FATCA Blowback: Some Americans Outraged by U.S. Tax Evader Law reports the Washington Diplomat.
The article reports:
If the bank doesn’t report on an American client’s overseas investments or assets, FATCA puts its secret weapon into action and levies punitive sanctions on the financial institution that failed to comply with U.S. law.
A little confused? It’s understandable.
James Jatras says:
“We’re making a demand on foreign institutions to follow a law that they have no legal or moral obligation to obey and threatening them with what, in my opinion, are illegal sanctions if they don’t obey,” said Jim Jatras, a former diplomat and U.S. Senate staffer who now works in government relations and media, and edits the RepealFATCA.com website. “That is a gross violation of the norms of international behavior,” he told The Diplomat.
The article also assesses IGAs:
IGAs are essentially tweaking the laws of a country so that its banks can ignore that country’s privacy and data protection laws and, basically, bow to the wishes of the United States, critics argue, with some calling FATCA an example of U.S. imperialism and the epitome of the “ugly American.”
It quotes an American accountant who insists FATCA is “nothing new,” but it just adds an extra burden. I think we can conclude he doesn’t live outside the U.S. with his personal financial records about to be sent to a foreign government.
Or, like Daniel Kuttel (aka Swiss Pinoy), the US military vet who was forced to renounce to protect his Swiss family, mortgage and home.
The article features We Are Not A Myth Portrait Protest (with a photo of Lynne Swanson (aka Blaze), making it appear she is an American citizen (She is NOT!).
Everything is best summed up at the end with a comment at We Are Not A Myth Portrait Protest from a Canadian wildlife photographer:
“Wife works as part-time retail cashier. You think we’re hiding millions?” he asks. “Get real.”