A “bed time story” explaining why FATCA does not matter in the least for those it was supposedly intended to target!
Once upon a time in America – a FATCA fairy tale …
There were some homelanders who didn’t pay their fair share!
Most of the taxes were paid by higher income earning homelanders!
Unless you were a “super wealthy” homelander in which case you could create your own special tax system and pay the lowest taxes of all!
Which created many revenue shortfalls, so Congress passed “Revenue Offsets” and set the IRS to hunt Americans abroad
Have you either considered stopping working because of U.S. policies toward Americans abroad? Have you stopped working? Have you given up attempting to plan for your retirement?
Updated and continued on January 8, 2015 …
Meanwhile back on the Homeland Front …
As the above tweet confirms:
Yes, it’s true! Americans abroad are damaged by FATCA, FBAR and CBT. Who could have known? Of course the “FATCA Retirement” is only one form of damage. What follows is the message forwarded from ACA and rerouted to me:
My last post featured the comments of Apple CEO Tim Cook about the ongoing debate over whether U.S. companies should be punished for their strict compliance with the absolutely archaic, dysfunctional, overly complex tax laws of the United States of America. It has reached the point where it appears there are two classes of corporations that Homeland politicians and groups like the Tax Justice Network dislike:
Group 1 – U.S. Politicians dislike those U.S. companies who do comply with U.S. laws; and
Group 2 – U.S. Politicians dislike those U.S. companies who do NOT comply with U.S. laws.
These sentiments were recently expressed by James Henry of The Tax Justice Network who makes the point that:
The interview with Mr. Henry is fascinating. Mr. Henry is opposed to “territorial taxation” for Corporations. This suggests that he might be opposed to “residence based taxation” for individuals.
I would appreciate you commenting on what you think of Mr. Henry’s interview. What are the key points that he makes? What (if anything) does he say that is relevant to the RBT vs. CBT debate? Do you get the impression that Mr. Henry believes that U.S. companies are the property of the U.S. government?
By the way …
Here is Tim Cook’s testimony before the Levin Committee in 2013:
The U.S. tax system is premised on the assumption that it can levy taxes on economic activity in other nations. This simple premise applies to both corporations and to individuals.
In the case of individuals: The taxation of economic activity in other nations takes place at the time that the money is earned.
In the case of corporations: The taxation of the economic activity, the taxation takes place when the money is returned to America.
In any case, the United States discriminates very strongly and punitively against all things American. The views of Apple CEO Tim Cook has some interesting comments on this issue.
Apple CEO Tim Cook interviewed on 60 Minutes 2015 …
”This is a tax code, Charlie, that was made for the industrial age, not the digital age,” he said. “It’s backwards. It’s awful for America. It should have been fixed many years ago. It’s past time to get it done.”