Exposed: IRS Colludes With Banks To Unfairly Target U.S. Citizens Abroad is an excellent article about the real impact of FATCA. It comes from Occupy.Com.
It is one of the comprehensive and accurate articles on FATCA I have read.I wish the mainstream media would do as thorough and as accurate a job in covering the issues.
“I hope someone, somewhere, sometime will say this is wrong.”
“In a panic,” she renounced her U.S. citizenship because of the upset it was causing her ill non-US husband. She is now “more and more depressed.”
Victoria Ferauge (aka Victoria) says:
“There are too many unintended consequences. It’s negatively impacting people who are not tax evaders. What I find astonishing is how it never occurred to the IRS how this could have an impact on regular people.”
“I said, ‘You want to apply the penalty based on my house?’ So then my penalty went from $90,000 to $172,000. I said, ‘This is ridiculous. For a tax failure that’s less than $20,000 over six years and a failure to file a form, you want to charge me a penalty of $172,000?'”
“In my view, a working system to address offshore accounts addresses offshore accounts,” said Itai Grinberg, professor of law at Georgetown University. “For a U.S. expat living in Berlin, having an account in a Berlin bank is not an offshore account. It’s an on shore account.”
“That’s my view, that’s not what FATCA says,” he added.
Victoria describes the situation well:
“We feel a little like David against Goliath here.”