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The Nightmare That Is FATCA

Spread the word, people!

p.s. Not quite sure why I’m looking over to the side at the beginning of the video. I think I thought that’s where the camera hole was.

p.p.s. I forget to mention that FATCA (and citizenship based taxation) also affects ‘accidental Americans’, i.e. foreigners born in the United States because their parents were working there, etc. In many cases, these people never lived in the US, most likely have never had an American passport and maybe don’t even know that New York City is not in California (something I heard a lot from EFL students over the years). But since they were born in the US they ARE Americans, so the banks in their country will have nothing to do with them. I read at some point that they were going to at least waive the absurdly high fee to renounce for these people. Hope that happened, because they have truly die Arschkarte gezogen (cool German saying which translates literally as ‘drew the ass card from the deck’ but means something like got the short end of the stick).

p.p.p.s. I also forget to say in the video that FATCA was actually designed to catch tax cheats who live in the US and hide money abroad. Apparently, Obama and his pals forget (didn’t know?) that 9 million (9 million!) US expats and green card holders live abroad, not to mention who knows how many of those poor schmucks known as accidental Americans, all of whom this law greatly and adversely affects. Then again, I guess this isn’t all that surprising considering the US still follows a citizenship based taxation system created during the Civil War where all citizens are taxed on their worldwide income, regardless of where they live and work, a system we only share with the West African dictatorship Eritrea, btw, and oh yeah, Eritrea got chewed out by the UN Human Rights Council due to this diaspora tax being inhumane, etc. etc. When I do my US taxes every year (ugh) my often overdrawn German bank account is referred to as an ‘offshore foreign account’.

Come on US, get with the 21st century and stop torturing us just because you can.

p.p.p.p.s. Read this article about the chance of FATCA ever being repealed today which was not very heartening (although true I think…) Quote from the piece: “Like any empire, the United States will continue to stick it to the voiceless until it is no longer an empire.”

Ugh, ugh, ugh…

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