Here’s a great FATCA Rant from someone who understands FATCA–and I don’t think he is even affected by it directly.
He says FATCA is
“A typical absolutely botched program” that “is alienating nations across the planet.”
He asks why US thinks it’s appropriate “to whack” Americans who have lived abroad for decades and “Accidental Americans with FATCA demands.
He says one of the unintended consequences of FATCA is a massive brain and wealth drain from the United State.
He points out what we know. The US is targeting individuals while giving their corporate cronies and pals tax breaks and loopholes.
He saves his real anger until close to the end
We are looked upon overseas as imperialistic, overbearing monsters..That is for all intents and purposes the truth…The United States has become an imperial dictatorship..promulgating that on American citizens now both here and abroad…Where and at what point does America accept we don’t have the right to demand other countries accept what we have.
He concludes with more rage
If this is going to become the state of inquisition for tax purposes in the United States, you can’t expect other countries to willingly want to be participants nor can you expect American expatiates to want to participate and play.
He suggests FATCA should be stopped. But, he suspects there will be no changes. Instead, he predicts Americans abroad will become “not welcome here” outside of United States.