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Agravan
07-18-2013, 12:53 AM
Due to Increased Regulations, Millions of Americans Abroad Forced to Reconsider U.S. Citizenship







The Foreign Account Tax Compliance Act, or Fatca, is forcing millions of Americans living abroad to reconsider their U.S. citizenship, a lawyer, Colleen Graffy, writes in the Wall Street Journal (http://online.wsj.com/article/SB10001424127887323848804578607472987119796.html?m od=rss_mobile_uber_feed_europe).
"The legislation is Fatca, the Foreign Account Tax Compliance Act. To appreciate its breathtaking scope along with America's unique "citizen-based" tax practices, imagine this: You were born in California, moved to New York for education or work, fell in love, married and had children. Even though you have faithfully paid taxes in New York and haven't lived in California for 25 years, suppose California law required that you also file your taxes there because you were born there. Though you may never have held a bank account in California, you must report all of your financial holdings to the State of California. Are you a signatory on your spouse's account? Then you must declare his bank accounts too. Your children, now adults, have never been west of the Mississippi but they too must file their taxes in both California and New York and report any bank accounts they or their spouses may have because they are considered Californians by virtue of one parent's birthplace," Graffy explains.
"Extrapolate that example to the six million U.S. citizens living around the globe. Many, if not most, don't know about these requirements. Yet they face fines, penalties and interest for not complying—even if they owe no U.S. taxes, own no U.S. property, have no U.S. bank account and haven't lived there in years—if ever.

More: http://www.weeklystandard.com/blogs/due-increased-regulations-millions-americans-abroad-forced-reconsider-us-citizenship_739896.html

Cigar
07-18-2013, 08:01 AM
That's just fine with Republicans ... that don't like Alien's anyway. :grin:

http://images1.wikia.nocookie.net/__cb20110804213210/fallout/images/4/45/Alien2.png

patrickt
07-18-2013, 09:02 AM
Sorry, Cigar, but the law is driven by liberals who are terrified an American somewhere might have some disposable income that they could have taken in taxes.

For liberals, every dollar you earn is rightfully theirs if only the damned Republicans would quit interfering.