The reason why we need to collect this data is that we believe that anyone overseas with a bank account is a terrorist, money launderer, etc. Anyone else that would live overseas must have done so to avoid paying taxes. Why else would you run off and marry a Prince in a foreign country? Yes, we understand that your taxes are higher in the UK, but their taxes are not real taxes. Ours are – and you are avoiding ours, which you are never allowed to do.
This law expands reporting requirements, increases fines, and furthermore creates even a more hostile environment for ordinary US persons abroad through FATCA. This is a demonstration of the failure of FATCA. This is also a further example of members of Congress not understanding the issues of our citizens abroad. This is a blog post to … Read more