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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNew U.S. Tax Regime is "Devastating," Experts Say
This is a must read short article....you will get the understanding of Americans Abroad and why they are now renouncing and relinguishing. The American economy is going to suffer with this ridiculous law. Even if you do not owe anything to the IRS you still have to pay thousands in filing your taxes...you can not use HR Block or Turbo Tax. This law was not cost assessed nor will it stop the real high elite tax evaders. THEY have the money to get loophole advice . AND this law does not cover the tax havens for Homelanders using the Delaware, Nevada, Utah, Florida and Dakota tax havens.
http://www.thenewamerican.com/usnews/congress/item/17273-new-u-s-tax-regime-is-devastating-experts-say
Citing other experts, Conklin also said the tax laws affecting Americans abroad are so unbelievably complicated that even with the best professional assistance, nobody can ever be sure that their IRS filings are correct. The very wealthy can employ the best professional tax advisers money can buy, but cost-wise they are totally beyond the reach of the average middle class American living and working abroad, he added. Those most affected include American schoolteachers, small-business owners, missionaries, spouses, and others living abroad who simply cannot survive financially.
Just how complex and burdensome is the IRS taxation regime for the millions of Americans abroad? In a report to Congress last year, National Taxpayer Advocate Nina Olsen, who leads the Taxpayer Advocate Service (TAS) at the IRS, explained that there are 7,332 pages of instructions, 16 IRS publications, and 667 pages of tax forms that are applicable to overseas U.S. citizens. For foreign banks and firms seeking to be in compliance with IRS mandates, the complexity is daunting as well, with hundreds of pages of instructions and regulations.
FreakinDJ
(17,644 posts)Cry me a river - leaches
riverbendviewgal
(4,253 posts)Security Contractors do not LIVE in the countries they are in for decades or from birth....Please explain you short reply.
Igel
(35,317 posts)Some researchers. A lot of workers for international companies. Translators. Teachers. Athletes. Writers and other "talent"-based workers. Some are just economic refugees in, say, Canada.
The world is bigger than Iraq, Afghanistan, and a few other hot spots. I know a linguist in Taiwan that's hit by this. Not exactly a mercenary or security contractor. "I will slay your weak jers and those in weak position and cause them to fall!" (Sorry. Slavist humor.) I've known teachers who did stints in Egypt, S. Korea, Japan and none ever said they'd want to be hired locally again. They loved the countries, the students, their jobs. But taxes? Oy!
If they're contracting with the US State Dept. or DOD they're not paid locally. They're not resident workers, they'll just pay US income tax. It's the people that live abroad for a year or more that aren't paid by the US government in some form who get hit by this. The details have changed, but this is a problem that's been going on for decades.
Nye Bevan
(25,406 posts)and only tax the income of residents.
rgbecker
(4,831 posts)Especially the state department's system of foreign embassies.
Nye Bevan
(25,406 posts)because they can legally credit their foreign income tax against any US tax they calculate. The issue is that the whole filing process is an expensive and bureaucratic waste of time for everyone involved.
riverbendviewgal
(4,253 posts)or have even gone to the USA...even for a vacation. Your reply is not clear.
riverbendviewgal
(4,253 posts)It is just a money grab but the thing is they are not getting the real high money tax evaders.
Capt. Obvious
(9,002 posts)riverbendviewgal
(4,253 posts)This law was slipped into a jobs bill...This FATCA was never assessed or studied. Obama probably never knew what FATCA is until afterward, maybe he is not aware of it now. I always thought the way American laws are made is crazy. Things slipped in that have nothing to do with the law. Pork Politics..
I commend him for the ACA bill and woman's equal rights and other laws.
He is after all a human and not perfect We all wished him so much good will. Myself and my Canadian friends truly believed he would change the country for the better. He is fighting a plutocracy.. We still hope that he is not part of it.
Igel
(35,317 posts)Obama's not perfect, but this isn't his fault in any way, shape, or form.
Few political points to be gained in it, so he also hasn't pushed to have it changed. Not a big point--there are so many petty injustices around that you pick and choose what to fight. It's just easier and more profitable to pick and choose fights that get you something important than something like this.
jmowreader
(50,559 posts)I remember the halcyon early days when posting articles from the John Birch Society's official magazine would get you shunned, berated and cast into the Cursed Earth. Now people are agreeing with this shit?
Oilwellian
(12,647 posts)Perhaps the OP'er just doesn't know.
riverbendviewgal
(4,253 posts)I went to an Obama inaugeration party in 08.....
been a huge fan of MSNBC
and this is what DU has turned into? accusing me of being in the John Birch society...
You know you what you Yanks can Do? Canadians will not be wanting to sell you its clean water , many are revolting from the Harper turncoat. And you are accusing ME of being a John Bircher.
N o wonder people are leaving DU..