Has the U.S. Treasury got it right in their “Myth vs. FATCA: The Truth About Treasury’s Effort To Combat Offshore Tax Evasion”?

Robert Stack is the creator of a number of myths including:

Myth No. 3: Some claim that Americans living abroad will give up their U.S. citizenship because of liabilities and burdens created by FATCA.

Check out:

http://we-are-not-a-myth.tumblr.com

 

Offshore Voluntary Disclosure - Critique

The “Myths” identified by the Treasury Department are set out below and can be read in their entirety at –

Are they really “Myths”?

Myth vs. FATCA: The Truth About Treasury’s Effort To Combat Offshore Tax Evasion,

By: Robert Stack

9/20/2013

http://www.treasury.gov/connect/blog/pages/myth-vs-fatca.aspx

Myth No. 1: Some claim it’s overly costly and burdensome due to complex regulations and difficult to meet reporting requirements.

Myth No. 2:  Some claim that U.S. citizens living overseas will become outcasts in the international financial world.

Myth No. 3:  Some claim that Americans living abroad will give up their U.S. citizenship because of liabilities and burdens created by FATCA.

Myth No. 4: Some claim that countries are opposed to FATCA, in part because the legislation could force foreign banks to violate laws in their own countries.

Myth No. 5: Some claim that FATCA will generate a backlash from foreign governments who view this as an…

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