“An estimated 6.8 million Americans live and work overseas. Starting July 1, every one of them is going to be negatively affected in some way when the Foreign Account Tax Compliance Act, or FATCA, becomes fully operational.
It appears that the unreasonable and expensive mandates prescribed by this law will be felt hardest not by wealthy “fat cat” tax dodgers but hardworking Americans who have no intentions of cheating the tax system: students studying abroad, missionaries, charity workers, members of Doctors Without Borders, professionals doing a stint in their companies’ overseas branches and many more. FATCA makes no distinction between the honest and dishonest. Everyone, from the Rhodes Scholar to the al-Qaeda financier, is lumped into the same pool of suspects.”
read more>>
