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BBC News - Most popular headline today - Why are Americans giving up their citizenship?

This is weird:

BBC News - Why are Americans giving up their citizenship?

http://www.bbc.co.uk/news/magazine-24135021



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Fatca tax law

compliance is difficult and expensive - US tax law
makes it difficult for Americans abroad to have
bank accounts, for example, because the compliance
with US law is such an expensive headache that it's
more economical just to refuse American customers
than to be bothered with complying.

Note the situation of this woman (living in Germany)
quoted in the BBC article:

'I'm thinking about it'

"I used to be a flag-waving patriot who tried to be an informal ambassador of goodwill to her country," says Genevieve Besser, who has lived in Germany for 25 years and owes no US tax. "No longer. Thanks to Fatca, I'm wondering if I should renounce my US citizenship. The US must repeal Fatca and join the rest of the civilised world by switching to residence-based taxation."

Besser, who is self-employed, says her investment options are restricted, because most German banks will no longer open brokerage accounts for US citizens. She can't be joint owner of the house she shares with her German husband. Nor can she have signature authority over their retirement savings account because, she says, the bank would close the account.

"A property that was bought and sold at the same euro price during a period when the euro strengthened relative to the dollar would generate a 'phantom' profit - and a tax liability to the US government, even though I would have no benefit from it," she says. "Fatca is an arrogant piece of legislation that penalises US citizens for living abroad and violates the two principles of law: 'innocent until proven guilty' and 'the punishment should fit the crime'."

Even now, expats can spend thousands of dollars just
for tax preparation when they don't even owe any taxes.
Of course the US is the only country that puts its expatriates
through such insanity (plus bullying other countries into
playing enforcer roles for it).

Maybe the thinking was that if they only made life hell for
the Americans in America that the 6 million Americans living
outside would feel neglected somehow.

Because???

People are not looking forward to conscription ;)

donvino

Many would say the IRS is

Many would say the IRS is only trying to get what it is owed, but critics say that in trying to track down the wealthy tax-dodgers, ordinary people are being dragged into an expensive and time-consuming form-filling nightmare. And for some, it's become too much.