Cross posted from the RenouceUScitizenship blog.
A FATCA fairy tale …
A “Bed Time story” explaining why FATCA does not matter in the least for those it was supposedly intended to target!
Once upon a time in America –
There were some homelanders who didn’t pay their fair share!
In 2015, 45 Percent Of Americans Will Pay No Federal Income Taxes https://t.co/GjMu6Fa8BZ via @dailycaller
— U.S. Citizen Abroad (@USCitizenAbroad) December 25, 2015
Most of the taxes were paid by higher income earning homelanders!
Top 20% of earners pay 84% of U.S. income tax https://t.co/w4IRzMaDxg via @WSJ – Some work for a living and some vote for a living
— U.S. Citizen Abroad (@USCitizenAbroad) December 25, 2015
Unless you were a “super wealthy” homelander in which case you could create your own special tax system and pay the lowest taxes of all!
For the Wealthiest, a Private Tax System That Saves Them Billions https://t.co/CYKJwUJ6Ix – This explains the origins of S. 877A Exit Tax
— U.S. Citizen Abroad (@USCitizenAbroad) December 29, 2015
Which created many revenue shortfalls. So Congress passed laws to benefit Homelanders and forced Americans abroad to pay for those benefits, by including “Revenue Offsets” in those laws.
How Congress forces #Americansabroad to pay for Homelanders via Revenue Offsets in Laws https://t.co/T4LNOIKMfI pic.twitter.com/LL8w0K1e0M
— U.S. Citizen Abroad (@USCitizenAbroad) December 30, 2015
The President asked:
“Mirror, Mirror on the wall. What’s the greatest “Revenue Offset” of them all?”
The Face In The Mirror Answered:
The greatest “Revenue Offset of Them All” is FATCA. FATCA is the “gift that just keeps on giving”.
‘Twas the Night Before FATCA! | Maple Sandbox https://t.co/UVBUUqcCv9 – A celebration of #FATCA – The Gift That Just Keeps on Giving!
— U.S. Citizen Abroad (@USCitizenAbroad) December 30, 2015
And the President signed FATCA and sent the IRS to hunt Americans abroad with the greatest “Revenue Offset Provision Of Them All”
Since Homelanders don't pay their fair share, the IRS focuses on making up the shortfall from #Americansabroad https://t.co/LZwfwISao8
— U.S. Citizen Abroad (@USCitizenAbroad) December 29, 2015
