It looks like the Law of Unintended Consequences is about to strike the US federal government again:
This week, the Organization for Economic Cooperation and Development (OECD) will announce its final package of measures under its Base Erosion and Profit Shifting (BEPS) project that would enable foreign governments to tax overseas earnings of American companies. If the United States fails to make changes of our own before that plan begins being enacted next year, this effort, which The Wall Street Journal called “a global revenue grab,” will ensure much of these American earnings stay overseas permanently.
Considering that the US government claims the right to force foreign banks to track and report its citizens, it’s not going to have much of a leg to stand on when foreign governments start claiming the right to tax the earnings of US corporations with bank accounts in their countries.
This is why it is so reprehensibly stupid for the US to insist on intervening in sovereign lands; by doing so it sacrifices its own claims to sovereignty. It is unlikely that Putin would have intervened in Syria if the US had not intervened in Ukraine and Syria. This foreign cash grab probably would not have been successful without FATCA.