Dear Democrats Abroad member,
Your FBAR/FATCA Task Force has been working steadily to seek relief for overseas Americans facing onerous tax reporting burdens. This is an update on developments related to taxation of overseas Americans and on our advocacy work.
A New IRS Program for those who have not filed
The Internal Revenue Service has made a significant concession to overseas voters who present little or no risk to tax avoidance. On Tuesday June 26, 2012, the IRS announced it will provide a new option to help some U.S. citizens and others residing abroad who haven’t been filing tax returns and provide them a chance to catch up with their tax filing obligations if they owe little or no back taxes. The new procedure will go into effect on Sept. 1, 2012. See these postings on the IRS website for the details of the new program:
www.irs.gov/businesses/small/international/article/0,,id=256772,00.html and
www.irs.gov/newsroom/article/0,,id=258431,00.html
[Auther’s Note: the above urls are correct, but if you cannot open them directly when you lick the hyperlink, simply copy and paste the addresses in your browser window.]
We believe our submission to the IRS, Joe Green’s testimony at the IRS hearing and our joint advocacy with other organizations of overseas Americans were at least in part responsible for the new IRS program. It seems that some of our concerns are being addressed.
FATCA has come into effect
FATCA reporting has come into effect for the current filing year; i.e., to be submitted with the 2011 US tax return. The good news is that the threshold for reporting under the FATCA regime (Form 8938) has been raised from $50,000 to $200,000 for individual-filing Americans living abroad (to $400,000 for Americans living abroad filing jointly). That will bring relief from this filing obligation to a significant number of overseas Americans.
Many of us living outside of the U.S. will likely need to continue to seek professional help for filing the various tax forms required of us. We have heard some pretty horrendous stories about Americans being fleeced by unscrupulous tax preparers, so we urge that you use caution in finding professional financial help.
Overseas Americans Surveyed for FBAR/FATCA impacts
As you know, in April of this year, Democrats Abroad issued a survey for overseas Americans to establish data around the impacts of existing and new tax reporting requirements. The survey results through to May have been analyzed and they paint a rather bleak picture of the struggles we face dealing with tax and foreign account filing requirements. As a result, they have been very useful in our discussions with government!
They suggest that too many of us:
- understand too little about our tax filing obligations;
- harbor considerable fears about fines and penalties that the U.S. government agencies responsible for tax reporting and collection have imposed and are proposing;
- are negatively impacted by the fact that that, in a growing number of countries banks, brokers and other financial institutions are refusing to open new accounts for American citizens and, in some cases, closing existing ones; and
- may choose to remain or go underground in relation to tax filing, or even consider giving up cherished American citizenship.
None of the respondents, most of who insist on anonymity because of their fears, believe that our government’s serious attempts to root out fraud, money laundering and tax evasion are unwarranted. Indeed, expat Americans cheer such efforts.
The survey results are compelling and we thank Gary Suwannarat and Amanda Klekowski von Koppenfels for their excellent work preparing the survey report. The survey is still open and we welcome you a) to participate if you have not already done so and b) to send the survey to other overseas Americans. This is the link to the survey:
http://surveymonkey.com/FATCA_FBAR
Overseas Tax Filers invited to submit their Expat Tax Stories
The stories told on our Expat Tax Stories website (www.expattaxstory.us) give personal expression to data in the FBAR/FATCA survey. Thanks to Alex Sirota for building the website which is creating a flesh and blood record of the experience of overseas tax filers. The website is still live and we encourage you to use it to tell your individual story about US tax compliance or read the stories submitted by others.
Our advocacy work
In our discussions with political and bureaucratic officials we go to great lengths to express our support for the Government’s crack down on money launderers and tax cheats before explaining the adverse impacts and outlining our recommendations for making FATCA less harmful to overseas Americans.
Democrats Abroad has recommended the following reforms to FATCA to offer relief to law-abiding citizens living abroad and to enhance FATCA’s intended function as a tax evasion deterrent:
- 1. Define a foreign or offshore account as an account in a country other than one’s country of residence or the US, thereby recognizing the legitimate need for local banking services;
- 2. Raise the FATCA reporting threshold to $1 million to put the focus on taxpayers with wealth sizeable enough to justify the costly and complex investment structures normally used to conceal assessable earnings;
- 3. Index the reporting threshold to inflation so that it goes up every year just as the Section 911 income exclusion does;
- 4. Add a provision that excuses anyone who does not owe taxes (because of the Section 911 exclusion or any other exemption or a tax treaty) from the obligation to file form 8938, regardless of the threshold reporting;
- 5. Merge the FBAR reporting requirement with the developing FATCA legislation to eliminate duplication in filings; and
- 6. Offer amnesty to overseas Americans who are delinquent taxpayers, inviting them to pay what they may owe and restore their status as tax-compliant citizens. (See our opening remarks for our success in this area.)
