I have been a stay at home mom to a kid with disabilities. All I have my name on that is worth anything is this house. If I take my name off the house to keep my spouse from having to pay gains on U.S. taxes as someone who is NOT American then I will be a pauper. What if my spouse *heaven forbid* dies and then my name is not on our property?
We looked at every angle we could. Situations like mine are the reason Dems Abroad have come out with these revisions. I do disagree with their approach on one point. I think going to RBT is the answer to solve the problems with FATCA. It would allow the U.S. to go after actual "tax cheats" living there who are "off shoring" while not putting every single expat family in the same boat with criminals and making it nearly impossible for them to bank where they live, or save with a foreign spouse abroad. Even our kids educations savings fund here in Canada *tax free encouraged by the government to save in* is subjected to U.S. tax on gains! That is money I did not put in there! My spouse did.
Long term expat families with no financial ties to the United States and who pay taxes where they reside should not be subjected to citizenship based taxation by the U.S. and their entire family American or not. It's causing so much damage!
The Green Party, the NDP and the Liberal parties in Canada have all spoken out against this law.
If the dems are smart they will severely amend this as Dems Abroad and American Citizens Abroad have made proposals to do thus stealing this issue back from the republicans. Otherwise this thing is a foot bullet. RBT would solve all the issues surrounding FATCA and after all RBT IS the international norm.And it would make FATCA "work" the way it was supposed to.
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