FATCA, DODD FRANK & RECENT HISTORY

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Thirty years ago, long before Bye Bye Big Brother was written, there were about 5 million Americans living abroad. Official figures lie, and indicate about the same number as of now. However, the reality is closer to 14 million. Under the existing laws, all Americans living abroad (with a few exceptions) were and still are required to file informational income tax returns, even if they owe no tax. Most of the Americans living abroad did not in fact owe tax because there was a generous exemption. Today this exemption is around $95,000 of earned income. Back then in inflation adjusted dollars, it was even more in terms of purchasing power.… Read More