So, ladies and gents, while we have made some progress in in ameliorating the toxic (or is that tax-ic) issues that the Task Force was created to address, we continue to discuss our concerns with the governmental bodies that are charged with implementation. When the time is right (not in the midst of the federal election campaign), we are optimistic that we will achieve more – or perhaps all – of our goals. And, when appropriate, we will get back to you with specific actions that you may be able to take.
But, as we move forward toward November 6, please bear in mind that, as troubling as our tax issues are now, conditions would be much worse (taxes and way beyond) with a Romney presidency, a tea party House and a Senate without a filibuster-proof majority. Imagine a right wing activist Supreme Court for thirty years (despite the welcome news about the President’s historic health care initiative)!
Let’s Get Out The Vote!
Your DPCA FBAR/FATCA Task Force,
Joe Green (Canada) Chair, Stanley Grossman (UK), Maureen Harwood (Canada), Carmelan Polce (Australia), Maya Samara (Switzerland) and Joe Smallhoover (France)
*Overall good news but and there is a but which Senator or Congressman is actually going to advocate up to and including introducing new legislation if necessary. Without an actual named member of Congress who is actually going to get involved on this issue on future changes are still highly speculative I feel.
Wow! That was a quick posting!
Joe
This is nonsense! Such an outrage!
The Democrats Abroad were told repeatedly and early that the Democrats’ own legislation would be catastrophic to Americans Abroad and they did not react. They come lately after the disaster begins playing out and want to “bring our voice” to the party when it is too late. When it was still possible to stop this, they wanted to talk domestic issues and admonished us to get over it.
Since then, which party has led the jihad against Americans Abroad? The only soak-the-expat I know from the GOP is Charles Grassley. On the Democrats side, we have Levin, Schumer, Casey, Tierney, Nelson, Rangel, Obama, Geithner, and even Americans Abroad Caucus member Mike Honda and I am leaving names out.
The above post ignores that while all of these lately “good works” have been underway, the Democrats have introduced the Passport Confiscation act, the Stop Tax Haven Abuse act, the Ex-PATRIOT act, and the repeal of the FEIE as part of the Democrats’ budget proposal. Of these that were blocked, all of the credit for blocking them goes to the GOP and if the other pending assaults are blocked, it will not be blocked by the Democrats.
So what on earth do you mean by :
“But, as we move forward toward November 6, please bear in mind that, as troubling as our tax issues are now, conditions would be much worse (taxes and way beyond) with a Romney presidency, a tea party House and a Senate without a filibuster-proof majority. Imagine a right wing activist Supreme Court for thirty years (despite the welcome news about the President’s historic health care initiative)!”
I am no fan of the Tea Party nor the Occupiers. They are both just symptoms of the rot in Washington, but I hardly would expect a Tea Party to lead a tax increase. The GOP are not our friends. It was Americans Abroad who helped pay for the Bush tax cuts through a provision to reduce FEIE in TIPRA. However, the Bush tax cuts are limiting the confiscatory capital gains and AMT on Americans Abroad. When they expire (which is a Democratic goal), the expropriation of the savings from Americans Abroad will jump to obscene rates from the already eye-watering rates in place today.
So tell us how would taxes be “much worse”. In what specific way?
You also say ” and way beyond”. What does that mean? Do you mean that the GOP would take our passports away or that they would send drones after renunciants instead of merely denying them to the right to ever see their families again?
No, I think you’re talking about domestic politics once again. Just as in 2010 and 2011 when the outcry from Americans Abroad was being muzzled by the Democrats Abroad in order to focus on domestic issues, you want to “move the conversation along to more important issues”. We live abroad and as much as we may be compassionate toward our fellow countrymen (and increasingly former fellow countrymen) on-shore, but the domestic issues are trivial in comparison to the travails we suffer from the US today and are the only dialogue that will have our attention.
