He’s being dramatic. It sucks, but if Americans (especially those in Europe) do their taxes right, they can get off just fine. The US forces our revenue through the US first, otherwise our life gets hard. We have no power and have been trying to fight FATCA / Citizenship based taxes, but we can’t.
The main issues are,
Compliance costs (accounting fees can get to 1000s). These costs go away if Americans run their money/business through the US.
Additionally, Americans in Europe basically have to run all their investments through US holding companies/trusts (IRS complications with EU rules). If not, we get our accounts closed
All businesses need to be done through US entities to avoid major complications.
In the end, it’s not Americans abroad who get fucked the most, but Europe. You should all end FATCA
Tbf this is my only actual source https://youtu.be/4l2RDCx2YnA
but he makes it sound like it’s quite a bit worse than that
He’s being dramatic. It sucks, but if Americans (especially those in Europe) do their taxes right, they can get off just fine. The US forces our revenue through the US first, otherwise our life gets hard. We have no power and have been trying to fight FATCA / Citizenship based taxes, but we can’t.
The main issues are,
In the end, it’s not Americans abroad who get fucked the most, but Europe. You should all end FATCA