Originally Posted by
GUWonder
Fleeing? Most of them seem to have been residing outside of of the US for much, most or even all of their life. FATCA is definitely some part of the picture, but so are the increasingly rising costs: of dealing with the US Treasury/IRS; arising from UST/IRS rules; of otherwise engaging with the USG as a US citizen; and/or of otherwise engaging in business outside of the US if perceived as a US citizen.
Yes, it's important to remember that there are all kinds of problems associated with being a US citizen -- you are a pariah as a potential business partner because all the activities of the partnership need to be filed with the IRS, even if the partnership does no business in or with the USA And 90% of the partners have and never have had any connection to the USA, banks don't want your money, all sorts of activities that are perfectly legal for others are felonies under US law, and indeed many people aren't willing to marry an American because of the filing requirements. In fact, I'm sure the Vatican will never choose an American Pope because suddenly all the Vaticans finances would be subject to IRS reporting requirements.