As for the Health Care plan… almost all of us live in countries with better health care plans than the Obamacare plan. It was not so much a great achievement as it was a missed opportunity. If that’s all that a party who controlled the executive branch and the legislative branch can muster, it’s very discouraging.
If protest votes matter, you deserve them in spades from Americans Abroad. Who cares about the GOP – the Democrats need to be taken behind the woodshed for what they have done to us.
The news is not bad, but I wouldn’t go so far as to say it’s good. Good news would be to hear the IRS state that they made an error in judgement when not considering US persons living abroad in their pursuit of off shore tax evaders, to offer an amnesty comparable to Canada’s, and to promise to examine the viability of citizenship based taxation. But most of all, I’d like a big fat apology. Yeah, I know, when the US freezes over…
Ok, Rome wasn’t built in day. but to compare US policy to a time in the history of another civilization when it hadn’t yet enjoyed its pinnacle wouldn’t be right either.
As @zuludogm points out so well, they’re pandering to the wrong crowd.
That’s cute… still not filing shit though.
Again, this doesn’t really change anything. The banks are still required to buy the stupid software and setup a reporting system which is horrendously overpriced and the decision remains the same: kick out all the americunts.
As such… watch me continue to not care. I honestly don’t care what penalty they dream up for not reporting, what incentives they give for reporting, or anything else. Facts remain the same… My money’s earned overseas and stored overseas and they have zero rights to information about any of it. Not what banks I use, not how much I have in the banks, none, nadda.
@DPCA FBAR/FATCA Task Force
This is obscene that you would imply that we must vote for this administration again. Get real! would you invite for dinner your child’s murderer?
@popol, don’t worry, if you don’t like them, you can vote for someone who’s just as bad/worse.
@markpinetree
It occurred to me after posting that the “you” in my comment can be confused. That “you” is referencing the Democrats Abroad Task Force and leadership – not you. I really appreciate you posting this. Reading your prior posts, I know that your question is a genuine appeal to whether this is good news.
I suppose that to answer that specifically, I would have to say that it is bad news that they are celebrating ACA’s achievements in reigning in their party and then appeal to the victims for support. The “invite your child’s murderer” analogy is strong, but pithy. Perhaps “inviting the arsonist who burned your house and all of your possessions because he called the fire department. Nevermind the fact that he tried to set your car ablaze while the fire department were busy on your house.”
Dear Joe Green,
I am glad you are reading these comments. Here is mine.
I am a registered member of Democrats Abroad, and received your mail on this subject in my inbox. I have voted straight Democrat for three decades now, including in 2008.
However, I am sick of being treated like a criminal by my own government, and have reached the point that I refuse to vote for anyone who does not recognize, and pledge to do something about, the cries of anguished from working- and middle-class Americans abroad whose lives are being made increasingly impossible by their own government.
This is now my number one, front-burner issue. Especially in an election year. Don’t you dare give me any of that “we’ll take care of your concerns later, after the elections, but don’t raise a fuss now” stuff — I’ve been burned by that one too many times before.
Address our issues up front, now, or lose my vote.
OVDI victims are not happy with this news. It is like a slap in the face.
The IRS has pilloried OVDI participants who are resident outside of the US and their horror stories have likely helped bring others into compliance. The IRS now offers similar taxpayers some relief, but continues to take a hard line with those who are in OVDI because they followed the only instructions for becoming compliant that were available in 2010 and 2011.
While these baby steps of the IRS towards understanding Americans abroad are welcome, those who became FBAR aware early on and joined OVDI, or any of the other Voluntary Disclosure programs, continue to suffer under threat of huge penalties and full audits.
US persons resident outside of the United States who followed instructions and joined OVDI for coming into compliance are still in line to be punished for essentially being more conscientious and more aware than other Americans abroad and taking action to become compliant early. OVDI participants continue to be threatened and punished, while those who wish to become compliant now are being given better terms and conditions.
Will these new procedures be applied to people in the OVDI programs? OVDI participants who are Americans abroad need to be given the same three years and conditions to show they owed USD 1500 or less. If tax is owed in any other years, they should pay it, but be judged on the same terms and conditions as all other Americans abroad will be.
OVDI participants are at an inherent disadvantage because they needed to provide 8 years of tax returns, thereby increasing the possibility that in one or two years they may have owed more than USD 1500 in taxes. Additionally, they have had two years to file taxes and FBARs in a fully compliant manner (2010 and 2011) and during these years they may have arranged their finances so it was easier to be compliant, thus bringing them over the magic USD 1500 threshold.
