My own problem with FATCA is not a tax issue. I am quite conscientious in reporting my accounts and filing my returns in both countries. I would prefer the simplicity of residence-based-taxation, though, that would eliminate the need to report to the US. My problem is with the financial institutions' discrimination against US persons (citizens and greencard holders) both in the US and abroad. Some discrimination is old and tied to mis-interpretation of the Patriot Act by US banks, but most of it is recent, tied to FATCA, I believe.
This discrimination could lead to the conclusion that, in order to live "normally", I would give up my American citizenship. I would hate to feel that is what I have to do, and the kids, too, should do! And now there is the added threat that, if I (we) were do take that step, it would be interpreted "for tax reasons" and could prevent us from ever re-entering the US, even for visits. Yes, that is what Senators Schumer and Casey are proposing as an amendment to the immigration bill.
Anyway, here are just three of today's feed from @FATCA_Fallout:
How Delaware Thrives as a Corporate Tax Haven http://t.co/Adxp3D7tbF Won't thrive any more after G8 announcement on ending Tax havens
— Marvin Van Horn (@FATCA_Fallout) June 20, 2013
Despite commitment 2 a reciprocial FATCA regime, IGA approach ignores a underlying inconsistency-Citizenship taxation http://t.co/ywFf6DSAFB
— Marvin Van Horn (@FATCA_Fallout) June 20, 2013
#FATCA: Toward a Multilateral Automatic Information Reporting Regime http://t.co/OLkr0nH7Bs But have to end Citizenship taxation first!
— Marvin Van Horn (@FATCA_Fallout) June 20, 2013
