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FATCA reporting. Roughly speaking Congress was worried about Americans hiding money abroad to avoid taxes so they passed extremely punitive laws. This ended up
by iudqnolq 3y ago
FATCA reporting.
Roughly speaking Congress was worried about Americans hiding money abroad to avoid taxes so they passed extremely punitive laws. This ended up being mostly pointless because the real tax evasion is done by people who pay lawyers and lovbyists to make sure it's all legal.
If a foreign financial institution has a US depositor they have to fill out a ton of IRS paperwork. If they mess it up the IRS can impose an extra 30% tax on all the institution's US income.