Robert Wood didn’t provide any new insight and the article hasn’t been viewed too many times yet, but it’s nice to see the negatives of FATCA starting to get a little press time.
FATCA, the Foreign Account Tax Compliance Act, is no one’s darling. But while European banks, governments and expats everywhere rail against it, it’s easy to overlook our next door neighbors to the north. Many of them are just as miffed as Europeans with the long arm of the U.S. Congress passing FATCA and other legislation, not to mention the long arm of the IRS that is now in their front yard.
Previously, the US media had mostly cast FATCA as going after “caviar swilling” tax evaders. With the economy so bad in the US and many Americans suffering financially, there hasn’t been much sympathy for expats getting caught up in the FATCA nightmare.
It’s important for a more realistic narrative to enter the American mainstream consciousness. I urge anyone reading this blog to write to the editors of US newspapers, and to encourage your American family members living in the States to do so as well.