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The Dark Road: The Worst Tax Law You've Never Heard About
The New American ^ | 08 April 2014 | Alex Newman

Posted on 04/08/2014 7:32:07 PM PDT by VitacoreVision



The Dark Road: The Worst Tax Law You've Never Heard About

08 April 2014

A little-known tax law threatens the privacy, and even lives, of millions of people and the stability of the U.S. economy while laying the foundation for a global tax regime.

Foreign Account Tax Compliance Act ( FATCA )
...

Full Article:
http://www.thenewamerican.com/world-news/item/17986-the-dark-road-the-worst-tax-law-you-ve-never-heard-about

(Excerpt) Read more at thenewamerican.com ...


TOPICS: Crime/Corruption; Culture/Society; Government; News/Current Events
KEYWORDS: fatca; tax; taxlaw

1 posted on 04/08/2014 7:32:07 PM PDT by VitacoreVision
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To: VitacoreVision; expat_panama
Interesting BTTT
2 posted on 04/08/2014 7:43:30 PM PDT by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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To: VitacoreVision

A long read, but a very informative and important read to other nefarious BS instituted by the Rats to destroy this country and bring the “taxpayers” under even tighter control.


3 posted on 04/08/2014 7:53:38 PM PDT by SgtHooper (If at first you don't succeed, skydiving is not for you.)
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To: VitacoreVision

A much more insidious Iron Curtain.


4 posted on 04/08/2014 7:55:59 PM PDT by PA Engineer (Liberate America from the Occupation Media.)
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To: VitacoreVision

judas priest

evil administration


5 posted on 04/08/2014 7:57:27 PM PDT by yldstrk ( My heroes have always been cowboys)
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To: VitacoreVision

WOW! This government is out of control, drunk with power...

FTA -

In all, it is estimated that U.S. banks have almost $4 trillion in liabilities to private foreign residents. Meanwhile, non-resident aliens — foreigners who do not live in the United States — have close to half a trillion dollars actually deposited in U.S. financial institutions, according to estimates cited in court documents that all sides appear to accept. Due to the controversial way the banking system is structured (“fractional reserve lending”), every dollar in deposits generates roughly $9 in lending.

If just 10 percent of those foreign deposits were to flee American banks and institutions due to the Obama administration’s machinations — the conservative end of the estimates — the impact on the U.S. economy would be devastating. Based on surveys, some analysts and industry groups have suggested that as much as 20 percent of those deposits could be at risk of leaving the U.S. economy — perhaps even more.

“This is about trying to prevent a potential future financial crisis,” Cecala from Rep. Posey’s office continued in a phone interview with The New American. “This is not about protecting tax evaders; it’s about preventing a future financial crisis. These regulations put at risk tens or hundreds of billions of dollars in deposits.... This is a very serious problem.”

One of the most significant concerns is the potential for destabilization of the financial sector, Cecala said. “As many as two or three dozen institutions in Florida could be exposed to liquidity issues,” he explained, adding that other states could see similar problems. “So that means the possibility of more bailouts.... What is the impact on the economy?”

The capital flight would also have a direct impact on American businesses, families, and more as banks deal with the carnage. “We’re risking a run on deposits, and losing that money to other countries,” Cecala continued. “That money is used to make loans to American families and small businesses.”


6 posted on 04/08/2014 7:59:54 PM PDT by SZonian (Throwing our allegiances to political parties in the long run gave away our liberty.)
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To: Nachum

Ping.


7 posted on 04/08/2014 8:00:23 PM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: VitacoreVision
Citing other experts, Conklin said the tax laws affecting Americans abroad are “so unbelievably complicated” that even with the best professional assistance, nobody can ever be sure that their IRS filings are correct. “The very wealthy can employ the best professional tax advisors money can buy, but cost-wise they are totally beyond the reach of the average middle-class American living and working abroad,” he added.

"Did you really think we want those laws observed?" said Dr. Ferris. "We want them to be broken. You'd better get it straight that it's not a bunch of boy scouts you're up against... We're after power and we mean it... There's no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren't enough criminals one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens? What's there in that for anyone? But just pass the kind of laws that can neither be observed nor enforced or objectively interpreted – and you create a nation of law-breakers – and then you cash in on guilt. Now that's the system, Mr. Reardon, that's the game, and once you understand it, you'll be much easier to deal with."

