FATCA Poll Update

A new poll presented by Mike Cohn in Accounting Today indicates that 70% of USA citizens living abroad believe that they should not have to pay USA income taxes.  45% think FATCA should be repealed, up from only 9% the year before.  32% said they must file FATCA reports, meaning they had on any one day during the year at least a total of $10,000 in all foreign accounts.  12% claimed they had to switch banks because of required FATCA compliance for the bank.  There was no breakdown per country or region.  Nothing was mentioned about renouncing USA citizenship.  The responses included the usual complaining about double taxation.

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