A very thorough and very clear explanation and presentation of an important but fairly confusing issue - FATCA and IGAs. It would be helpful if one could access the 'diagram me' developed during the presentation. .
Ok, let's get down to a little bit of facts and history to better understand what's at stake. First of all, why did the 13 first colonies in America go to revolution against the english empire. Yup, you bet, the main reason was taxes. The main reason the colonies started rebelling against 'mother England' was the taxation issue. The colonies debated England's legal power to tax them and, furthermore, did not wish to be taxed without representation. This was one of the main causes of the Revolutionary War. Now how about that one for greedy little congressmen. Read on further : www.history.com/this-day-in-history/american-colonies-declare-independence Second of all, the origin of citizen based taxation was the civil war. Yup again. To discourage soldiers from leaving the states they created citizen based taxes, just like the english they fought for independance did. Read on further : tax-expatriation.com/2014/04/01/the-u-s-civil-war-is-the-origin-of-u-s-citizenship-based-taxation-on-worldwide-incomes-for-persons-living-outside-the-u-s-does-it-still-make-sense/ So the real question is : Is this taxation rule still relevant in the 21st century ? Not only is it very descriminating for US citizens like you and me abroad, but FATCA also creates serious damage to the United States and its economy!!! Over here in France the AXA bank has thrown out all it's US citizenship customers and I have received a FATCA form from my bank. As I arived in France in 1975 at the age of 9 years old, I'm going to get naturalized French sooner than I thought and give up my american passeport and nationality if I have to. On top of that, my mother is Dutch so heck, I don't care. Thanks dad for bringing me to this lovely country. But it's something that american citizens working for a couple of years abroad aiming to go back to the states will probably not do. And that's where the economic factor comes in. Most americans that are sent to work abroad are important people. Now, major companies don't want to hire americans anymore, nore have them participate in their actions. You can easeliy mesure the negative impact on the US economy. read on : www.repealfatca.com/index.asp?idmenu=4&idsubmenu=121&title=News and www.thenewamerican.com/usnews/congress/item/17273-new-u-s-tax-regime-is-devastating-experts-say The only thing that will stop citizen based taxation is when the congress wakes up and realizes the harm it's doing to the US economy, wich will come in the near futur.
A very thorough and very clear explanation and presentation of an important but fairly confusing issue - FATCA and IGAs. It would be helpful if one could access the 'diagram me' developed during the presentation. .
Thanks for your comment, Paul. You can find the diagram here: www.step.org/fatca-uk-trusts-under-ukus-iga
Ok, let's get down to a little bit of facts and history to better understand what's at stake.
First of all, why did the 13 first colonies in America go to revolution against the english empire. Yup, you bet, the main reason was taxes. The main reason the colonies started rebelling against 'mother England' was the taxation issue. The colonies debated England's legal power to tax them and, furthermore, did not wish to be taxed without representation. This was one of the main causes of the Revolutionary War. Now how about that one for greedy little congressmen.
Read on further : www.history.com/this-day-in-history/american-colonies-declare-independence
Second of all, the origin of citizen based taxation was the civil war. Yup again. To discourage soldiers from leaving the states they created citizen based taxes, just like the english they fought for independance did. Read on further : tax-expatriation.com/2014/04/01/the-u-s-civil-war-is-the-origin-of-u-s-citizenship-based-taxation-on-worldwide-incomes-for-persons-living-outside-the-u-s-does-it-still-make-sense/
So the real question is : Is this taxation rule still relevant in the 21st century ?
Not only is it very descriminating for US citizens like you and me abroad, but FATCA also creates serious damage to the United States and its economy!!!
Over here in France the AXA bank has thrown out all it's US citizenship customers and I have received a FATCA form from my bank. As I arived in France in 1975 at the age of 9 years old, I'm going to get naturalized French sooner than I thought and give up my american passeport and nationality if I have to. On top of that, my mother is Dutch so heck, I don't care. Thanks dad for bringing me to this lovely country. But it's something that american citizens working for a couple of years abroad aiming to go back to the states will probably not do. And that's where the economic factor comes in.
Most americans that are sent to work abroad are important people. Now, major companies don't want to hire americans anymore, nore have them participate in their actions. You can easeliy mesure the negative impact on the US economy. read on : www.repealfatca.com/index.asp?idmenu=4&idsubmenu=121&title=News
and
www.thenewamerican.com/usnews/congress/item/17273-new-u-s-tax-regime-is-devastating-experts-say
The only thing that will stop citizen based taxation is when the congress wakes up and realizes the harm it's doing to the US economy, wich will come in the near futur.