A recurring theme with FATCA is that Americans living in America simply don’t care about the problems the act creates for Americans living abroad. But maybe they should…
I filed my US taxes for the first time in 2011. I’ve never earned an income in the US so I owe no back taxes. But as I spoke with my accountant, we realized that the US owes me money – I’d never collected on any of the tax refunds.
I’m sure I’m not alone, as many of these refunds have been universal. As more and more expats who owe nothing in the US start to back file, how money will that funnel out of the US, and out of the US economy?
Even though it’s only small amounts, how would Americans feel if they knew that their taxes are going in part to support the economies of other countries instead of their own, as the refunds intended?