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US Tax Law Has Unintended Global Consequences

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US Tax Law Has Unintended Global Consequences

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The net the US government is casting to catch tax dodgers is snagging all Americans living abroad.

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8

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Recommendation

The net the US government is casting to catch tax dodgers is snagging ordinary Americans living abroad. The Foreign Account Tax Compliance Act (FATCA) is working hand-in-hand with technology to reduce the number of US citizens who shield their money from taxes by placing it offshore. But the law is hurting the millions of American expatriates who simply use local banks for licit personal and business transactions. getAbstract recommends this enlightening article by law professor Colleen Graffy to Americans contemplating a move abroad as well as to policy makers.

Summary

Evolutions in technology, along with little or no information exchanges between countries, have made it extraordinarily easy for funds to move swiftly and secretively from one nation to another. In the past, not much incentive existed to staunch the flow. But as they look to fill bare revenue coffers, governments are beginning to corral tax evaders. And the public has become increasingly intolerant of tax havens for the wealthy, as whistleblowers’ revelations have underscored the breadth of the problem. In contrast to some nations’ efforts to pursue tax dodgers, however, the United States has gone a step further by...

About the Author

Colleen Graffy, currently director of global programs at Pepperdine University School of Law in California, is a qualified English barrister and has served in the US State Department.

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