FATCA is a slow implementation. Much like Obamacare, FATCA is off to a slow start. If you remember, the idea is to collect taxes on money that has previously evaded taxes. The operative word is, 'evaded'. In the US tax system, evasion is a crime, avoidance is not. The difference is that the latter uses the regulations and tax law itself to reduce taxes through various means. Evasion ignores the law. The US has indicated it expects to recover something like $87 billion over the next ten years. Likely the loss of taxes on falling international trade (as a result of FATCA compliance difficulties) will more than offset any gain. For a good take on things read this link: International Tax Evasion Crackdown: Slow, Tricky, And Only First Step in ... - International Business Times
http://news.google.com Wed, 30 Oct 2013 18:17:40 GMT
InsideCounselInternational Tax Evasion Crackdown: Slow, Tricky, And Only First Step in ...International Business TimesAttempts to implement the 2010 Foreign Account Tax Compliance Act (FATCA) have repeatedly stalled, partly because the sweeping law r ...
I'm hearing more and more stories of people renouncing their US citizenship because of the business difficulties caused by FATCA.
In my humble opinion, FATCA is bad law whose intended purposes cannot be realized without massive damage to international trade. It needs to be repealed.
