http://www.ctj.org/taxjusticedigest/archive/2014/01/republican_platform_expected_t.php#.UuIfC_2Cokg
More uninformed nonsense from the useful idiot wing of the FATCA camp:
Those who are directly affected by FATCA are likely to be few in number and they certainly have the means to fill out the disclosure form required with their federal income tax return under its provisions. The $50,000 threshold excludes housing and other non-financial assets. That means that even a relatively well-off American who works for a few years abroad and even someone who owns a house abroad will not be affected unless they hold over $50,000 in cash or financial assets in the other country.
Whatever inconvenience is caused by these requirements is far outweighed by the benefits to the U.S. and its law abiding taxpayers. According to the Congressional Joint Committee on Taxation (JCT), FATCA’s anti-tax evasion measures are estimated to raise $8.7 billion (PDF) over their first decade of implementation. (JCT does have a history of underestimating tax enforcement measures.) Considering that the U.S. loses an estimated $100 billion (PDF) annually due to offshore tax abuses, this seems like a modest reform.
Other opponents of FATCA, like the Wall Street Journal, have claimed that it is causing Americans living abroad to renounce their U.S. citizenship, but as we have pointed out, those renouncing citizenship make up a tiny fraction of one percent of the six million Americans living abroad.
Noooooo! Not another one!
I am almost happy there seems to be no way to comment to this article! I’d probably just get deleted anyway.
I’ve commented before at that site and they always deleted it. So, at least they are being more honest about their opposition against transparency.
What can you expect from true lefties with their grudge against people who have the courage to work and live abroad and take risks. The point here is that foreign banks are denying Americans to open checking and investment accounts simply because they do not want to be collection agents of the IRS. I don’t blame them.
Switzerland just signed an agreement with Italy- no FATCA or anything else- just an agreement to let those italians go who have secret accounts in Italy. They have all sorts of amnesty programs so are expecting the italians to come forward with little fuss. The cash will flow out of Swiss banks and into italian banks. No fuss for the rest of the world.
I have the feeling the shit is about to hit the fan with FATCA – and we are going to see and hear a lot of ugliness in the upcoming months as the fight commenses. I hope sanity prevails because it is not up to now.
The idea that this crap applies to people who’ve never even lived in the US has never occurred to them.
Good luck retiring with a pot under $50k.
I wouldn’t pay too much attention to this. The glaring contradiction within is “very few” will be affected, but then says “of the 6 million” abroad. This is just more partisan politics, attacking the Republicans. We’re just collateral damage.
Wow, it’s almost as if all these similar articles coming out at the same time are coordinated or something.
But that couldn’t be, right? right? Bueller? Bueller? Bueller?
@Fred,
Don’t you know that only RICH people have more than 50K in the bank?
Some jerk kept saying that over and over again yesterday ( I forget where since I’ve lost track of all the stupid articles that have been coming out). I kept repeating that first of all it is an AGGREGATE amount reportable under FATCA (he insisted it was per account), and second that here in Canada with our crappy CPP (relative to SS), we better have a lot more than 50K in the bank before we retire!
The article says “those renouncing citizenship make up a tiny fraction of one percent of the six million Americans living abroad” But does the author know the percentage of the estimated 6-7 million Americans living abroad who currently comply with FATCA, FBAR and IRS ?!
Check out on youtube:
GOP fights for rich tax dodgers
The fact that they don’t allow commenting is just ridiculous.
And the fact that only a “few” Americans lose their citizenship over is fine with them. It’s okay for us to be forced to renounce as lambs to the slaughter for the benefit of the country. Seriously? How is this just? So now those of us who had to renounce are patriotic and falling on a sword for FATCA?
I have some choice words for this but, cannot say them here…they are running through my mind though…guess what they are!!!!!!
We certainly have the means to fill out the disclosure forms? That’s a bit of an assumption. And what about those who are expected to fill out disclosure forms on accounts for which they are merely a signatory?
Oh, I hate how these pro-FATCA’s pick and choose the parts of it that suit their narrow agendas. Cocksuckers.
