11 Reasons Why FATCA Must Be Repealed from Tax Management International Journal is one of the best assessments about everything that is wrong with FATCA that I have seen from a professional perspective.
There is not much new in this for many of us, but it’s great to see professionals taking such a strong stand. After a blunt and thorough assessment, the authors conclude:
The bottom line is that FATCA is sheer idiocy and
must be repealed as soon as possible. The world
economy has enough problems as it is without having
inane reporting requirements imposed upon it.
They hope there will be some “profile in courage” in US Treasury who “stand up and declare that FATCA is madness” and push for its repeal. Unfortunately, Treasury and Congress have already shown where they stand on the “sheer idiocy” of FATCA.