At WhiteKat’s suggestion — and, she’s right, I should have posted instead of commented.
Thanks, John Richardson, author, and to Just Me for highlighting it. Another excellent, common sense explanation — no beating around the political bush.
We need a Canadian version of John Richardson’s additional submission to NZ Select Committee.
If every Canadian MP (or other country government representative) would read the document as it pertains to Mr. and Mrs. Middle-Class Countryman, they would understand what FATCA really means for Canada, New Zealand or any other country.
The emotional trauma of FATCA combined with US citizenship-based taxation law for a so-defined ‘US Person Abroad’, as described by Dr. Donald Young and understood by Mr. Richardson, is the missing link and not dealt with anywhere else.
The US tax compliance professionals assisting us in with US tax law or US accounting for our US tax returns OR the media person trying to tell the FATCA story so the general public can understand OR government representatives deciding what to best do for their country OR our family and friends really DON’T KNOW. The only ones who know that aspect are us — the persons living the horror of the US Person round-up.
It is as essential for others to know this aspect of FATCA as for us to somehow effectively deal with our never-ending up’s and down’s of the emotional trauma we experience. There is an IQ needed to understand all this and I think, more importantly, an EQ (the Emotional Quotient of Intelligence).
(Perhaps some of you don’t experience this aspect. I can’t imagine — if so, you are exceptional.)