- Ayn Rand, 1957 -


8 posted on 04/08/2014 8:20:40 PM PDT by Slings and Arrows (Richard Warman censors free speech.)
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To: VitacoreVision

In sometimes wonder... in the case of a real confrontation, the Chinese wouldn’t have to shoot off a single round - they could simply withdraw every penny they have on deposit in American banks and put the cash elsewhere.

The economy would crash.


9 posted on 04/08/2014 8:32:07 PM PDT by Jack Hammer
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To: Slings and Arrows

I really believe Ayn Rand and George Orwell were prophets. Thier detractors accused them of being delusional paranoids in their day.


10 posted on 04/08/2014 8:32:48 PM PDT by wjcsux ("In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: wjcsux
I really believe Ayn Rand and George Orwell were prophets.

They were indeed.

11 posted on 04/08/2014 8:47:44 PM PDT by Slings and Arrows (Richard Warman censors free speech.)
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To: Slings and Arrows

and this government isn’t interested with doing anything to the real criminals.


12 posted on 04/08/2014 9:16:26 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Secret Agent Man

No money or power in it.


13 posted on 04/08/2014 9:27:36 PM PDT by Slings and Arrows (Richard Warman censors free speech.)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


14 posted on 04/08/2014 9:43:59 PM PDT by Nachum (Obamacare: It's. The. Flaw.)
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To: Slings and Arrows

I read Atlas Shrugged, and it was no small feat! My 10 year old son loves the movies, but I haven’t yet put the book in his hands.

Soon!


15 posted on 04/08/2014 9:48:31 PM PDT by Bshaw (A nefarious deceit is upon us all!)
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To: expat_panama
Unintended Consequences - Record Number of Americans Revoking Citizenship

According to the legal website International Tax Blog, the number hovered around 500 a decade ago. Last year, it hit a record high of nearly 3,000.

This was not a gradual change. It was a sudden spike. It's a story of dominoes falling, one after another, leading to an unexpected outcome.

The first domino fell in 2008, when federal prosecutors accused the Swiss bank UBS of helping wealthy Americans hide their money tax-free in overseas accounts. It was a big case, leading to indictments, fines and prison time.

http://www.npr.org/blogs/parallels/2014/02/20/275937138/why-more-americans-are-renouncing-u-s-citizenship

16 posted on 04/08/2014 9:48:41 PM PDT by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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To: Jack Hammer

[ In sometimes wonder... in the case of a real confrontation, the Chinese wouldn’t have to shoot off a single round - they could simply withdraw every penny they have on deposit in American banks and put the cash elsewhere.

The economy would crash. ]

I doubt it would crash right away, the books would be cooked, mo bankers would die mysteriously and the balances would appear just fine on the outside...


17 posted on 04/08/2014 11:04:39 PM PDT by GraceG
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To: SZonian

bkmk


18 posted on 04/08/2014 11:50:06 PM PDT by AllAmericanGirl44
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To: Chgogal
There are only two governments in the world that demand taxes from citizens regardless of where in the world they live. One is the gangster regime ruling Eritrea...   ...The other government that taxes all over the planet is the one in Washington...

Despotic governments have a number of approaches.  A few years ago Castro allowed a plane load of refugees leave Cuba and flee to Costa Rica, and when they landed in San Jose they found out that just before the plane had taken off from Havana the Cuban government stole everyone's luggage for 'taxes'.

19 posted on 04/09/2014 3:37:12 AM PDT by expat_panama
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To: VitacoreVision

Bookmark.


20 posted on 04/09/2014 4:11:26 AM PDT by SunTzuWu
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To: VitacoreVision

One of the only countries on the planet that forces its citizens to pay tax on ALL worldwide income. Brits working abroad either pay NO TAX AT ALL or local taxes only. Try competing with that for business on a world stage.

Don’t tell me the US is the greatest country on earth. It was once but not now.


21 posted on 04/09/2014 3:02:47 PM PDT by Sequoyah101
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To: Jack Hammer

No, not really. It would be easy for them to make a better offer to the citizens of this country.


22 posted on 04/09/2014 3:04:02 PM PDT by Sequoyah101
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To: Slings and Arrows

Lavrenti Beria, Stalin’s notorious secret police chief, once said, “Show me the man and I’ll find you the crime.”

How convenient!


23 posted on 04/09/2014 4:05:23 PM PDT by griswold3 ("Pray for Obama. Psalm 109:8".)
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