FATCA: Your life has value to the IRS. This post is exposing how the U.S. govt. is making it difficult for Americans to live overseas. One part of the move to make it difficult is FATCA (Foreign Account Tax Compliance Act of the Obama admin.) which passed as part of the drug war, but is in reality a money grabbing scheme to rob innocent people.
You may have noticed that there have been increasing restrictions on Americans travelling overseas since 9/11. Recently, TSA has begun to use plainclothes behavioral detection officers, who randomly engage passengers in conversation. And frequent travelers will be asked to provide extra personal info on the so-called “trusted traveler program”. (If you can avoid it, I suggest not getting in line for the metal detector behind a vet with shrapnel.) But now not only is travel getting more restricted, but living overseas as an American is also…gratis the U.S. govt.
The U.S. govt. is the only country in the world (except for tiny Eritrea’s totalitarian regime) which taxes its citizens worldwide, no matter what the circumstances, no matter how long they have lived overseas, no matter if they are an accidental American simply born to foreign parents while they visited the U.S., no matter if you have a green card for another country & also pay taxes where you work/reside. (Of course there are exceptions for Amer. w/ the U.N., diplomats, & the extremely wealthy.) Likewise, foreigners with houses in the U.S., are also subject to U.S. income tax on their foreign made money. (I happened to have one as a Christian bro. in Fed. prison who accidently stumbled into that mess.)
Obama’s FATCA (designed to sound like FAT CATS) is in reality like someone saying they will kill the pests in your house (cockroaches) & then killing your pets. One small aspect of FATCA is to make it difficult for any American to cash checks from America, a rather simple task in the past. Small banks & credit unions overseas that cash such checks are being attacked by the U.S. govt. Who wants to fend off the U.S. govt.? Foreign banks are required by the U.S. govt. to send account info of all Amer. clients to the IRS. It doesn’t matter if you are a dual citizen, or an accidental American. If foreign banks don’t comply, the U.S. govt. will deprive them of the right to do business in U.S. currency. Imagine your Indian parents give birth to you on a visit to America, and since then you’ve had no ties to America. Yet the rest of your life in India is now subject to filling out IRS forms, on such things as your small rent income (which may not even be taxable in India), and your inheritance from your native grandparents. Interestingly, the shell corporations of the elite in the Caribbean are being relatively ignored! So now the same type of overzealous scrutiny that TSA gives to nuns, pretty women, & old ladies in wheel chairs, is now being applied to ex-pats & accidental Amer. worldwide who have nothing to do w/ drug running.
TAXATION W/OUT REPRESENTATION. The ex-pats & accidental Americans have no one to speak for them—(I mean of any representative political power). No one, not even foreign govt.s want to challenge the ruthless might of the U.S. admin. Remember, when Castro did that, & all the countless attempts by the U.S. govt. to assassinate him! So more & more foreign banks are simply opting to quit allowing Americans to open accounts with them.