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/v/USNews - For U.S.-central news
/v/WorldNews2 - Our less-moderated anything-goes subverse
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[–] Primax 0 points 4 points 4 points (+4|-0) ago
How do they enforce their overseas tax policy? Seems pretty easy to just ignore.
[–] CryHavoc 0 points 4 points 4 points (+4|-0) ago (edited ago)
When a U.S. expat opens a bank account overseas (or with any financial institution), the bank or institution has to file paperwork with the IRS.
So I guess as long as you keep all of your earnings in a mattress and don't invest them I guess you could evade the taxes but that probably isn't a great option.
[–] The_Wanderer 0 points 4 points 4 points (+4|-0) ago
That's what I'm wondering; if I'm in another country already (and have no remaining US or US-based assets) why the fuck would I pay them another red cent? Sooner give them ThePirateBay treatment (mail package containing police riot baton, write detailed and explicit note about where said agency may cram it).
[–] HoneyNutStallmans [S] 0 points 1 point 1 point (+1|-0) ago (edited ago)
Foreign banks that wish to continue unhindered business in the US will still fuck with you and deny services.
Additionally, they will just attempt to extradite you since many countries bend over for the US. Just ask Kim Dotcom.
Then you get branded as a tax cheat and no US person bats an eye because tax cheats are clearly bad.
[–] WillyWillyBumBum 0 points 1 point 1 point (+1|-0) ago
Clearly you've never heard of FATCA. Basically the US government got many countries to sign an agreement that requires all financial organizations in the country to pay special attention to US citizens and snitch on them (or pay fines otherwise). There was some minor outcry after the fact because it forces foreign banks to spend extra resources to keep the system running. Guess who they pass the costs on to in most cases.
[–] Primax ago
Clearly I've never heard of it, yes, because I'm asking a question. I'm not a US citizen.
[–] HoneyNutStallmans [S] ago
Like someone else said: FATCA. Get the banks to become the watchers of any US citizen's account or any account that has a US citizen as a signing authority, which includes joint bank accounts, for the USG. If they don't comply, then hinder their business in the US.