"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'."
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Post 477490 posted on 28-9-2013 at 01:39
It's kind of like the stupidity of states which have passed laws to collect sales tax on internet companies that operate within their borders. When
such a law is passed, such internet companies stop allowing operations in that state, since the residents of the state can buy from operations the
company maintains in other states. As a result, people who had been making money in the now-taxing states lose their former income, and the greedy
states lose the income taxes they had been getting, without getting the sales tax they had hoped to reap.
Government greed and stupidity are awful things.
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