This whole situation is getting ridiculous. Through citizenship-based taxation the U.S.:
1. Steals from the wealth of countries;
2. Steals from the wealth of individuals who:
– just happen to have been born in the U.S.; or
3. Terrorizes U.S. citizens living abroad and dual citizens in the same way that Eritrea does.
– imposing taxation by a foreign country on persons who are bona-fide residents of those countries and by collecting tax revenues from within their sovereign borders;
– In countries with foreign exchange controls it obligates bona-fide residents of those countries to illegally obtain a the currency of the taxing country and remove it from that country to pay taxes to the foreign country levying such taxes.
(In essence it requires that such persons decide which prison system they are most likely to survive in either violating the extraterritorial tax laws of the country imposing citizenship-based taxation or the foreign currency control laws of their country of residence by illegally obtaining on the black market currency of the taxing nation and, in violation of the money-laundering laws of the nation of residence illegally remitting the foreign currency to the taxing authority of the country imposing the tax.)
I would like to start a thread on reasons why citizenship-based taxation might actually violate international law.
International law would include:
– International Human Rights documents
– International law based on the law of custom
Finally, could citizenship-based taxation been construed to be a crime against humanity?
What about making this a “sticky post” or put it on the side so that it doesn’t get buried.
This is getting almost comical. Why any country would comply with FATCA is simply beyond me.
Think of Ghandi’s peaceful resistance to the British in India. Why not a peaceful resistance to FATCA? What is the world’s biggest debtor going to do about it?
Oh yes, I forgot. Citizenship-based taxation is even bad for the U.S. (but, hey how could they understand that?)