Go support ACA. They’re likely the only voice of sanity for ordinary American citizens living abroad when it comes to the IRS. (Well, I know for a fact that there are some IRS employees who are immensely sane, and if they had any authority we’d be way better off. But I digress.)
FATCA is a killer for Americans abroad. They’re going to find it difficult or expensive to open ordinary financial accounts and do business abroad. ACA has issued a report calling for FATCA to be repealed. Jackie Bugnion of ACA is quoted in a Bloomberg article today:
“The way this new law is structured is totally disproportionate and unworkable, the equivalent of using a bulldozer to destroy an ant hill,” Jackie Bugnion, ACA’s director, said in an e-mailed statement.
I think I can improve on Jackie’s analogy. 🙂
Captain Ahab is going to hunt Moby Dick by throwing a net across all of the seven seas, hoisting every creature to the surface, and discarding everything that isn’t a whale. Oh. Except that Captain Ahab is going to force every fisherman around the world to do his work for him. For free.