A+Bill+to+Reform+US+Expatriate+Finances

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 A Bill to Reform US Expatriate Finances Section I: Foreign banks will not be required to report accounts owned by expatriates to the IRS under FATCA. Section II: The United States federal government will exempt expatriated citizens from penalties associated with the Report of Foreign Bank and Financial Accounts (FBAR). Section III: PATRIOT ACT shall be amended to remove the US mailing address requirement on domestic bank accounts. Section IV: If no domestic United States income or account activity exists, expatriates who have not maintained residency as defined by the Schengen Treaty for more than two years will be exempt from filing federal or state tax returns for the fiscal year. Section V: Expatriates will be defined for tax purposes and congressional representation as citizens spending no more than 90 out of every 180 days in the United States, the point at which one is considered a resident within countries that ratified the Schengen Treaty. Respectfully submitted, Upper Merion Area High School

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