So for OVDI participants, the recognition the IRS has given Americans abroad is encouraging, but there is little rejoicing and still a lot of anger, fear and frustration. Unless the same terms are made to apply to OVDI participants, they will feel that are still being pilloried for their efforts to come into compliance early on.
As for the Democrats Abroad, they should try to avoid pulling a Shulman and not expect to be exalted for achievements which in reality are lacking and have many faults. A major step has been achieved, but there is still a lot of work to do. The jury is still out. If Democrats Abroad can work with the IRS to raise the ridiculously low limit of USD 1500 and change IRS policy to provide a similar non-punitive path for OVDI participants resident outside of the US, then they may have reason to crow and keep some of the expat vote that has been moving away from them.
The banks are still required to buy the stupid software and setup a reporting system which
is horrendously overpriced and the decision remains the same: kick out all the americunts.
It’s a good thing I wasn’t drinking coffee at the moment I read that.
@least for me and this news, nothing has changed. Still can’t wait to pay the $450.
Joe Green:
Dear Professor emeritus, Joe Green, The United States has become my biggest enemy through its threats upon me and my family, namely of our financial wealth which was legally obtained in Canada. I don’t see how Mr. Romney, or the Tea Party or a right-wing SCOTUS could possibly be more of threat to me than Obama’s government has been. Perhaps not less either. But let’s be realistic here. Do you believe that a Romney government will invade Canada and remove our government here? If so, you are right that Romney presents a greater threat.
However, I don’t see how expats can vote for Obama. While it is true that Romney may be greater threat because of nefarious invasion plans, at least that is not on his political platform.
It would be good if some of these things in your letter become implemented. Still it is patronizing drivel. What expats need is for the United States to set them free 100% from the burden of extra-territorial taxation. Anything less than that is a sham. The United States should join the civilized countries in the world and stop acting like a Medieval relic, taxing its citizens no matter where in the world they might live. The USA is keeping good company with Eritrea.
You see, Mr. Green, I’ve given up my citizenship and frankly I don’t give a damn who wins the presidency this time around. I figure, who ever wins, Americans deserve the government that they vote for. But I don’t believe that expats deserve it. We now live happily in our countries of residence; you Democrats have succeeded in making it so that most of us don’t even want to visit your country any more, even some of us, are afraid for our lives to visit your country. I had this long debate with some people who thought that it is wrong for me to express my fears here at Isaac Brock Society, because I posted a video of what happened to a young man by the name of Robert Leone in the State of Pennsylvania and I am afraid, that with all of your laws that I have broken, I will also be treated in a similar manner if I dare to step across the border into my native land.
When I told the press that I had renounced my citizenship, people in your country, probably mostly democrats, reviled me as a tax cheat, a traitor, and a coward. Do you see what is happening? Your party and your president have so ginned up the class rhetoric that a relatively normal Canadian relinquishes his citizenship and your Democrats inside the United States think that somehow I’ve cheated them of their “fair share”. How did the American people become so stupid and ignorant? I am just sick of this shit. Don’t tread on me.
Recent legislation which has been detrimental in the extreme to expats, especially those who renounce US citizenship.
Reed Amendment 1996, banned Americans who expatriate for tax purposes and imposed 10 years of tax, House Republican, President Democrat
Jones, 2004, Increased FBAR fines, House Republican, President Republican
HEART, 2008, Established exit tax, House and Senate Democrat, President Republican
FATCA, 2010, Congress Democrat, President Democrat
Ex Patriot Act (proposed) by Senators Schumer, Casey (both Democrats)
Prof. Green, please note that according to the above track record, the Democrats are more culpable for our suffering than Republicans. It is true also that FATCA is the darling of progressive think tanks–not right wing thinkers. Even the Reed Amendment was proposed by Senator Reed of Rhode Island. I don’t know what party he is, do you? He’s not a Republican, is he? Why is it that it is always Democrats who want to ban you permanently from the United States if you renounce your citizenship? I wrote an article once that said banning a person who expatriates is cruel and unusual punishment–I thought Democrats opposed torture. Apparently not. I think that I would prefer water-boarding–its over after a few moments, maybe a day or two. But permanent exile, that is mental anguish that will remain with me for the rest of my life. But I am not a terrorist with information, nor a criminal, but I have exercised my God given right to change my nationality. I did not break a law in the US, but I exercised a fundamental right, like voting or breathing.
