It’s Your Money > Taxes

Who's FATCA anyway? Should anyone be afraid of FATCA?

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Art, just a re(tired) Fil-Am:
Since retiring, our taxes have been so simple and nothing to fuss about really!
Why would FACTA, IRS or whomever be interested as to what I do with my
meager pensions compared to those who are still working and earning huge
salaries in 5 or 6 figures, where $10,000 is just chump change?     

Who gives a crap unless you are hiding damn money?  I don't have squat to hide even if I wanted to and so what if the IRS examines close and then gets a wild hair and examines closer from there on out.  For someone who thinks FATCA is such a good idea for catching the people doing the hiding, you didn't waste any time talking about the offshore accounts and giving a link in case you want to keep it private.  Keep it private?  Keep what private?  Yeah, I hope they nail them all.  And nail them good.

If you are just a regular person like most of us on here, even if you have to file it, there is nothing to it but spending a little bit of time.  It think this FATCA subject has been run in to the ground.

Bud, Like you, I hope the government is able to catch the large tax cheaters. However, a decision was made in 2012 to catch any American citizen living outside the U.S. whether the person purposefully does not file  fifty or a hundred dollars of income or whether the person simply makes a mistake. The IRS doesn't accept  mistake arguments. I believe I made reference to a firm in Hong Kong that discusses how to keep one's income secret. However, it is a law firm that emphatically emphasizes its advice is legal advice.

Two points I would make.

First the point that this is aimed at the wealthy and that doesn’t include us, I would remind you that the income tax when it was first introduced was only going to affect the wealthy, the top 1% it was not anything everyone else needed to be concerned about. Yeah well laws often get modified and that one certainly did.

The second point that it’s all about tracking down tax cheats and you say I’m not a tax cheat so why worry?  Yeah as long as that’s the real purpose and nothing changes then we’re good right? Well there are people who know a lot more about this subject then I do that claim the “Tax Cheat” claim is bogus, and that the amount of “tax cheat” money that is out there in no way justifies this huge program.
What they claim the real purpose is to have in place the ability to institute capital controls if and when the Gov. or the banking system feel it’s necessary for whatever reason.


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