Probably many at IBS have read this article [ read the text, don’t wait for the video ]. May we find a way to respond?
And the naratrice speaks as if the changes are brand new… NOT
http://money.cnn.com/2015/03/10/pf/taxes/us-expat-kids-citizenship-tax/
The solution is quite simple: residence-based taxation.
Sadly, the folks at the U.S. Treasury are too stupid to figure this out.
I don’t see this as the folks at the IRS being stupid. They have a sociopathic, if not psychopathic mindset that devalues all those millions of “US persons” residing overseas, as well as their children, as being unpatriotic for not sharing the load by dutifully paying US taxes. Never mind that they are paying taxes to their country of residence and in most cases would owe little or no US taxes. This is really about the US tax compliance industry (the Condors) seeing a golden opportunity in CBT and seizing the initiative by writing the tax laws that seek to financially enslave many millions of people internationally. In my opinion this will eventually be fought out as a massive human rights violation.
obligated to fill out tax forms for ever-after.
I don’t see this as the folks at the IRS being stupid. They have a sociopathic, if not psychopathic mindset that devalues all those millions of “US persons” residing overseas, as well as their children, as being unpatriotic for not sharing the load by dutifully paying US taxes. Never mind that they are paying taxes to their country of residence and in most cases would owe little or no US taxes. This is really about the US tax compliance industry (the Condors) seeing a golden opportunity in CBT and seizing the initiative by writing the tax laws that seek to financially enslave many millions of people internationally. In my opinion this will eventually be fought out as a massive human rights violation.
@Aussie Dan
Well, at this rate, US Personhood will spread in a carcinogenic way across the world to entrap every person on this planet in the long run. Please tell me I’m wrong; otherwise, Planet Earth will be run by Washington…!
“Sound far fetched?” asked the reporter. None. Not to us.
Unfortubately, we know too well the realities of all these absurdities.
Here’s a gem in today’s Telegraph (UK): Church bell ringers in Kent told to fill out US tax form to open bank account | via @Telegraph http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11571643/Church-bell-ringers-in-Kent-told-to-fill-out-US-tax-form-to-open-bank-account.html
Thanks Star on finding that gem. Yet the press report on something that’s amusing but ignore the fact that this situation is seriously affecting the lives of tens of thousands of people . When will they tell the whole story?
@Heidi
Very true, but it at least provides an opportunity for many good comments. Every bit helps.
Has anyone tried to estimate the total number of humans globally that are affected by FATCA? This would include foreign marriage partners, children, business associates, Green card holders,etc, etc?