Cross posted from the RenouceUScitizenship blog.
A FATCA fairy tale …
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 –
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 laws to benefit Homelanders and forced Americans abroad to pay for those benefits, by including “Revenue Offsets” in those laws.
The President asked:
“Mirror, Mirror on the wall. What’s the greatest “Revenue Offset” of them all?”
The Face In The Mirror Answered:
The greatest “Revenue Offset of Them All” is FATCA. FATCA is the “gift that just keeps on giving”.
And the President signed FATCA and sent the IRS to hunt Americans abroad with the greatest “Revenue Offset Provision Of Them All”
Citizenship Taxation - Theory vs. Reality 