Repeal Facta’s website is dedicated to getting rid of the worst law many Americans have never heard of.
FACTA (Foreign Account Tax Compliance Act) was passed in 2010. With a stated purpose of catching “fat cat” tax cheats whom hide his or her money abroad, FATCA instead would have the effect of:
- Injuring American’s global competitiveness
- violating Americans’ constitutional protections;
- violating trade agreements;
- threatening American jobs and the American economy by scaring off foreign investment in the United States;
- punishing Americans who work abroad bringing business to the U.S.;
- setting up a global financial fishbowl, with personal financial information “shared” among governments worldwide;
- leading to higher taxes and, eventually, international taxation;
- imposing expensive regulatory mandates on foreign and U.S. business, with costs passed on to consumers;
- disregarding the mutual respect of sovereignty among nations;
- draining money from the federal treasury under the guise of replenishing it;
- overstepping the limits of Executive power at the expense of Congressional authority, especially the Senate’s advice and consent to the ratification of treaties
This is all supposedly to justified FATCA claim’s to “recover” lost taxes of less than $1 billion per year, enough to run the government for two houts. In fact, the way the United States Treasury plans to enforce FATCA, it would probably lose more money than they take in.
Take evasion abroad or at home is a valid concern, but FATCA is the wrong way to address it. This is one law that needs to be stopped before it is implemented and then repealed.
FATCA was passed by Congress in 2010 and was signed into law by President Obama in an attempt to apprehend and discourage money launderers and tax cheats. Its requires both banks and US citizens to report detailed information on the IRS on accounts in Foreign Financial Institutions. FATCA’s intent was to make it much more difficult for rich Americans living in the United States to use offshore accounts to hide untaxed earnings from the IRS.
However, the bill applies to every account outside the United States even when why are held by Americans who live abroad. As a result, FATCA is causing hardships among Americans who living outside the United States. His and her financial accounts are being closed, for some their relationships with their non-American spouses are under strain and some are being denied partnership or promotion in business. For some, the consequences of FATCA reporting is so severe that they are contemplating or renouncing their US citizenship.