In his post Goat Rodeo Roundup Deckard1138 notes that we've gone from empty plates to actually having a menu with choices.
"The calm-before-the-storm waiting game of the last few years is now clearly giving way to frenzied activity and veritable verbal warfare across multiple organizations and web sites around the globe. The big-picture dots of this reality have not yet been fully connected into a single post and thread, so that’s why I’m starting this one."There are three main anti-FATCA initiatives:
- Alliance for the Defence of Canadian Sovereignty (lawsuit filed against FATCA in Canada)
- FATCA Legal Action (lawsuit filed against FATCA in the US)
- Same Country Exception/Safe Harbour
Each one approaches FATCA very differently. ADCS is about fighting FATCA outside the US and attacks the implementation of the law in the Canada saying that it is incompatible with the Charter Rights of Canadian citizens. The FATCA Legal Action lawsuit was filed in the US and tackles FATCA from within the US arguing that FATCA deprives American citizens wherever they live of their rights under the US Constitution.
The third which is commonly referred to by the acronym SCE, is an effort to mitigate FATCA. It asks for an exception for US Persons holding local (foreign to the US) bank accounts in the countries where they live and work. If these US Persons are both legal residents of another country AND tax conpliant with the US, then their accounts would not be reported to the US IRS. This exception would leave FATCA itself essentially intact.
To complicate matters there is the issue of who the waiters are this evening. Each one is touting his or her Special of the Day. But some customers don't care for what they think the waiters are wearing (Red or Blue or the cloak of anti-Americanism) and they definitely don't want what they order to be taken as a reflection of their ideological, political or personal views. The uncivil polarized political landscape that characterizes the United States today is repugnant to many Americans abroad and they will resent being dragged into it.
That's what's on the menu and if Americans abroad/US Persons are a party of 7+ million people I'd say it's going to take some discussion before anyone is ready to order.
As I look at it I try to remember that I am not what I eat, and that leaving the restaurant still starving is far worse than a mild case of indigestion.