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Are you in favor of the US abolishing its extraterritorial double taxation, FBAR, FATCA regime?

Posted 5 years.

5 Comments

  • Las Vegas Washer Service - 3 years ago

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  • Chris M - 4 years ago

    I think that money that is not earned in the country is none of the countries business. While I understand paying taxes outside the United States if I were overseas in the military (being paid by the US government), or if I were employed at the US embassy (again paid by the US government), or even if abroad, but had investments in the United States, I can understand that with the investments being in US Dollars and the profits being earned within the borders of the US. But if the money earned has no affiliation with the United States, then they need to stay out of that persons matters. I think that citizenship based taxation will encourage more renunciations of citizenship, and perhaps not registering their children born abroad to the nearest embassy. I would like dual citizenship in Canada due to my roots, and Canada only taxes based on residency. Am I going to have to then move back to the states after one day having dual citizenship if I want to keep it, I should not be forced to based on taxation laws.

  • JeffDTom - 4 years ago

    hi Protonius do you know about the Isaac Brock Society dot CA website?

  • PROTONIUS - 4 years ago

    (PROTONIUS HERE WITH THE CONTINUATION OF MY JUST-SUBMITTED POST ABOUT FATCA; apparently the website cut the original off in mid-sentence.):
    =================================================================

    They profligately and irresponsibly overspend; they allow, even encourage, a humongously powerful -- but arguably self-serving -- non-governmental entity, the Federal Reserve Bank, to "create" a gigantic and seemingly endless flow of fiat (i.e., "fake") money that not only has nothing of value backing it but also is destroying even the value of that fiat money itself -- and along with it, the destroying value of everything we own, destroying our ability to find decent-paying jobs, destroying our ability to purchase things that we may vitally need). And then what do they -- the folks behind this mess -- do? They bail their own buddies out with our money, they "stick it to us", and now, topping it off, they construct the red-hot bars of a FINANCIAL PRISON around us via the provisions, especially, of FATCA, which essentially turns ALL Americans into global pariahs and indentured slaves.

    If THAT isn't enough of a basis for overturning this law on the basis of it being a blatant and major violation of the U.S. Constitution, then somebody please tell us: what IS?

    ###

  • Protonius - 4 years ago

    Note: The following points are my opinion and are based on my understanding of the issues involved:

    FACTA (and perhaps also FBAR) strikes me as not only unconstitutional -- but "fat chance" of this current President, or the next one, or this Congress, or the next one, doing anything about it -- but also as completely unethical, a "robber baron scheme" by corrupt profligate politicians to suck all Americans (and even "nonresident aliens" -- meaning EVERYBODY) dry of our finances and independence and ability to live decent lives ANYWHERE.

    Mafia "dons" have been hunted down, convicted (if not killed), and incarcerated, on charges of (IMO) more-or-less equivalent crimes of "racketeering" and "extortion". I.e., choose to not go along with the hugely onerous, financially-rapacious, lifestyle-crushing (especially for Americans living & working overseas) demands of FATCA, and the whole wight of the U.S. Government, via the humongous claws of the IRS, will destroy you with gigantic penalties and fines, in one fell swoop. Make one small, innocent, mistake, and pow! Fines of $10,000 a year, or a socko fine on the order of $100,000 or so -- or so I've read.

    But even going beyond those aspects of the issues about FATCA (and maybe FBAR), it's that this law (FATCA especially) is -- in my view -- a direct and major VIOLATION OF EVERY AMERICAN'S CIVIL RIGHTS, in that this law, via its over-reaching mechanisms, incredibly onerous (and unfair) demands, and beyond-justifiability outrageously huge penalties, essentially converts every American -- especially Americans working and living abroad -- into SECOND-CLASS "SLAVE-LIKE" CITIZENS, in that -- because of this law -- most banking institutions, investment houses, financial service organizations, around the world, are now SHUTTING THEIR DOORS TO AMERICANS, and/or CLOSING THEIR ACCOUNTS, and/or REFUSING TO ALLOW THEM TO BUY SECURITIES OR SOCK AWAY MONEY INTO A PENSION.

    Can you IMAGINE how destructive these actions -- along with the horrendous way that FATCA (and/or FBAR) DOUBLE-TAX Americans' overseas-pensions AND, as I've read, reportedly also tax those same pensions -- even if the money is just lying there, untouched, year after year -- EVERY YEAR AS THOUGH IT'S CASH JUST EARNED?

    Who among any Americans in the U.S. -- let alone those who live & work overseas -- would stand for the U.S. Government TAXING OUR IRA's, and TAXING THOSE IRA's EVERY SINGLE YEAR EVEN IF WE HAVE NEVER TOUCHED THE MONEY THAT'S IN THOSE IRA'S ?

    But for Americans living and/or working overseas, what does FATCA (and maybe FBAR) do? REDUCES Americans the world over to the status of SECOND-CLASS CITIZENS, and does it not only in a "theoretical" way but in a solidly tangible ACTUAL way -- and way that damages people's futures and lives, not to also mention how it also violates most nations' constitutional provisions, privacy regulations, banking and securities regulations and systems, and interferes in a major and ruinous way into the operations of many governments and people alike.

    But that's not all. for Americans living and/or working overseas, FACTA (and maybe FBAR) also, as I understand it, essentially RUINS (AND STEALS FROM) THEIR FINANCES and BRUTALIZES THEIR FINANCIAL SURVIVABILITY.

    And for ALL Americans, it also FORCES us -- regardless of our supposed (but now "vaporware") "freedoms" -- to STICK WITH THE AMERICAN DOLLAR, the SAME dollar that the current person acting as President, plus this Congress, plus the U.S. Government as a whole, in compliance (collusion?) with the Federal Reserve Bank, is INTENTIONALLY, MASSIVELY, AND RAPIDLY DEVALUING -- such that numerous economic experts are predicting that an unbelievably massive financial disaster may soon become a distinct possibility -- and that that's just another reason -- perhaps the reason that goes by the monicker "CYA" for "Cover Your *ss" -- for their wanting to squeeze us dry of every plugged-nickle that we've got.

    They profligately

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