“You can fool some of the people all of the time and all of the people some of the time, but you can not fool all of the people all of the time.” (Abraham Lincoln)
Based on comments above, I don’t think Democrats Abroad are fooling too many people (including long-time Democrats) with their Johnny Come Lately stance.
Dear Joe Green and the rest of you,
You’ve had the good idea to keep silent so far because really, you should.
Now the only thing left for you to do is to collect all these comments which, I believe, are quite representative of the 6 million of us, and try to have it read by as many of your friends as you can, preferably in Washington D.C.
If that shows some results, maybe, just maybe, the next generation (our children, if still US citizens) might consider beginning to forget what you’ve done to us.
Banks are refusing American citizen as a retaliatory measure. It doesn’t even make sense all the articles we see about banks accepting only Americans with a minimum balance. Whether they have some or no American customers, they are required to implement the IT infrastructure for reporting any US customer they have if they don’t want to be hit with the 30% withholding. Again, middle class, non rich people are the collateral victims of this madness. All FFIs and foreign governments should have united against this, especially as weak as the financial sector is right now. What’s in it for the FFIs? Actually, after thinking about it, foreign countries might have an interest in the fact that this undermines US exports.
Anyway, the fact that they’re just accepting it without much fuss shows one thing. The US is still a super power.
My accountant has confirmed that the updated procedures are merely semi-formalizing what has already been being done in practice among the expat tax preparers, at least in the UK. Their tax attache was in fact once in charge of overseeing the enforcement of IRS penalties for expats before her present position at the Embassy here. There is thus a lot of grey here. So my take on it is that while they are aiming to reassure those with tax liabilities under $1500, it’s not black and white so it’s possible that those with slightly higher liabilities could still possibly qualify. It’s essentially a noisy ‘quiet’ disclosure rather than a formal voluntary disclosure through the criminal division.
After all, I wouldn’t have thought it was that unusual for long-term expats or especially accidental Americans to land with a substantial tax bill like I did for things like selling one’s principal residence or from phantom capital gains due to holdings in foreign mutual funds (PFIC taxation). As I only learned of PFIC problems last year, after 23 years living in the UK, I don’t feel that i’m exactly guilty of anything, though accept that I had to pay back the anomalous US taxation (though with tears and clenched teeth).
Unfortunately, it would appear that many were railroaded into OVDI who probably shouldn’t have been there, mainly from self-filers, and misinformed or unscrupulous tax preparers/attorneys based in the USA itself.
As for future trends, I suspect that little will change, at least not in the near future; it will be up to individuals how they want to handle it. And as it’s in my nature to be honest, I’ve chosen to be fully compliant and believe I’ll be pretty much left alone as long as I file and report correctly via my accountant. As I’ve moved my assets into compliant accounts, I’d imagine that things should go reasonably smoothly apart from a small degree of double taxation if the thresholds for Obamacare taxes are substantially lowered, or if we ever sold our home. I respect those of you who decide to renounce your US citizenship but I simply don’t have the gall to go through with it, plus I can’t bear the finality of it. I simply want a quiet life and can’t be dealing with confrontation, whether it be with family or government.
I suspect that both parties are as bad as each other; they have their respective agendas and we simply don’t feature in their priorities. I’m frankly disgusted by it all but life’s too short to dwell on it. I admire those of you are fighting this but am personally inclined to keep my head down. I believe, if anything, that with global tax exchange agreements that more countries may well shift towards the citizenship-based model rather than against it.
But I’m also convinced that a growing market will emerge for bank/investment accounts for US expats, as is already happening here in the UK. Thus, I don’t think it will ultimately be as bleak as some fear.
@Christophe
yes, still a superpower for now but the badwill generated worldwide is astonishing and when time comes, people will remember (I know it doesn’t help right now).
In any case, as you said, it is totally incredible that no country is resisting it as there is much retaliation that can be done: freeze US assets, import tax on all US products, etc…I believe only the Russians have mentioned that. Imagine the whole world slapping the US with a 30% import tax, Congress would take notice real quick, the public would become aware of it, it would blow out in the open and the whole gang (Obama, Geithner, Schulman, Levin and co.) would have some explaining to do.
