July 14, 2011 - Phil Hodgen

ACA calls for FATCA repeal

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  ACA has issued a report calling for FATCA to be repealed.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.