In the past, one used to seek to win friends and influence people. Such was even updated for the digital age. Yet, now times are changing, as explained in this excellently written article:
How to Lose Friends, Citizens and Influence
The U.S. Foreign Account Tax Compliance Act seeks to co-opt foreign banks as long-arm enforcement agencies of the IRS.
Here’s Part 1 of the Bill Yates interview …
http://blogs.angloinfo.com/us-tax/2013/07/01/fatca-interview-with-bill-yates-former-attorney-office-of-associate-chief-counsel-international-irs/
Discussed here …
https://isaacbrocksociety.ca/fatca/comment-page-28/
Thanks, badger, for these great finds.
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Nice to meet you. You are living up to your name 😉
Good on you.
I second bubblebustin’s comment – “living up to your name!” Great stuff White Kat. Inspiring enough to make me want to quit with the moniker/fotos and go full out. Keep thinking about it but back off. Perhaps today will be the day. 😉
@nobledreamer
That little voice is there for a reason. Everything in its time.
AngloINFO (blog): “Residence Based Taxation? Interview with Bill Yates – Former Attorney, Office of Associate Chief Counsel (International), IRS”
http://blogs.angloinfo.com/us-tax/2013/07/22/residence-based-taxation-interview-with-bill-yates-former-attorney-office-of-associate-chief-counsel-international-irs-2/
From the interview with Yates:
“It was very common around April 15th of each year to hear attorneys complaining about having just filed their tax returns and how difficult the process had been. And, it wasn’t at all unusual to hear someone remark, ‘just imagine what people living overseas are going through. What a mess. It must cost people a fortune to have their taxes done.’ I don’t think anyone ever assumed that a U.S. taxpayer living overseas could possibly figure out how to do his/her own return.”
“As for expatriations, I received lots of calls from practitioner friends of mine all over the world telling me that Americans are getting out. We even heard that the wait list to make an appointment to expatriate at some U.S. consulates was over one-year long.”
The bottom line: The “powers that be” understand that citizenship-based taxation is not only unfair but just plain abusive. But will they do anything to stop an injustice that isn’t affecting them? We’ll see.
IMO, only the embarrassment of a steadily increasing number of renunciations/relinquishments among ex-pats will bring about change.
@John Brown, this is very true. Americans abroad can only vote with their feet. If America was ever to switch to RBT, then I’d be proud that my act of renouncing US citizenship was necessary for such to occur!