U.S. tax filers living abroad are increasingly burdened and threatened by FATCA reporting requirements and penalties for non-compliance. Below are comments and opinions from Democratic candidates Bernie Sanders and Hillary Clinton.
Bernie Sanders and FATCA
Bernie Sanders has stated that he believes that it should be easier for “law-abiding Americans living overseas to manage their personal finances and buy a house, while making it harder for tax cheats to hide their money in offshore tax havens to avoid paying their fair share of taxes.” While Sanders does not support the repeal of FATCA, he supports the FATCA Same Country Safe Harbor. The FATCA Same Country Safe Harbor is an initiative, supported by orgainizations that represent the interests of Americans living abroad, that would exempt from FATCA reporting requirements those accounts where the taxpayer has a bona fide residence. Senator Sanders has also stated that he is in favor of removing uncessessary duplication in the reporting requirements between the Report of Foreign Bank and Financial Accounts (FBAR) and FATCA.
Hillary Clinton and FATCA
Hillary Clinton has stated that she does not support the FATCA Same Country Safe Harbor initiative. She does state that she is “committed to working with Americans living abroad”, but has not given any clear-cut statements on exactly what that might entail.