U.S. Spies on Seven Million Americans Living Overseas FATCA

GOODLETTSVILLE, Tenn. - Aug. 13, 2013 - PRLog -- Seven million Americas living overseas now affected by (FATCA) Foreign Account Tax Compliance Act; where the IRS oversight has degraded and destroyed in many cases potential business and partnership opportunities reports social media blog writer, James Rickman iHuman Evolution. Under FATCA, a full accounting of any U.S. citizen living overseas owning 10% or more than $50,000 in assets, disclosure of any foreign business or partnership (http://www.sflegalguide.com/fatca.html) is required by the IRS starting in January 2014. Most foreign business owners view the U.S. policy as “big brother spying - 1984 Orwellian” like enforcement. FATCA in many respects has placed a stigma on Americans living overseas despite their attempts to enrich cultural diplomacy and share economic prosperity.

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Americans living abroad see their dealings as local to the communities they live-in but U.S. banking regulations that monitor their financial activities overseas often stifles their ability to build employment income outside the United States. As a result of FATCA, Americans renouncing their citizenship has skyrocketed in recent years as prosperity becomes more abundant beyond the United States. 

It’s a question of sovereignty that has come under increasing scrutiny by many foreign governments and expats sharing the rich U.S. culture with those overseas in places like Indonesia, Philippines, Panama, Ecuador, Brazil and Ghana Africa says blog writer, James Rickman iHuman Evolution. The world is a big place now with economic opportunities far beyond the U.S. where many countries are growing at 5% to 8% GDP rates annually. Currently, the U.S. has a 110% debt to GDP ratio (http://ihumanevolution.com/Where_to_Retire.html) that shows no signs of slowing it’s become a national debt crisis.  

Economies in many parts of the world are developing rapidly with advancing innovation, higher quality education and standards of living. Most obvious in my travels is the magnificent infrastructures being built around the world such as high speed rail systems and international airports that make many parts of the U.S. look like a third world country. Checkout Best Places to Retire Overseas 2013 (http://ihumanevolution.com/Where_to_Retire.html)                                                                                                                     
A majority of working class people in America have become disillusioned by the very poor manner in which over the past 40 years tax payer money has been squandered by political leadership. For example, the U.S. infrastructure was not properly maintained over the past 40 years now requiring upwards of $3.6 Trillion in repairs and upgrades to remain competitive on a global economic scale (READ - American Society of Civil Engineers 2013 Report Card) (http://www.infrastructurereportcard.org/a/#p/overview/exe...) 

Globally, most countries have reluctantly signed onto enforce FATCA for the IRS. FATCA requires any American citizen living abroad that has $10,000 or more in a foreign bank account at any time during the year to file disclosure FBAR (http://www.irs.gov/Businesses/Small-Businesses-&-Self...). Foreign banks are also supposed to withhold a U.S. tax of 30% on certain banking activities which amounts to the U.S. taxing foreign transactions. This overreach by the IRS infringes on the sovereignty of foreign cultures so many believe this FATCA provision maybe repealed in the near future.     

Trust and creditability Major Hurdles for United States  

Working class Americans and people all over the world are very skeptical about the U.S. government with recent scandals like Eric Snowden NSA spying disclosures, military drone bombings with collateral civilian damages and Iraq / Afghanistan war failures that cost U.S. taxpayers hundreds of billions dollars yet deliver no economic benefit to the average American on the street looking for a job. The cost of policing the world is unsustainable says social media blogger, James Rickman iHuman Evolution.  

My best advice to President Obama … show decisive leadership in Washington D.C. by ordering an immediate return home of all troops in Iraq and Afghanistan. The total cost of the Iraq and Afghanistan wars equal $1.5 Trillion (SEE COST OF WARS). (http://costofwar.com/)  The U.S. also spent $18 billion dollars on support for Pakistan (http://blogs.telegraph.co.uk/news/robcrilly/100209849/why-are-we-giving-aid-to-pakistan/), a middle income nation that has proven to be unfriendly towards the United States. I don’t think the America people agree that spending $9.8 billion on military deployment each month in Iraq and Afghanistan is a SMART way to be spending tax payer money at this point given a stagnate economy with decent jobs scarce.  

Leadership in America must recognize the future economic damage that’s occurring if we continue this path of devaluing the dollar by piling on more debt. Inflation is already taking hold as energy, food and health care costs skyrocket. I believe the U.S. is at a point where it may never be able to recover financially if this irresponsible and reckless spending continues. If you calculate all the factors; $17Trillion debt, education $1T, infrastructure $3T, health care $2T, veteran and senior benefits $3T – it all adds up to something like $26 Trillion needed to upgrade America comments Mr. Rickman.  

For the seven million Americans living overseas many report better quality of life with excellent entrepreneurial opportunities to work. Countries NOT onboard yet with the U.S. Foreign Account Tax Compliance Act (FATCA) includes China (Beijing), Philippines, Venezuela, Argentina and a hand full of others.  

Summary of Key FATCA Provisions - Reporting by U.S. Taxpayers Holding Foreign Financial Assets

FATCA requires certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return.  Reporting applies for assets held in taxable years beginning after March 18, 2010. For most taxpayers this will be the 2011 tax return they file during the 2012 tax filing season.  Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).  Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent. 

Social media blog writer, James Rickman lives in Nashville Tennessee. A graduate of Boston University with 18 years of multimedia experience, Mr. Rickman has helped local Nashville TN and international businesses create momentum online. James Rickman’s innovative brand loyalty programs enhance Internet marketing channels for better Content SEO, PPC ad campaigns, online video production and mobile apps. Call 615-678-9092 Visit:  www.iHumanEvolution.com