So by default if you are an U.S. American not born on the planet Earth then they expect to collect tax from you...time to go to another dimension. ..WTF! https://m.dw.com/en/europeans-scramble-for-bank-access-due-to-us-threats/a-51136862
It has been estimated that the administrative costs of FATCA corresponds to 2.000 times the tax revenue it generates. The biggest threat facing the world is not climate change or nuclear arms race. It is bad shit crazy spreading bureaucracy.
https://apple.news/AWzkjb-hGR2-VglqysZvTog Popped up on my newsfeed this morning. Wonder how many staff the IRS has. Seems like a huge job to crunch all that data.
I've had a bank account in France since I was in my late teens...born in France. Never asked if I had citizenship in another country. I wouldn't tell my bank YES if ever asked. In contrast, I've changed my address / contact info with my U.S. bank multiple times because some merchants / services in the U.S. wouldn't accept a U.S. credit card while the cardholder has a foreign address. wrbtrader
Your right Maverick... Like a parasite this is sucking the life out of the system and sending more people to try to harness the state for advantage instead of focusing on creating value the free market way
The title of this thread is "The IRS is getting desperate" How the hell is this a desperate IRS thing? FATCA, and this provision was enacted by Obama in 2010, not the IRS! It's even mentioned in the article! And the simple fact also remains that it was/is FATCA that makes the USA a psuedo-haven. Those that understood what FATCA was, opened accounts... IN THE USA!!
The ignorance of basic civics on display here is just appalling. First off, U.S. citizens have been liable for paying taxes on worldwide income since 1861. That requirement has jack shit to do with FATCA and the poor dual citizens whining about how they didn't realize this was a requirement are either morons or disingenuous, certainly if they are blaming it on FATCA. And as @tiddlywinks stated, the IRS doesn't pass laws, they enforce them. We all pay them to enforce U.S. tax law, making it the height of absurdity to criticize them for DOING THEIR FUCKING JOB by enforcing tax law. What do you want, them to sit around doing nothing or willfully refuse to enforce U.S. law, both of which you'd presumably whine about as well? I know the hate for anything that happened while Obama was President can be pretty blinding, but seriously people!
The administrative cost of enforcing murder laws has to be almost an infinite multiple of the revenue it generates. The administrative cost of enforcing environmental laws preventing people from dumping toxic waste or securities laws preventing securities fraud certainly is a multiple of the revenue it generates. Good thing we don't decide if we're going to enforce laws or not based on the revenue it generates, isn't it? And see above, agencies enforce laws, they don't and in fact can't make shit up themselves to enforce. So the problem isn't some kind of malignant "spreading bureaucracy", it's the politicians who pass the laws that require the bureaucracy to enforce. It's an important distinction both for accuracy and effectiveness sake, because railing against "bureaucracy" is pointless while lobbying against the specific laws you have a problem with is something that can be impacted in our democratic system.
No. Enforcing murder laws prevents other murders from happening and there is no reason to believe the administrative costs of enforcing murder laws are excessive. You are happy to spend administrative costs of 2.000 times the tax revenue it generates just because the intention is noble. That is how you bankrupt a country. Of course, it matters what the costs are. I never claimed agencies “make shit up themselves” to enforce? Yes, of course the politicians making the laws causing the bureaucracy is the problem.