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Old 27.04.2017, 18:04
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End of FATCA - Trump's tax plan

I heard some news about that.

Trump wants to kill some idiotic tax laws and that includes FATCA.

Nothing concrete so far about details but y'all would be happy right
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Old 27.04.2017, 18:25
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Re: End of FATCA - Trump's tax plan

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I heard some news about that.

Trump wants to kill some idiotic tax laws and that includes FATCA.

Nothing concrete so far about details but y'all would be happy right


Really? And miss out on all that lovely lolly? Wasn´t that indicated already some weeks ago and it probably is for corporates only?

Seem to remember there was a thread on that.
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Old 27.04.2017, 18:44
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Re: End of FATCA - Trump's tax plan

Actually, there are hearings before congress this week about eliminating FATCA. For example, here:


https://oversight.house.gov/hearing/...ompliance-act/


Interesting times........

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.

Last edited by edot; 27.04.2017 at 19:16.
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Old 27.04.2017, 20:18
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Re: End of FATCA - Trump's tax plan

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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.
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.
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Old 27.04.2017, 20:55
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Re: End of FATCA - Trump's tax plan

Republican Party made it part of its manifesto back in 2015 iirc so nothing particular to do with Trump. Only questions were would the Republicans follow through (they admitted it was mainly an expat votecatcher ploy) and if so, how far down their agenda it would be.

Senator Rand Paul is the good guy in all this, he's been against FATCA for some years and has been trying to get it repealed.
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