Hey Anthony, hello Claudia. We worked with a really great team in Washington who is trying to get FATCA repealed. However, it has stalled a bit since it was thrown out of the court system. We are still working on it, but now Republicans overseas have a great proposal, the territorial tax proposal, which they are bringing to the White House. They have asked for our help, as well as everyone watching and reading our articles. We will talk about how you can help with petitions and letters shortly, but first, let me ask you, how did FATCA start? You mentioned that there was a time when FATCA actually made sense. No, no, no, no, no, there are two different things going on. We have FATCA, which was imposed in 2010 and mainly impacts expats overseas, as well as people in the US with accounts overseas. On the other hand, there is "that guy," and that was a lot of the evidence presented at the hearing. Now, let's talk about the territorial-based taxation that you mentioned. You're saying the citizenship-based taxation actually worked in the Civil War, right? Most people don't understand this, but the IRS has the power to tax US citizens on anything they make anywhere in the universe. If in the future we're making money on other planets and happen to be US citizens, the IRS would claim universal tax jurisdiction. This was imposed in the Revenue Act of 1862 during the Civil War. It made sense back then because it was used to fund the war effort and ensure that people were contributing their fair share. However, times have changed, and we now live in a global economy where this approach is no longer suitable. Currently, CEO Solomon and Michael de sombreuil, the worldwide president of Republicans overseas,...
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Video instructions and help with filling out and completing Can Form 8854 Taxation
