Tell Washington to repeal Foreign Account Tax Compliance Act

Penalties for non-willful failure to report can quickly amount to $50,000 – this is what you could get for simply having “forgotten” to include something that the IRS believes qualifies.
If this isn’t bad enough, think what will happen when foreign banks, insurance companies and financial institutions begin refusing Americans as clients and divesting in U.S. securities. Foreign investment in the U.S amounts to $21 trillion and $10.5 trillion of this is invested in US securities. A KPMG survey indicates that only 36% of financial institution will comply with FATCA leaving 64% still considering divesting out of U.S. securities. If even a fraction of those foreign investors divest the loss to the U.S. would be in the trillions of dollars.