FATCA didn’t actually tax U.S taxpayers. Or tax anything. It penalizes foreign financial institutions if they don’t provide info on US account holders. Many just decided not to do business w US taxpayers. Compliance nightmare
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What FATCA did was try to enforce the previously unenforceable taxation by the US of the tax residents of other countries. This made financial life impossible for those claimed by the US as citizens - so many paid $2350 to ditch the blue passport. Most were not rich.
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Most of these recent renunciations were middle class folks being unbanked by
#FATCA NOT rich FAT CATS as US folks like to believe. Americans must renounce US citizenship if they wish to financially survive outside US. Non-resident tax & toxic twin FATCA make life impossible.Thanks. Twitter will use this to make your timeline better. UndoUndo
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The difference is that in Europe, you can avoid taxes by moving. In the US, you can not avoid by moving. US citizens are taxes regardless where they live. You must ALSO relinquish citizenship. Doing so can NOT be undone. It is a huge decision.
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Most are not moving to avoid tax. Remember you also have to pay tax in your new home country. I moved to Norway because my parents brought me back to their country when I was a baby. Norway has some of the highest taxes in the world.
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Fine but our system is way way to weighed towards corporate welfare and poverty has risen. What we’re doing is not working either. Companies don’t pay pensions anymore they don’t pay a penny more than they can get away with so people are going to support something drastic
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What the US govt is doing is to renounce the hated expat. It's working brilliantly, where the unrepresented is condemned for being forced to renounce due to discrimination.
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Look at all the corporations that ran away during the Obama administration. Punishment for free enterprise.
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I said this a few days ago, but seriously.. This nation needs to relearn the Fable of the Goose that Laid the Golden Egg
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Just make sure you lock the door behind them.
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