WHAT IF OTHER NATIONS ACTED LIKE THE U.S.
Tiffany MacKenzie, the daughter of two Americans living in living in the Boston area was married to Thomas Carlson. Tiffany had been born in Japan while her parents were there for a short time. She has not returned since she was three months old.
Thomas was born in the U.S. but because his father is Swedish he is considered a Swedish citizen. His mother is German so he is considered a German citizen. Because of that he is taxed on his full income in all three countries.
The young couple were married last month and went to open a joint bank account. The officer looked at their application and said to Tiffany, "I'm sorry you cannot have an account because you were born in Japan."
They looked confused. "But she is American."
The officer continued. "We have to report all Japanese citizens to the Japanese tax authorities. If we don't we will pay heavy fines and will not be able to operate in Japan. It is too expensive for us to risk having a foreigner or even an American born in another country as a client."
The couple looked at each other. "I suppose we could put everything in Tom's name," Tiffany said.
The bank officer, who knew Tom's parents said. "We can't open an account for him either. He is considered German and Swedish and we have to report all Swedish and German accounts to the Swedish and German tax authorities or face high penalties from their governments."
The couple left. They were having dinner with Tom's parents that night and they told them what happened.
"The bank is closing our accounts too," Tom's dad Sven said. "I have 30 days to pay off my mortgage. I've called every bank around but no one will do business with me."
"But you are an American," Tom said. "For over 20 years."
The four of them looked at each other an visualized their future with no access to any banking services.
Of course Japan, Sweden and Germany do not expect U.S. Banks to spend billions to report accounts of their citizens to them like the U.S. does. They have not bullied the U.S. into changing their laws either nor have they threatened the U.S. to report.
Sadly the 8.7 million American expats are in danger of having their financial futures destroyed by the U.S. FATCA.
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1 comment:
I am afraid the United States will never act on this situation. Those of us that fight this battle have become convinced the US's concern for anybody stops at its borders. They have also fallen into a trap thinking the rest of the world has to live under its laws. It is blinded by its patriotism and its 250 years of treating the rest of the world as indentured servants, slaves, and peons.
Southeast Asia is booming, and so is American debt. The US has lost much of its manufacturing, electronics, and raw materials control. It only makes sense that the US work to become partners with other nations, and no longer masters. It does not make sense to piss off the world banking community.
The US exports nearly $2 trillion a year, and if you think these importers are not influenced by their bankers, then you need to try to get a bank loan some day for your own import-export business. "You want to buy from America? Sorry, no loan for you."
Or the countries. Bloggers like us are opening their eyes to the thievery of the American government. This $6 billion they claim they receive from citizens abroad is money stolen from foreign economies. It is money earned abroad, and arguably, the US has no claim on it. Its days of making the rules because it owns the ball will come to an end, and payback will be a bitch. "You want to open your American corporation in London? Ha, go back to Des Moines and take all your American leaches with you!"
FATCA will be disastrous for this president.
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