What is FATCA?
FATCA stands for the Foreign Account Tax Compliance Act. FATCA is a reporting requirement, not a tax, and was designed to seek out undeclared foreign income. It is a federal law that requires all U.S. taxpayers to report their non-US financial accounts yearly, including those individuals living outside of the States. While the law was created to catch "drug dealers and terrorists", we find that it is actually just causing headaches for Americans living abroad.
Donna Lane Nelson
We met Donna Lane in Washington at the "Reviewing the unintended consequences of the Foreign Account Tax. She was one of the witnesses who testified on April 26th, 2017. Her story is quite compelling. She was a United States resident who was forced to renounce her citizenship, simply because she lives overseas. And yes, we do mean "forced". As Donna Lane states – She had to choose between having a bank account in the country she was living in, or give up her US citizenship. This issue is quite common among expats.
Thanks to FATCA, many US persons living overseas are having issues getting mortgages and opening bank accounts. Overseas banks no longer want to do business with US citizens, where once they embraced US customers.
Learn more about Donna Lane's story here.
Why did the 6th circuit throw out the FATCA suit?
The 6th Circuit kicked out Crawford et al, because it claimed there was no standing. The 6th Circuit stated they could find no actual harm caused that FATCA caused. So how did the 6th Circuit do this?
According to Attorneys Bopp and Coleson, they did this by creating a novel definition of standing. The 6th Circuit overturned the Supreme Court precedent of Susan B. Anthony List v. Driehaus, 134 S.Ct. 2334 (2014) by adding a heightened requirement for standing. No longer does a harm need just to be credible to give rise to standing. It needs to be credible and certain.
We hope the Supreme Court is not necessary. Solomon Yue of Republicans Overseas has presented his Territorial Taxation for Individuals resolution to the RNC Resolutions Committee. The resolution passed unanimously and is expected to be adopted by the full RNC at the August 25, 2017 General Session. We would expect this to be a part of any tax reform package. If it is part of the package, FATCA becomes rather superfluous.
Contact information – How can you help?
Now is the time for us to speak up. Tweet #RepealFATCA, email your Congressman and Senators.
Those that support FATCA and think it should not be repealed:
Congresswoman Carolyn Maloney, NYC – D*
Facebook: Carolyn Maloney
Tel: (212) 987-5516 Fax: (212) 987-5058
Email: https://maloney.house.gov/services/email-me , use the address of our NY office: Parent and Parent LLP, 60 E 42nd St #4600, New York, NY 10165 – 0006 to geet the email to go through.
*Congresswoman Maloney also supports SCE, as she propsed it
Congresswoman Eleanor Holmes Norton, Washington – D
Facebook: Eleanor Holmes Norton
Tel: (202) 225-8050 Fax: (202) 225-3002
Email: https://norton.house.gov/contact/email, use zip code 20515-5100 to get the email to go through
Congressman Gerry Connolly, Virginia – D
Facebook: Gerry Connolly
Tel: (202) 225-1492
Email: https://connolly.house.gov/contact/contact-gerry.htm, use 13106 Weather Vane Way, Herndon, VA 20171 – 2944 to get the email to go through
Professor Francis Bean – Minority Expert Witness
Tel: (313) 577-2731
If you'd like to point out any specific issues on her testimony, watch our video here that outlines what she got wrong, and why.
Those that support Same Country Exception:
American Citizens Abroad
Facebook: American Citizens Abroad
Association of Americans Resident Overseas
Federation of American Women’s Clubs Overseas
Facebook: Democrats Abroad
Those working to get FATCA repealed:
Senator Rand Paul, Kentucky – R
Facebook: Rand Paul
Tel: (270) 782-8303
Email: https://www.paul.senate.gov/connect/email-rand, use 1029 State Street, Bowling Green, KY 42101-2652 to get the email to go through
Congressman Mark Meadows, North Carolina – R
Facebook: Mark Meadows
Tel: (202) 225-6401 Fax: (202) 226-6422
Email: https://meadows.house.gov/contact, use 626 Haywood Road, Asheville, NC 28806 – 3258 to get the email to go through
Congressman Jody Hice, Georgia – R
Facebook: Jody Hice
Tel: (202) 225-4101 Fax (202) 226-0776
Email: https://hice.house.gov/contact/, use zip code 30642 – 4717 to get the email to go through
IRSMedic – the Law Offices of Parent & Parent, LLP
Additions suggested to us:
The AFL-CIO has started a petition to STOP the repeal of FATCA:
Twitter: AFL-CIO – Tell them why you think FATCA does need to be repealed
The Tax Justice Network is against repealing FATCA.
Twitter: Tax Justice Network