Tom Alciere is getting the word out to US presidential candidates as they campaign in his state for the critically important New Hampshire Primary (which takes place February 11th), He’s provided info on FATCA (see below) to several candidates and spoken with two of them at Town Hall meetings.
Tom writes:
“It’s that quadrennial season again, and the candidates are in New Hampshire campaigning for the first Presidential primary. I was able to bring this up to Andrew Yang during a The FATCA letter reads:
18 January 2020
Senator Sanders:
Imagine getting a birthday card with a check for college, and you like your other grandfather better because he sends toys. Mom and Dad bring you to the place where they have free lollipops and instruct you to write your name on the check and the bank form. Decades later you face criminal charges and devastating financial penalties for failing to report your “foreign” bank account to the U.S. Treasury, when you don’t even live in the U.S.A. This includes border babies born on the U.S.A. side and children of college students returning to their country.
Extraterritorial application of U.S. tax laws and bank account reporting requirements is causing hardships and fury in other countries. Victims now cannot accept employment involving signing the payroll checks because they’d be required to report the employer’s confidential information to a foreign government, the U.S.A. government. Victims infected with United States citizenship are forced to find accountants capable of completing U.S. tax returns that are far more complicated because another currency is involved. Some live in countries with high sales tax rates instead of income tax, and they cannot claim credit for the sales taxes.
U.S. statutes relieved some victims of U.S.A. citizenship when they became naturalized in their country. SCOTUS re-infected them with U.S.A. citizenship without asking if they wanted it.
Under the Foreign Account Tax Compliance Act, banks are forced to report these accounts of “United States persons” to the U.S. Treasury. That data is valuable, especially to hackers.
Some victims are called “accidental Americans,” but they are not Americans at all. Ted Cruz didn’t consider himself a Canadian when he learned in 2013 that he was classified as one of their citizens under their laws. Where the victims live is their country. What could be more infuriating to a proud, loyal, patriotic person than being called a “United States person”?
See: http://www.adcs-adsc.ca, http://isaacbrocksociety.caTom Alciere, PO Box 106, Nashua NH 03061″
“Perhaps as a salaried academic his brother is not affected to the same extent as others?”
Unfortunately (?) the UK is one of the nations where many Americans will be carrying on as if nothing happened.
@Mike
I was just thinking that he probably wouldn’t have a private ie reportable pension fund. But you are right , I know many that just choose to ignore the whole thing including those who are well known.