The Atlantic takes another look at FATCA

June 6, 2013 01:11 PM

Michael Scaturro of the Atlantic writes:

"FATCA's sad reality -- according to experts in both Europe and the U.S. -- is that it will not have a notable effect on wealthy Americans who stow money in complicated offshore vehicles. Experts say that tax schemes of the sort that became a political liability to Mitt Romney during his run for president remain largely untouched by FATCA rules.

FATCA and FBAR (Report of Foreign Bank and Financial Accounts) comprise a set of rules that are disproportionately hurting middle class U.S. citizens and green card holders who happen to reside abroad or maintain accounts outside the US."

Read more here.