March 18, 2022: FATCA turns 12
Twelve years after President Obama signed the Foreign Account Tax Compliance Act into law – buried inside a domestic jobs bill known as the HIRE Act – legal and political challenges targeting certain of its key provisions are continuing to progress, albeit slowly, in various "hot spots" around the world.
And yet, one more year on, and Washington lawmakers have still done nothing to mitigate the difficulties that U.S. expats struggle with, as a result of FATCA, in spite of these expats' increasingly-exasperated calls, as well as yet more calls for change on the part of the U.S. from growing numbers of foreign government officials, especially in Europe.