What does that mean? Every cent an American, accidental American or green card holder living outside the US earns, must be reported including, pension funds, capital gains, investments, unemployment, welfare benefits. They then pay taxes to the US on it as well as paying taxes where they live on the same money sources reducing their disposal income.
There are some deductions but still taxes are flowing out of the economies where the expats live and get all the normal services one receives where they live. This money is being stolen from their local businesses and governments.
This money is being sent from where they live to a place where they don't live and receive no services. (The US may or may not rescue from danger, but guaranteed you will get a bill.)
The US is constantly threatening their citizens (including those who were never born there and never lived there) with fines if they don't fill out this or that form which can cost them five figures or sometimes even exceeds the amount of money not reported.
Countries have caved to the horrible FATCA bill in fear that their banks and other financial institutions will face huge fines and be shut out of the international banking system. The billions spent on compliance could have well gone to better projects.
Why the governments put up with this robbery I do not understand.
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