Comment reposted from Isaac Brock Society
April 18, 2017 at 1:54 pm
Leaving aside the specifics, the ACA proposal reflects:
A commitment to taxation-based citizenship; and
A commitment to FATCA.
Like the SCE (“Same Country Exemption”) proposal before, it is a proposing a “carve/buy out” for a select group of U.S. citizens who have demonstrated their loyalty to the Homeland by paying taxes and filing forms. For those, and those alone, they will be offered the privilege of “buying their freedom” in the same way that some slaves in another century were offered that privilege.
The ACA proposal is extremely vicious, very honest in one respect and very dishonest in another respect.
The Viciousness Of The ACA Proposal:
The sole beneficiaries are those who are U.S. tax compliant. For the vast majority of these deemed to be “U.S. Property/Slaves” it is too late for them to enter into the U.S. tax system. I have seen it said that:
“Seven out of eight Americans recommend noncompliance!”
This means that the maximum percentage of people this could benefit (if they can afford the financial cost) would be 1/8 or 12.5%. In other words, the proposal is of very limited value to “American Citizens Abroad”.
The Honesty Of The ACA Proposal:
In at least one respect, the ACA proposal is the most honest proposal out there. It is the only proposal that is predicated on the correct assumption that U.S. citizenship is a modern day form of slavery. And why not? Slavery has played an important role the whole history of America. Some will scoff at the assumption that U.S. citizenship is a form of slavery. But, hey if it’s not a form of slavery, then why are people not free to leave it?
The Dishonesty Of The ACA Proposal:
Once again, ACA considers U.S. citizens to be ONLY Homelanders and what I would refer to as “Homelanders Abroad”. It does not acknowledge the existence of “accidental Americans”, and long term dual citizens who are permanent residents of other nations and do NOT consider themselves to be Americans in any relevant sense.
In any case, the proposal is so complicated that I doubt it will go anywhere.
Just in case, anybody has missed the main point of this:
Renounce and Rejoice! – It’s the only option CURRENTLY available to you.
- Feedback on ACA RBT Proposal (1)
- ACA’s Residency-Based Taxation – RBT- Proposal
- ACA Advances on Residency-Based Taxation