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Thread: U.S. Expats Balk at Tax Law[W:82]

  1. #51
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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by Dapper Andy View Post
    But haven't those countries always prohibited dual citizenship?
    What countries?
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

  2. #52
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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by sangha View Post
    Class warfare?

    Gee, and you said you don't have an opinion on this law

    Suddenly, it's "class warfare"!!
    No, you need to go re read what I said....I said I didn't know enough about it at the time I wrote that particular post, but I am learning....

    Certain aspects of FATCA have been a source of controversy in the financial and general press.[27] The controversy primarily relates to five central issues:
    Cost. Although numbers are still somewhat speculative, estimates of the additional revenue raised seem to be heavily outweighed by the cost of implementing the legislation. The Association of Certified Financial Crime Specialists (ACFCS) claims FATCA is expected to raise revenues of approximately US$800 million per year for the US Treasury; however, the costs of implementation are more difficult to estimate, and estimates between hundreds of millions and over US$10 billion have been published.[28] ACFCS also claims it is extremely likely that the cost of implementing FATCA (which will be borne by the foreign financial institutions) will far outweigh the revenues raised by the US Treasury, even excluding the additional costs to the US Internal Revenue Service for the staffing and resources needed to process the data produced.[29] Unusually, FATCA was not subject to a cost/benefit analysis by the Committee on Ways and Means.
    Capital flight. The primary mechanism for enforcing the compliance of foreign financial institutions is a punitive withholding levy on US assets. This may create a strong incentive for foreign financial institutions to divest (or not invest) in US assets, resulting in capital flight.[30]
    Foreign relations. Forcing foreign financial institutions and foreign governments to collect data on US citizens at their own expense and transmit it to the IRS is divisive. Canada's Finance Minister Jim Flaherty has raised an issue with this "far reaching and extraterritorial implications" which would require Canadian banks to become extensions of the IRS and would jeopardize Canadians' privacy rights.[31] There are also reports of many foreign banks refusing to open accounts for Americans, making it harder for Americans to live and work abroad.[32]
    Extraterritoriality. The legislation enables US authorities to impose regulatory costs, and potentially penalties, on foreign financial institutions who otherwise have few if any dealings with the United States.[33] The U.S. has sought to ameliorate that criticism by offering reciprocity to potential countries who sign Intergovernmental Agreements, but the idea of the US Government providing information on its citizens to foreign governments has also proved controversial.[34]
    Citizenship renunciations. Time magazine has reported a sevenfold increase in Americans renouncing US citizenship between 2008 and 2011 and has attributed this at least in part to FATCA.[35]
    There have also been doubts expressed as to workability of FATCA due to its enormous complexity,[36] and the legislative timetable for implementation has already been pushed back twice.[37]
    American Citizens Abroad, a Geneva-based organization representing the interests of six million Americans residing outside the U.S., has been particularly vocal in opposition to the legislation and has launched a campaign to repeal FATCA. The group argues that "FATCA legislation is predicated on the faulty assumption that foreigners throughout the world with no predisposition to favor the U.S. will react positively to its attempts to convert them into unpaid IRS agents", and in addition to the issues above stresses the increased risk of identity theft, and the risk of a two-tier banking system developing to the partial exclusion of the U.S.[38]

    Foreign Account Tax Compliance Act - Wikipedia, the free encyclopedia
    So, from what I am reading here is that it is another example of spending 10 times to accomplish a dismal return, and pissing off people in the process...But I guess as long as they are the evil rich, that's ok with you....
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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by sangha View Post
    What countries?
    Whatever countries he's talking about.

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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by obvious Child View Post
    But that's not the focus of this particular law. As usual, J-Mac thanks a post that's not relevant to the law and still doesn't understand the topic.
    The giving Uncle Sam the finger part was the relevant part. Most people that work outside the States are very individualistic. They don't like being bugged and that's why they hate that law and I believe with good reason. Most of them pay their taxes but they get audited a lot more and its much more hassle to do the taxes. I can see why they give Uncle Sammy baby the finger.
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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by j-mac View Post
    No, you need to go re read what I said....I said I didn't know enough about it at the time I wrote that particular post, but I am learning....



    So, from what I am reading here is that it is another example of spending 10 times to accomplish a dismal return, and pissing off people in the process...But I guess as long as they are the evil rich, that's ok with you....
    You're not understanding what you're reading

    It's not costing the US 10x what it will collect.

    And I don't care if we piss off tax cheats
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

  6. #56
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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by PirateMk1 View Post
    The giving Uncle Sam the finger part was the relevant part. Most people that work outside the States are very individualistic. They don't like being bugged and that's why they hate that law and I believe with good reason. Most of them pay their taxes but they get audited a lot more and its much more hassle to do the taxes. I can see why they give Uncle Sammy baby the finger.
    Then why even discuss this in the context of the thread?

    The law in question doesn't make a distinction between expats and everyone else.

    And J-Mac is still cowardly refusing to answer a simple question.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by sangha View Post
    You're not understanding what you're reading

    It's not costing the US 10x what it will collect.

    And I don't care if we piss off tax cheats
    It's not your money.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by sangha View Post
    So you think our tax policies should be guided by the 0.000032% of the population that has decided to renounce their citizenship?

    And I thought the OWS's 1% rhetoric was a bit extreme!!

    I think your numbers are off, that is more than 40% of the income tax base.



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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by obvious Child View Post
    Then why even discuss this in the context of the thread?

    The law in question doesn't make a distinction between expats and everyone else.

    And J-Mac is still cowardly refusing to answer a simple question.
    I don't believe you've asked a question...Attacked me personally yes, but asked a question? No, I don't believe you have.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by j-mac View Post
    It's not your money.
    It's not yours either
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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