I sent them a quick e-mail setting them straight. ctj@ctj.org
I doubt they’ll pay any attention to it since honest, hardworking, US persons abroad don’t fit into their narrative.
LMAO
Citizens for ‘Tax Justice’.
ROFLMAO
What an oxymoronic and ridiculous statement, socialists and labour unions talking about tax justice. It’s such a farce. They’re at least partly responsible for chasing a lot of the work outside of the USA, as well as the fact that over 47 million people in the US are on food stamps as a result of it.
The reason for their existence? For us to prop up the freeloaders in the homeland on our dime, of course. That, and to use us as scapegoats for all of their policy failures.
Let them pound sand.
They’re feeding into the myth that we’re all just backpackers.
@Whitekat
Yes, it’s $50K in aggregate for reporting 8938, but I don’t think it was originally. I think this is a recent development, because I recall some discussion about being able to keep unlimited numbers of accounts under $50K. Does anyone else recall? If true, they’ve closed that loophole.
Here’s a slightly more balanced re-edit of the Patrick Temple-West article where the editors have spelled his name wrong 🙂
http://www.newsdaily.com/business/e1769ba2d122f42da4cfab0918d2e282/republicans-bash-us-law-targeting-offshore-tax-dodgers
Essentially they accuse ex-pats of ‘making a mountain out of a mole hill,’ while they practice minimizing. They should rename their group Homelands for Tax Justice and push for domestic tax reforms that have a genuine chance of balancing the federal budget rather than look under the cushions for ex-pat’s loose change that isn’t going to solve the US’ problems.
They can blame us for loss tax revenue, or being tax evaders but their still stuck with ‘their’ federal budget problems regardless. It’s not our problem.
Get real.
Buzzkill:
“On January 24, the Republican National Committee (RNC) approved a resolution that would call for the repeal of FATCA. Adoption of the resolution by the RNC gives symbolic comfort to those advocating FATCA repeal, but House Republicans have not indicated they are contemplating considering such legislation – FATCA repeal was not included on the list of near-term legislative priorities that House Majority Leader Eric Cantor, R-Va., circulated to GOP House members earlier this month – and the issue is not expected to be taken up in the Democratic-controlled Senate.”
http://www.fsitaxposts.com/2014/01/25/republican-national-committee-takes-fatca-rules/
@bubblebustin
Just left this comment over there at FSI Tax Posts:
Most of the US expats I know are normal working people who happened to fall in love and move here. Some of their occupations:
Truck driver
Landscaper/ gardener
Seamstress
Factory worker
Florist
Moms
Aerobics/ exercise instructors
Teacher
Shopkeeper
Unemployed dad
Bicycle mechanic
Web designer
Dental hygienist
Cook
Photographer
Retired
Some of these people get along okay, I think, while others struggle. The notion that US expats are well-off is a myth, in the tradition of Robert Stack.
You can add carpenter to that list.
One person I know who already had to renounce was a carpenter who used to drive around up here with American flags on his tool box.
They’re veal pen and must have got the notice from the WH to hit it hard. Outside that veal pen it’s not going to be so easy for them.
“…. but as we have pointed out, those renouncing citizenship make up a tiny fraction of one percent of the six million Americans living abroad.”
Mass renunciations are in the pipeline. You aint seen nothing yet!
I am my wife’s caregiver.
The support of Fatca is usually because some are misinformed on it’s consequences. To say that a “tiny fraction of 1 percent” will renounce, well now, I bet only a “tiny fraction of 1 percent” know about Fatca. Anyone who learns of Fatca is either incredibly patriotic or incredibly stupid. These authors of these type of support letters and articles will eat their word once the shit hits the fan. The true colours of Fatca will be front page news and this will lead to world problems. If we forget “politics” and look at facts, the Republican National Party are heros to US persons around the world. Not one of the supporters if Fatca can give any good intelligent factual reasons to support it. Sheesh, I hate when BS is written and distrubuted!!!