoid paying what they owe, other Americans have to bear a disproportionate share of the tax burden,” Emily McMahon, the Treasury’s acting assistant secretary for tax policy, said in the press release. “FATCA is an important part of the U.S. government’s effort to address that issue and these regulations implement FATCA in a way that is targeted and efficient.”
Wouldn’t the US and the other country be fighting over the same tax dollars if one uses residency to tax and other uses citizenship?
Considering that 50% of Americans living inside the US hardly pay any tax, they’re the ones who are a burden on the system and causing other Americans to pick up the tab for all the services they’re not paying for. How come the Treasury never has anything negative to say about them?