By DOUGLAS GOLDSTEIN 03/14/2013 23:19 – Jpost.com
The US government should also waive FATCA’s reporting requirements for foreign financial institutions.
With the enactment of the 2010 HIRE Act, Congress aimed to increase employment and increase its revenues by going after foreign accounts owned by Americans.
Unfortunately, the legislation doesn’t draw a distinction between honest Americans living and working abroad, and those citizens who are indeed hiding tax revenues from the American government. The legislation, Foreign Account Tax Compliance Act (FATCA), requires that individuals report their accounts held overseas and that foreign financial institutions report to the IRS about their American clients.
FATCA burdens American individuals and businesses overseas, as well as the foreign banks that wish to service them.
The billion dollar question is whether the burden of FATCA will outweigh its benefits.
The potential for losses are great on both the individual and institutional side.
@SwissPinoy… Thanks for headlining this one, and good for David Goldstein…
Ever since Anne Hornung- Soukup from ACA was on his show, he has been paying attention to FATCA and also has started this linkedin group..
http://www.linkedin.com/groups/American-Expatriates-4822273?trk=myg_ugrp_ovr
He has also been following my twitter feed and has drawn attention to it, so the subject is gaining resonance with him.
http://bit.ly/W8BxnV
We need more like op eds like his and we need more Brockers twittering! 🙂
Here’s another:
FATCA hurts everyone, especially Americans
http://www.jewishpress.com/blogs/goldstein-on-gelt/facta-hurts-everyone-especially-americans/2013/03/15/?src=ataglance
This is a very good article, plainly written and explores many aspects of the situation. I especially like the emotional side and how the ‘social contract’ between citizen and government has been strained to the breaking point for a growing many by the actions of the US government.
Bubblebustin, I agree entirely. Very well written article that should be sent to every Congress person and the President to read and absorb. Maybe then they’ll start to get an idea of how badly this law is going to affect the whole country and not just US citizens living and working abroad.