Posted on 01/27/2015 12:43:47 PM PST by Olog-hai
“I had been living in Switzerland for ten years, and then out of the blue I got a letter from my bank, saying that since I am an American citizen I had to file some extra paperwork,” Jonathan Weiss tells The Local. “Two weeks later, my bank account was frozen.”
Weiss was born in the US, but has lived abroad since age ten, in both Asia and Europe. “I was just living in Switzerland, working there, minding my own business,” Weiss recalls. “And then I was caught up this net. I had no idea what to do.”
That was his first encounter with the long arm of US tax law—FATCA. […]
“FATCA requires foreign banks to report information to the IRS regarding all financial accounts held by American clients,” Ines Zemelman, a tax agent specializing in expatriate taxes, tells The Local.
“The age of financial privacy is over.” …
(Excerpt) Read more at thelocal.de ...
China, Russia, Argentina, and a few other places do not participate in this. Our government again is the creepy stalker girlfriend.
“The private life is dead, history has killed it.”
Maybe not Bitcoin, but something like it.
The time has come to neuter government.
The medieval Lord of the Manor never dreamed of having this much power over his serfs.
A country $18 Trillion in debt needs to find money everywhere possible. For now the US Dollar as the world reserve currency allows the IRS and US Treasury to impose these ridiculous rules on foreign banks.
Big back yard and a shovel.
Why does a foreign bank have to do what the IRS tells them to do? Are there now sovereign nations left? It’s crazy.
If all those foreign banks gave the IRS the finger it would shut us down.
The US is not a sovereign country that is governed by its citizens... it is controlled by the same globalist elites that export jobs overseas. If you are an unemployed American and follow those exported jobs overseas, they will still tax you even if you get none of the “services” that governments are supposed to provide.
Al Sharpton owes $4,500,000 in taxes and when B.Obama said (in his SOTUS) that there are those not paying their fair share, I figured he was gonna call him out.
All animals are equal. Some are more equal than others.
That is if you are a girl.
Time to dismantle the IRS and replace them with a computer.
The USA has been building walls to keep money in the country for awhile now. We are not as "free" as we think we are.
If a foreign bank buys American Treasury Bonds they can't afford to be on a list of non-cooperative Banks that are excluded. Most banks don't want to be bothered and fewer banks are willing to open accounts for American citizens because of the reporting requirements.
Not the total solution. Granted changing the tax collection method would help. The real fix to addressing this problem is to limit Congress’s ability to tax. The Fair Tax would help if by passing it, Congress is stripped of the ability to tax income (repeal the 16th amendment).
Some other proposals:
- representative apportionment
- Alternative Maximum Tax
- limiting the tax authority to US soil
Don't let Uncle Sam ever know.
I doubt we have ever been, it's just that technology now allows them to chase revenues that would not previously have been cost-effective to pursue.
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