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| Oh, and by the way, the tax compliance industry is the main beneficiary of FATCA. The US gov't has really not realized impressive gains. I got myself into rather hot water with one of my liberal friends, when I said that these measures weren't very effective in uncovering tax cheats and more often than not, just made life miserable for average schlumps who live abroad. Oh well. | |
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I had the exact same discussion with someone I know over lunch not too long ago. His reply was along the lines of "absolutely not, it's very effective" (no data to back this up - eye roll from me) and "well, I don't really feel sorry for people living in Switzerland who are probably stashing their cash anyway" (yuge eye roll from me).
It's sad that the average American Joe/Jane thinks this way. Maybe that's why there is no real incentive by the legislators (elected mostly by said average Joe/Jane) in overhauling. We'll see.
I'd like to see the stats on the impact of FATCA, if they are even tracked.