The above tweet references an interesting Facebook discussion which includes a “reply from President Obama” from an American abroad who is questioning FATCA. The comments that follow are extraordinary.
The reply from President Obama is:
talk about NOT responding to the question…… Asked him one question, Why FATCA?
The response:
Dear Kenton:
Thank you for writing. It’s clear you have faced great challenges, and I want you to know I am listening. Taxes affect all of us and reflect our Nation’s values, and understandably, people have strong opinions on this issue. As Americans, we don’t mind paying our fair share of taxes as long as everybody else does, too. That is why I am determined to fix our broken tax code and ensure it offers a leg up to Americans striving for a better future.
For too long, lobbyists have rigged the tax code with loopholes that allow some corporations to pay nothing while others pay full freight. Additionally, the super-rich are receiving giveaways they don’t need while middle-class families are not getting the breaks they do need. By closing loopholes that allow the top 1 percent of Americans to avoid paying certain taxes, we can help more families afford college, health care, a home, and retirement. We can also reward companies who are investing here in America instead of offering breaks to those who keep their profits abroad.
To help hardworking Americans get ahead, my latest budget includes several tax benefits for the middle class and those trying to reach it—including low-income earners, two-earner households, families with children, and those paying tuition for higher education. I have also proposed a tax credit of up to $3,000 per child to help millions of families afford quality childcare. These tax benefits would help put hundreds of dollars back in the pockets of those who most need the help.
To learn more, visit WhiteHouse.gov/issues/taxes. For help with a tax problem, visit IRS.gov/Advocate. You can also visit IRS.Treasury.gov/freetaxprep to learn if you are eligible to receive free, in-person help filing your taxes each year.
Here’s the bottom line: I am committed to simplifying the tax code for individuals and small businesses, making it more competitive for American businesses investing here at home, and ensuring the biggest loopholes are finally eliminated. With a more responsible tax approach, we can help working Americans not only make ends meet, but also get ahead in the new economy so we can build a future worthy of our children and grandchildren.
Sincerely,
Barack Obama
U.S. Persons Abroad - Members of a Unique Tax, Form and Penalty Club 