“We are working very closely to try to meet the ‘Congressional intent’ to make it harder for American Citizens overseas to avoid U.S taxes without putting undue burdens on their ability to have a bank account, for example!” says US Treasury official Timmy-the Tax-Cheat Gheitner, in the video in the link below at (at about 3:13)
The United States, together with Eritrea, are the only countries in the world who tax their citizens wherever they are in the Milky Way. All other nations tax only the people that reside in their country and use their services.
The United States has a campaign called “FATCA” which uses all of the banks of the world to search out and find any “US persons” which may be at such bank (in Norway, or Denmark, or Sweden, or wherever in the Milky Way). These banks are forced to fund these searches under the threat of with-holding penalties if they do not perform the work.
The media of your country and the media of USA have been telling you that this is all about tax evaders hiding money “Offshore”. Right. In Norway, Denmark, France, and in Sweden.
a US person can be a citizen of your country, residing in your country, such as
— a person who was born in USA, who was automatically declared a US citizen
— a person with one US citizen parent, who can be classified as a US citizen
— a person holding a valid US visa (Green Card)
— a person holding an inactive and invalid US Green card, who has not correctly made all of the proper complex cancellations of that Green Card
— a person who is merely suspected of being a US person. Your bank in your country must have definitive proof that you are not a US person.
In the video, you saw in plain and full truth that the objective of FATCA is to find these residents in your countries, in order to tax them and to penalize them. The USA will be taking money from the citizens of your country and bringing it back to the homeland.
The USA offers a plea bargain program, called OVDP Offshore Voluntary Disclosure Program, where such persons can plea to reduce their penalties to only 27.5% of everything they own, or in one limited case someone might be able to plea for 5% of everything they own
“Taxpayers who are foreign residents and who were unaware they were U.S. citizens: Example 1:
The taxpayer was born in the U.S. to parents of foreign citizenship. She grew up in a foreign jurisdiction, unaware that she had been born in the U.S. She has a $60,000 account in the foreign jurisdiction. She has never filed U.S. returns or FBARs. She became aware she was a U.S. citizen when she had to get a birth certificate in order to obtain a passport from the foreign jurisdiction where she resides. She is entitled to the reduced 5% offshore penalty.”
FATCA will cost a large international bank (Such as DSB) $100 million to implement. The costs can only be recovered by passing them down to customers.
Do you still believe what the media says—that US Homelanders are storing money in your country, in order to avoid taxes? How gullible can you be?
And has your media and your government officials told you that the USA is going to give you something? Man, you will believe anything! Here, believe this:
References: Timmy the Tax cheat: http://www.washingtonpost.com/wp-dyn/content/article/2009/01/18/AR2009011802070.html