It's easier to just exclude US residents instead of dedicating significant time and resources in trying to comply
FATCA comes to mind. Incredibly short sighted law that was designed for foreign countries to comply with US code (just reporting back to homeland). But it grew out of proportion so much that upon cost analysis HSBC decided it will be easier just ban new customers and eject current us-citizens than actually keep army of accountants to make sure they comply. Other banks followed it shortly after. The result - us citizens are pretty much unwelcome and almost impossible to setup a business account in most China land.
Congratulation Senator Levin, Baucus and Rangel with providing sourceless numbers of $100B USD lost due to outside non-taxation and writing this butchered law. Good job ruining US citizens ability to invest and/or run businesses outside so much already competitive US.
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FATCA comes to mind. Incredibly short sighted law that was designed for foreign countries to comply with US code (just reporting back to homeland). But it grew out of proportion so much that upon cost analysis HSBC decided it will be easier just ban new customers and eject current us-citizens than actually keep army of accountants to make sure they comply. Other banks followed it shortly after. The result - us citizens are pretty much unwelcome and almost impossible to setup a business account in most China land.
Congratulation Senator Levin, Baucus and Rangel with providing sourceless numbers of $100B USD lost due to outside non-taxation and writing this butchered law. Good job ruining US citizens ability to invest and/or run businesses outside so much already competitive US.