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Response to jakeXT (Original post)

Sat Nov 30, 2013, 12:09 PM

15. the rich Americans will not be affected

They have lawyers and tax accountants. Mitt Romney paid NO taxes for 10 years. That is why he did not want to show his taxes.
What FATCA will do is surge upward the renouncements and relinquisments of US dual citizens living all over the world. Most people don't go live in a country because of low taxes. They live for love of a person or the country. Filing US taxes cost thousands of dollars PER year now, even if one owes Nothing to the USA.
People will be giving back their green cards and many will be forgoing emigrating to the USA now the FATCA is law.
There is a growing boycott of not visiting the USA and investing in the USA. You run the risk of becoming a US person for life and having the IRS acess to your bank accounts forever.

There are 195 countries in the world 2 are citizen based , USA and Eritrea.
The rest are resident based. Resident based countries do not have their citizens file taxes if their money and investments are nit earned outside where they live.
There are only about 12 countries so far that have signed on to FATCA. All 194 are due at the end of the year to sign FATCA . Ha!
Reciprocity is promised in this law but this will not be kept. House Rep Posey wrote July 1, 2013 to Treasury that there will be no reciprocity. Congress Republicans refuse to have American banks report on foreign customers' accounts to those customers' countries governments for tax purposes.
The US A has its own tax evading post office box offices for those to protect and tax evade in the states of Delaware, Nevada and Wyoming. Lobbyists in the USA are ensuring there is no reciprocity. This will definitely give the USA a bad reputation, not keepung its agreements.

FATCA is a bad law and makes the USA a bully. Canada has not signed on as yet. Over 4 million Canadians will be affected. They do not want the IRS having access to their bank accounts. Protests are increasing.This law is going to cost millions of dollars for each bank to implement. All Canadians will end up paying for it, as citizens in other world countries. Some countries like Switzerland are closing americsn persons accounts, firing them from swiss jobs and canceling mortgages iii.

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Arrow 31 replies Author Time Post
jakeXT Nov 2013 OP
The Wielding Truth Nov 2013 #1
FarPoint Nov 2013 #9
yurbud Nov 2013 #2
tomm2thumbs Nov 2013 #3
mdbl Nov 2013 #4
Berlum Nov 2013 #5
watoos Nov 2013 #6
KansDem Nov 2013 #7
bearssoapbox Nov 2013 #8
FraDon Nov 2013 #11
valerief Nov 2013 #12
The Wizard Nov 2013 #10
oberliner Nov 2013 #13
Dustlawyer Nov 2013 #14
LineReply the rich Americans will not be affected
riverbendviewgal Nov 2013 #15
pnwmom Nov 2013 #19
riverbendviewgal Nov 2013 #20
pnwmom Nov 2013 #23
riverbendviewgal Dec 2013 #28
pnwmom Dec 2013 #31
Posteritatis Dec 2013 #24
Posteritatis Dec 2013 #26
Deny and Shred Nov 2013 #16
ReRe Nov 2013 #17
Posteritatis Dec 2013 #25
Duer 157099 Nov 2013 #18
riverbendviewgal Nov 2013 #21
Major Hogwash Nov 2013 #22
defacto7 Dec 2013 #27
riverbendviewgal Dec 2013 #29
annabanana Dec 2013 #30
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