This article by Bloomberg is their reporting on the submissions to House Ways and Means Tax reform. It has been mentioned in multiple threads here at Isaac Brock, and was highlighted at ACA, so thought I would pull it out for better visibility. It merits comments and email to the journalist. I did send them one to thank them for drawing attention to the U.S. Expat plight, and provided the link back to the anecdotal snippets from other submissions like those @AbusedExpat has been posting.
Calls for Repeal of FATCA as Part of Tax Reform Framework
ACA: “FATCA is bad law on all fronts and should be repealed.”
April 5, 2013
In an April 4, 2012, submission to the leadership of the International Tax Reform Working Group and the Financial Services Tax Reform Working Group of the Committee on Ways and Means of the U.S. House of Representatives,American Citizens Abroad (ACA) – the flagship association representing the interests of some seven million Americans residing outside the United States – has again called for repeal of FATCA (“the Foreign Account Tax Compliance Act”) as part of a comprehensive overhaul of the U.S. tax system. While focusing on the particular damage FATCA does to U.S. citizens living abroad, ACA pulls no punches in spelling out the broader harm this 2010 law (now pending implementation) threatens to inflict on the American economy as a whole, while failing in its stated purpose of curbing offshore tax evasion. Continue reading