IRS Commissioner Admits: FATCA a total failure.

[@VERTICALWisdom]

For the last several months we have tried to open a banking account for a forestry project overseas. NOT ONE bank will allow us to open our project account as I am a US citizen. I am now getting another citizenship so I can renounce and go to work planting trees.

[@irsmedic]

All for the IRS to get data they actually can't compile into a database, but assuming it could, has zero ability to enforce. Federal courts believe Congress deserves a deference. Yet here we have a law claimed to be written by a non-law maker, Prof. Elise Bean - yet she herself didn't quite understand the law herself - here's 15 things wrong she gets about the law and how it relates to FATCA. kzbin.info/www/bejne/fHzVk6mXqpllhc0 Who really wrote FATCA and why?

[@VERTICALWisdom]

@@irsmedic Appreciate the info and not to be flip. Who gives a poop who wrote it. I must now renounce my citizenship to open a bank account and plant trees.

[@melvinpjotr9883]

I am an accidental American living in Europe and very much appreciate what you are trying to accomplish. Most US citizens living abroad owe ZERO US Taxes, but the foreign asset/account reporting requirements are just insane. They are destroying our lives on several fronts. Nice song, btw. Curious about the full text/lyrics.

[@andrewchan902]

there are citizenship groups talking of a class action suit against them

[@jthunders]

Thumbs up

[@senseijoe8.292]

It was great seeing the three of you together again. If you can please, talk about the FairTax Act as it can be used as a version of an RBT.

[@ronaldwalther6597]

Any update on this?

[@stephenarvay857]

John Richardson makes an excellent point with regards to the TFSA provides a tax credit to US income taxes, while other reportable items do not. This illustrates that lawmakers in the US do not comprehend all the intricacies, deductions, applications of the IGA all over the world with regards to the impact it has on US income taxes.

[@mikebreen2890]

The US government can't possibly know how their tax code works in some 190 countries, and they don't care anyway.

[@pmcpmc8005]

Holding that US Passport while living in another country is toxic

[@dlukton]

Just having been born in the US can be a liability.

[@pb2325]

I totally recommend accidental Americans and Americans living abroad contact IRS Medic. They really take your situation seriously.

[@rightright6582]

Love u guys sometimes.

[@irsmedic]

You had me at "sometimes." LOL.

[@kred_65]

I love me sometimes, too. 😜

[@amypurcell4843]

I LOVE the song!

[@irsmedic]

Oh you. You're only encouraging me!!! 🙂👌

[@zzyzx686]

FATCA totally ruined my life. As a Swiss citizen who had moved to the U.S. to escape Socialism I was appalled by the leftist agenda pursued by the Obama administration, and therefore sold my property and put the proceeds in an account in my country of citizenship thinking my funds would be safe there until I could find a free market country to move to. Unfortunately this is when FATCA was dropped on the world and the bank suddenly closed my account, leaving me without access to money except for what cash I had left at home. Travel to several distant countries failed to uncover a single bank who would take pity on me. Even though I am not a U.S. citizen, a google search was sure to link me in some way to the U.S. By then it had become obvious to me that FATCA had little to do with taxes, and in fact was nothing other than a camouflaged capital controls law. I had fully paid IRS on the funds I had transferred to Switzerland, but a tax attorney in Zurich advised me that I would need to plead guilty to tax evasion anyway, since that was the only way I could convince a bank in any country to open a new account for me. When I refused, he said that if I insisted in trying to introduce facts to contradict the assertion of a U.S. senator that all people with an account in Switzerland were automatically guilty of tax evasion I would only succeed in hurting my case, and would probably never see a penny of my money again. All these years later he has so far been correct. With all my capital in a closed account I have found it impossible to meet the financial requirements to move to a sane territorial taxation nation, which would give me a tax residency acceptable to a bank for opening an account. Unfortunately, there have now come even worse IGA's such as CRS and "Know your customer", which insists I have to prove an income for the past two years commensurate with the intended opening balance of the account, as well as proving that I possess an educational background typically expected for holders of such sums. Meeting these requirements is of course a total impossibility, especially when you no longer have a bank account or income. Welcome to the WEF's and the OECD's war against Free Enterprise and Freedom!

[@irsmedic]

I am sorry. My suspicions it was Soros/WEF assisted by Big4 is who actually wrote FATCA. Who benefits most from FATCA? Really not the US government - Rettig admits a much.

[@phillyboylaboy]

😮Why not fix medicare to be available overseas first than hounding citizens over taxes for investing overseas 😠

[@fxgreek5490]

Ten F*CKING Years Later? and NO reciprocity? Is this Guy Redding still the Commissioner?

[@timothydevries383]

Ideologies implemented very poorly. It's the American way.