The USA is the only country to double tax its citizens (CBT Citizen Based Taxation)
Eritrea also does, but Norway, and now Netherlands, have taken action against this - but bow to the USA because of the monetary losses they face if they do not surrender to the USA.
Eritrea's 2% Tax is collected as a critical part of a system of surveillance, with specific references to coercion in view of mental and social pressure, extortion, intimidation, fraud and/or blackmail. The specific organization and modalities relate specifically to the diaspora, but also involves family members by association.
The American Expatriate Exposé
FATCA, the 2010 Obama Administration law that has not only plagued USA citizens abroad, but has inconvenienced virtually everyone in every country with their banking endeavors. From lost and/or restricted banking availabilities to year-after-year of record numbers of Americans denouncing their citizenship, the burden placed upon Expatriates as well as Accidental Americans can feel overbearing at times; unless repealed, the renunciations will continue.
This law, the Foreign Account Tax Compliance Act (FATCA), signed into law in March 2010 by then-President Barack Obama, allegedly aimed to clamp down on 'suspected' tax evasion by anyone holding USA citizenship, whether by simple American-parent birth outside of the USA, or by living abroad. The FACTA law requires foreign financial institutions (FFIs) to provide the Internal Revenue Service (IRS) with names, addresses and account details of all American accountholders living abroad with assets over $50,000. - US citizens must also report any collective funds any time during the year that exceed $10,000 via the FBAR filing procedure.
FFIs that do not both agree, and register to report Americans information, face a 30% withholding tax on revenues generated in the United States. Many banks have chosen to drop Americans from their customer pool rather than risk facing dire consequential penalties in today’s international trans-border financial markets.
This legislation, as has been stated around the globe, turns foreign country bankers into unpaid U.S. Internal Revenue Service (IRS) agents reporting directly to the IRS all clients who are U.S. citizens, green card holders who live in the U.S. or abroad, and also foreign entities in which U.S. taxpayers hold a substantial ownership interest and/or signatory authority over business and private banking.
American Citizens Abroad (ACA), a Geneva-based organization representing the interests of the six million USA Americans living abroad, continues its endeavors to repeal FATCA. The ACA has warned that “FATCA is an unacceptable manifestation of U.S. financial imperialism that imposes U.S. law on the rest of the world; this can lead to systematic destabilizing of international financial markets.” Could this well be the globalists’ goal?
Do you have a joint bank account, or signatory authority, with your foreign spouse, partner, child, or business associate(s), and had at any moment throughout the year reached a monetary balance equal to $10,000 USD or more? Then, do not forget your FBAR filing requirements if you are a U.S. citizen or resident taxpayer, or domestic business entity.
Though the FBAR is an informational document, penalties can be levied if you do not file or file late.
It is also advisable to familiarize oneself with the "Who Must File" section on the IRS information document relating to Form 8938 (Statement of Foreign Financial Assets). This form is applicable to those who meet the various 'Filing Thresholds' listed.
This is why I believe we currently have one of the biggest surges of U.S. Citizens renouncing their citizenship since the country was founded.