@ Christophe, The United States is a bankrupt superpower. Bankruptcy is the fast-track for losing superpower status (see Niall Ferguson, The Ascension of Money, in which he writes about many superpowers who have gone bankrupt–it leads to near instantaneous loss of superpower status, and this will be the case of the United States). China could probably have taken over the status of world’s greatest superpower, but their own mal-investment (such as building empty cities in both China and abroad). So we will be looking forward to having no superpower for awhile. Superpower status will eventually go to the large country with the best economic policies. Maybe eventually India will step into the gap. At least India doesn’t have a one-child policy that leads to children like this:
See http://www.businessinsider.com/somethings-making-china-really-fat-really-fast-2012-6
Nothing short of the destruction of US citizen based taxation will stop many from running to the exit right now. You can’t un-ring the bell.
@Lisa, my feelings exactly. I’m in OVDI, and because the only year within our 8 year submission where we paid any tax (a capital gain on the sale of our principal residence, taxed by the US only because Canada didn’t) was in 2008, outside of the 3 year filing requirement, my husband and I are being extra-punished for coming forward. However, without knowing what constitutes ‘compliance risk’ yet, our FBAR’s may disqualify us from this new initiate anyway. Regardless of how many ways the IRS chooses to package its compliance initiatives, they’ll never achieve ANYTHING near acceptable compliance levels (whatever that is) and there will still be the stampede to the door. In fact, each new scheme-and they are schemes- makes them look more and more like the bunglers they are.
Whats the point of raising the FATCA filing threshold to $200,000 if you still have to file an FBAR over anything exceeding $10,000? At least this group sees the foolishness in having these separate reporting regimes. Think that the US government is listening though?
The FATCA reporting limit could be raised to infinity for all I care though – It wont change the fact that more and more banks are refusing US persons as clients and want nothing to do with us. And the only amnesty that is acceptable is a complete turnaround with regards to FATCA, removal of citizenship-based taxation and to stop viewing us as cash cows. I am not a “US person” or expat – I am a Belgian citizen resident in Belgian and expect to be treated solely as such.
@monalisa, I’m working on being compliant too, but then I have way too much fear for the future to not want to renounce. With the Bush tax cuts expiring, I believe you’d be looking at paying a lot more in capital gains on the sale of your principal residence, unless you can get Petros to buy it with all that gold he’s hiding in his basement [editor’s note: Petros has no gold in his basement, it is in safety deposit box]. But, even with the proceeds in gold, it is likely only a matter of time before tax compliancy requires US persons to report that, as well as art, jewelry, real estate…
Re: Good news?
I’d like to hear what these dual/accidental/naturalized/ Canadians in the US think about FATCA, FBARs, and the associated tax and reporting issues – and have them discussed in this Globe series ‘Election 2012: Talking with the Americans (who are actually Canadian)’ (colour double-spread!). http://www.theglobeandmail.com/news/world/election-2012-talking-with-the-americans-who-are-actually-canadian/article4387445/
This is a series the Globe is producing: http://www.theglobeandmail.com/news/world/us-election/interactive-meet-your-canadian-guides-to-the-us-election/article4380799/
and we are urged to submit questions:
“Have a question for our expats? Please fill out our form, email us or leave a comment below. “
You can choose to direct the question to a specific participant, or in general. One is a lawyer, and another is an investment banker. If they haven’t heard of FATCA, and don’t know that any pre-existing Canadian accounts and assets are now considered ‘foreign’ , they’re in for a horrible shock. The ones that say they intend to return to Canada probably don’t know that if they’ve acquired US taxable person status that they didn’t have before, they’ll face the draconian penalty and reporting laws forever after. They probably have no idea that they’ll never be able to benefit from TFSAs, RESPs and RDSPs if they return to Canada with dual status, and their children won’t either.
I posted the links on a previous thread, but think it is probably lost, so re-posted here.
This is a chance to add to the public discussion of the effects of extra-territorial taxation and reporting by the US. The lack of media coverage and silence on FATCA makes me wonder if it is deliberate.
@Joe Green: “How’s that hopey changey thing working out for you?” (Sarah Palin)
Yikes! I never thought I would be quoting Sarah Palin, but unfortunately, the answer is terrible–especially for anyone who had the misfortune to be born in US but who has chosen to live elsewhere (even those of us who are citizens of other countries)