Realizing the only thing that USA acts upon is money, they need to know that they are going to have less of it. The heck with voting, and pleading with congresspersons and media for favorable treatment. Since 2010, there has been little effect. Now is the time to show the US extra-territorial tax system (with FBAR, CBT, and #FATCA) for the Loser it really is.
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The intention of this post is to share information about how money has been and will be leaving USA as a result of Citizenship-Based Taxation, the FBAR requirements, FATCA, and the US media’s negative image of its own citizens overseas. The information can be classified as to whether it is directly attributable to those actions, or to some level of “probably” attributable to the actions of one of the above. This post can be a reference and any info can be used to show FATCA, FBAR, and CBT and their authors as true Losers.
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I can note a few items. Firstly, the US induced a huge problem upon the world’s financial systems. With its greed for $8.5-$8.9 billion, it unleashed a $200 billion compliance program upon the world. A huge global loss created by a bunch of zeroes. These costs are directly attributed to FATCA and are quantified.
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In the short-sided FATCA greedy grab, the expectation is for millions of useless FBAR forms to be processed by FINCEN and the IRS. None of these forms are meant to collect IRS revenue. Each additional form probably creates 0.5 to 1 working hour. And with the IRS attributing each hour up to $200, the amount of money being sucked up by the IRS paper-pushers must add up to far more than the $8.9 billion. And the IRS is warning the public that its FATCA and Obamacare systems are going to sink their already incompetent, corrupt, and overloaded system. This is money directly lost by the imposition of FATCA and FBAR and CBT.
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Recently, Singapore and China signed a currency deal to further bypass the US-reserve currency system and trade their own currencies directly to up to $470 billion. This cuts out the US currency middleman. The decision to do this was a combination of factors, with the US FATCA system likely being a final straw and creating encouragement for these countries to make this deal, which is obviously much smarter than having to use US financial systems and the burdens of their FATCA system.
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Another personal item, is that I looked at FBAR requirements and FATCA, and I determined that the US is a very unsafe place to invest. Whereas, in the first part of my life, I had been investing my savings and retirement funds in US financial institutions, I decided to eliminate these US investments and move over to other avenues. Everything that I had gained and saved until I was 40-some years old is now removed from USA. This amount represented 1/4 to 1/3 of my investments. For reasons of security versus certain NSA tracking, I won’t further quantify this.
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Not only have I consciously removed these items from US products, the US’ has consciously decided to bar myself from investing in US products. Shortly after removing myself from Fidelity, Fidelity informed me that they don’t want any of my investments. I have been happy to oblige them. As soon as I am able, I will also divest myself of the IRA investments which are stuck in the USA. Perhaps I must wait a few years or perhaps I must decide to take the IRA penalty simply to get my assets outside the reach of USA. Soon, all of my US retirement income will be gone and outside of USA and all of my investments will be fully removed from USA. Soon, the definitive number for my investments in USA is ZERO.
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Another US self-induced problem is a law equally stupid as FATCA—the Securities Act of 1933, which disallows US citizens from purchasing US financial products from their local bank in their country of residence. Since this stupid law has not been addressed during the last 81 yrs, the US itself has lost its own money. Now with the awakening of FATCA and FBAR, all the banks of the world will certainly be required to enforce this stupid law and make absolutely certain that none of the 7.6 million US citizens and countless other US persons do NOT invest in US products wherever they are located. More money draining out of USA. No doubt, there is much more than $8.9 billion of US investments wrongly held by US persons overseas. FATCA will make sure that the stupid law is followed and that these US investments are eliminated.
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What is critical for the US to realize is that it has already lost more than its greedy $8.9 billion grab. This should be made obvious to them. Where have you seen money leaving USA?
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How can the US be informed of this exodus of investments from USA?
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How can you make absolutely sure that your investments are as far away from US as possible.
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How much more future investment is likely to move out of the US system?
Canada AM: US tax backlash
