@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice HR 5799 absolutely does NOT ease access to checking accounts for US citizens. Two points: 1. The Bill clearly states the banks can opt out. 2. The current #FATCA have exactly the same provision for depository accounts that do NOT exceed $50,000. See why:
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice The most that HR 5799 could do is: 1. Potentially (if the banks will go along with it) for #Americansabroad to have depository accounts in excess of $50,000 USD and 2. To NOT be required to report those depository accounts on their individual #FATCA form 8938.
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice Whoever drafted H.R. 5799 clearly does not understand how it fits into the existing #FATCA IGAs. Bc it applies only to "depository accounts" it doesn't even meet the original standard of FATCA SCE which (as originally proposed) would exempt all accounts in country of residence.
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice Anybody who supports H.R. 5799 is: 1. Supporting the further application of #FATCA to #Americansabroad and 2. Indirectly supporting the continued application of @citizenshiptax. People need to read what this stuff says and not rely on 3rd party statements of what it means!
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