This reminds me of the t-shirt that I used to wear as a kid to protest the war in Iraq. It had all of the flags of the world with the US flag crossed out. Not much has changed since, apparently. But, what more can one expect from a two-party system?
Robert W. Wood
10/25/2012 @ 11:05PM |141 views
It’s cute to see movie portrayals of clumsy but good-natured Americans not fitting into some über sophisticated situation. But hearing big banks say thanks but no thanks to opening a checking, savings or investment account? Not cute. Being turned down for a mortgage because you’re American? That’s even worse. See Wary Swiss Banks Shun Yanks.
Sure, we might think a South American drug lord who is turned down is getting his just desserts. But these days, anyone but Americans seems likely to be welcomed into foreign banks. Welcome to FATCA, the global U.S. law that applies in earnest in 2013. Americans everywhere are facing ostracism and some are voting with their feet…
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It is unbelievable that Americans living and working overseas are now being refused bank accounts and even mortgages, all over the world. The US system of citizenship taxation is completely wrong and has extremely negative effects, not only on Americans living overseas but on the US economy itself.
Imagine if California taxed every person ever born in the state of California, even those who had long ago moved to New York, Louisiana or Texas. That’s citizenship-based taxation.
And if California made every bank in every state of the whole country report directly to the California authorities the names and addresses of any client of that bank who had been born in California. That’s FATCA.
And if California imposed heavy fines and penalties on anyone who they discovered had NOT been reporting their income and their bank accounts to California, even if that person didn’t owe any taxes to California because they were paying hefty taxes to, say, New York. That’s the FBAR scandal.
FATCA should be repealed as quickly as possible before it blows up the world financial sector and even worse, has an extremely negative impact on the US economy overall, as foreigners pull out of US ventures and investments and take their money elsewhere.