Good news: @Demsabroadtax had the courage to propose #FATCA repeal/resolution to @Demsabroad as a whole. Bad news: At their May 22/22 meeting DA failed to consider the issue demonstrating total indifference to the plight of #Americansabroad.
The name @Demsabroad causes #Americansabroad to think DA is an organization to represent the interests of individuals abroad. The purpose of DA is to attract votes from abroad to support @TheDemocrats who are the party of #FATCA and @citizenshiptax.
.@Citizenshiptax enforced by #FATCA is an assault on all #Americansabroad, their families and on the sovereignty of the countries where they live. Senior Democrats - including @SenWarren and @SenWhitehouse - support both. FATCA was key legislation of the Obama Presidency.
It is telling that it has been more than 12 years since #FATCA became law. For 12 years the US Government has been content to inflict pain and harm on individuals living outside the USA. It's not that they don't care. It's that they don't care that they don't care.
.@Demsabroad claims that in 2020 the "overseas vote" delivered Georgia and Arizona to the @TheDemocrats. If that's true, then the "overseas vote" can reverse that result. Since, they won't see the light. It's time to make them feel the heat!"
A post of particular relevance for those #Americansabroad who have activities that may require international info returns (5471, 3520, 3938, etc). Make sure that your tax preparer has an expertise in this specific area. See post from @TaxConnections ... taxconnections.com/taxblog/irs-ta…
The US clearly sees penalties as an important and deliberate "form" (pun intended) of raising revenue. A cynic might say that Treasury wants to be able to levy penalties. See this interesting excerpt ...
It is "reasonable" (pun intended) for the taxpayer to raise "reasonable cause" if assessed penalties. Clearly reliance on a tax professional is NOT sufficient to succeed in the abatement of penalties for "reasonable cause". Since 2000, it has generally been understood that ...
In the 1700s Adam Smith wrote "The Wealth Of Nations" - the great powers (France and the USA" understood that to mean "The Wealth Of OTHER Nations. Here is "Confiscation: Haiti Edition" nytimes.com/interactive/20…
Q. How can nonresident aliens (not US citizens or residents) use the USA as a privacy jurisdiction? Why does @TaxHavenUSA exist? A. Because, as noted by @TaxJusticNet, the USA as refused to join the Common Reporting Standard which requires reciprocal exchange of information.
While refusing to join the CRS and provide information to the rest of the world, the USA employs #FATCA to require information from the rest of the world. It's the American Way: You will give us everything and we will give you nothing. "Heads I win and tails you lose."
The more complex the system of laws, the more likely it will result in unfairness ... “How is he going to manage alone?” Mr. Ganesan said. “I was really devastated that just because of my country of birth, my son’s opportunities are very limited.” nytimes.com/2022/04/30/us/…
Barack Obama once claimed: "The circumstances of your birth should not determine the outcome of your life." One more example of individuals being victimized by the complexity of a system of laws (probably applying in ways that were never intended).
US tax and immigration laws appear to be (1) incredibly complex and (2) antiquated and archaic (3) based on assumptions that are not connected to the 21st Century.
Exhibit A: "Standing up for the inherent dignity of everyone is a core American value, and Democrats are proud to do that every day."
Exhibit B: "Democrats win elections when we show we understand the painful economic realities facing American families and convince voters we will deliver meaningful change."
Should the income tax be a "class tax" or a "mass tax"? - "Not Enough Americans Pay Income Tax. Should They?" via @YouTube
Apparently approximately 50% of US residents pay no income tax. Is this an argument for ending the income tax and moving to something more akin to a "mass tax" like @FairTaxOfficial?
Interesting discussion that suggests that taxation is an issue of "citizenship". What if you have a majority not paying income tax but voting how tax revenues are spent?