Under FATCA, it has become impossible for small business to expand internationally. FATCA punishes any foreign entity that does not report what an American is doing overseas. This single law is causing an implosion in the world economy and politicians are too stupid to figure out that they have really harmed the global economy.
The net consequence has been a massive swarm of Americans resigning their citizenship because they cannot live, or even conduct business, overseas without U.S. taxes. U.S. citizens and long-term residents now have to pay $2,350 as a fee to give up their passports or green cards. This was just $450 previously. The fees alone have now reached $12.6 million according to the latest statistics. Americans are taxed on WORLDWIDE income even if they never use any service whatsoever. So while they claim the “rich” do not pay their “fair share,” the question becomes what is a “fair share” if you are not even here? It appears the definition is government’s perspective of a “fair share” or what everyone earns irrespective of using anything.
