About Senate Bill 1813 (passport confiscation), I’m not sure if anybody brought this up before on Isaac:
Perhaps most important, though, is Title II of the bill – “Stop Taxhaven Abuse.”
Long story short, if the U.S. government decides in its sole discretion that a foreign jurisdiction is impeding tax enforcement, Uncle Sam can shut them out of the U.S. financial system, no questions asked.
It’s just another measure to turn foreign banks into unpaid spies of the federal government … and limit financial freedom for U.S. citizens.
This is a bully move, plain and simple. Most of the global financial system depends on U.S. banks for correspondent accounts. When you wire money from Cambodia to Brazil, for example, the funds pass through New York.
Source:http://www.businessinsider.com/something-is-wrong-with-this-picture-2012-4
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If the rest of the countries of the world allow the U.S. to get away with this then they only have themselves to blame. There is no way that a work around solution can’t be developed if there is the will. New York is not the only major financial center in the world.
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The US government is like the proverbial elephant in the china shop, blindly ambling around and breaking everything.
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Just double posting to be sure folks see this…
YES, indeed! Now available online in black and white:
http://www.rules.house.gov/Media/file/PDF_112_2/PDF/HR4348crJESih.pdf
pp.56-57 The Reid Amendment (passport denial/revocation/limitation): “The conference agreement does not include the Senate amendment provision.”
pp. 73-76 The Levin Amendment on action against certain FFIs (including blocking electronic transfers): “The conference agreement does not include the Senate amendment provision.”
Brings tears to the eyes. OK, now that conferees have agreed to the conference report — what next? Must admit I don’t know nuances of procedure. Both houses still have to agree/not oppose before it goes to the President for signature?
Updated information: Both Houses adopt the Conference Report; the bill is then passed; there is some paper work done (the bill is “enrolled”); it is sent to the President for signature; at which point it becomes law. Signature could be rushed to tomorrow I suppose.
For those following this…
Game over… for now!
CF&P Applauds Exclusion of Anti-Tax Haven Legislation From Surface Transportation Bill
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