No wonder the US is $22 trillion in debt: millions of H-1B visa workers from India have replaced millions of Americans who used to pay taxes on high salaries. Now the replacements pay no income taxes, remit it all to India, then take off when their jobs end.
An informant sent us this info from India:
“Indians (USC/GC/H1B) in USA cheated IRS/USA and Tax Dept/India
Subject: Banks, MFs ask US NRIs to submit FATCA
Read the Economic Times article a scam committed by Indians with US passports / Green Card / also H 1 B holders do not disclose their income earned / wealth accumulated to IRS the American tax agency with the help of CBDT Indian Income tax authorities IRS has asked all US passport holders GC & H 1B holders also to disclose their hidden undisclosed earnings through FATCA. Most of these fellows seem to be cheating IRS as US laws is clear that all income earned in India is taxable as per US Tax laws but unfortunately most of these scam fellows through their hidden income do not disclose in case IRS finds out they will lose their citizenship & also GC.
At every stage our fellows seem to be perfecting on scams most of these fellows have both US passports & Indian passports also which an offence is as per Indian law & avoid paying US IRS taxes saying they are Indian nationals.
It also meant convenience as many countries don’t require US passport holders to get visas. Now, these NRIs who have bought real estate or made other investment in India could be taxed as per the US taxation laws. “Lately, Indian banks have started sending written communication to customers who they find out are based out of the US or have a US passport but based in India. This even applies to the H1B visa holders who are working in the US,” said Jeenendra Bhandari, partner at tax and audit firm the Fatca, meant to crack down on tax cheats, must not become a nightmare for NRIs who hold American citizenship or work in the US on H1B visas. Americans are also frowning, saying relief must be given to law-abiding citizens. It will also lessen the burden on financial institutions, without shielding tax evaders. The Same Country Safe Harbor plan will exempt American citizens who are legal residents in the country in which the accounts”.
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A subscriber wrote:
Now that is going to be tricky for a lot of people.
The fines start at 10k for failure to report. Penalties usually 50% of highest outstanding balance during the tax year at hand.
Indian US citizens (I call them as FAKE patriots).