Quote:
Originally Posted by Barry-xlovecam
Go bury your money in a tin can in Afghanistan ...
This law is really aimed at US businesses that find safe harbour offshore by not repatriating their earnings.
The IRS is not after you small timers unless you have millions hidden from the taxman then you are in deep doodoo ...
If you are a USA business that has equitable interest in foreign businesses you owe US taxes on the profits you take -- pretty simple. There is an exemption:
So, for most people it's not an issue -- nice talking point though ... |
Except that, because of FATCA, it is becoming almost impossible for many US citizens, living outside the US, to find a bank that will let them open an account. This isn't a "talking point", and the US is the only country in the world, except for Vietnam, that forces people who are not living here to file taxes and steals assets from people who don't want to be citizens anymore. I'm not sure why you would think that it's somehow OK that the government feels entitled to do that. To me, that is a bizarre world view.
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