In the beginning there was Facebook …
Thoughts on Representative Maloney's #FATCA Same Country Exemption Bill from #Americansabroad – it's a non-starter! https://t.co/zypKOzkYZ4
— Citizenship Lawyer (@ExpatriationLaw) May 7, 2017
and from a second Facebook group:
Comments from #Americansabroad about the Maloney #FATCA Same Country Exemption bill https://t.co/3wC62P448w – going from bad to worse
— Citizenship Lawyer (@ExpatriationLaw) May 8, 2017
Introduction: If you were to REPEAL FATCA
A previous post discussing the what exactly is meant by FATCA and the Mark Meadows “Repeal FATCA” bill, described:
FATCA is the collective effect of a number of specific amendments to the Internal Revenue Code which are designed to target both (1) Foreign Financial Institutions and (2) Those “U.S. Persons” who are their customers.
1. There are “Three Faces To FATCA” which include:
– Face 1: Legislation targeting Foreign Financial Institutions (Internal Revenue Code Chapter 4)
– Face 2: The FATCA IGAs (which for practical purposes have replaced Chapter 4)
– Face 3: Legislation targeting individuals (primarily Americans abroad who commit “Personal Finance Abroad – While Living Abroad” – Internal Revenue Code 6038D which mandates Form 8938)
2. The amendments to the Internal Revenue Code that would be necessary to reverse the sections of the Internal Revenue that created FATCA.
Legislative FATCA vs. Regulatory FATCA
The sections of the Internal Revenue Code that comprise “FATCA” are surprisingly few.
FATCA Face 1: Internal Revenue Code S. 1474(f) gives Treasury broad authority to make “FATCA regulations”.