Excellent new FATCA article in The New American

A well-researched article by Alex Newman today in The New American:

New U.S. Tax Regime is “Devastating,” Experts Say

Mr. Newman quotes from many familiar sources, including Andrew Quinlan, ACA, Rand Paul and James Jatras. He also interviewed Roger Conklin, who again provides excellent historic context by linking today’s FATCA campaign with the Tax Reform Act of 1976. That earlier disastrous initiative forced thousands of US expats to return to the homeland, ceding fragile foreign markets to overseas competitors and ushering-in America’s monumental, decades-long trade deficit, which persists to this day. To say that cause and effect is not well understood in Washington is a major understatement.

A crying shame that such a good article comes from a publication which includes The John Birch Society at the top of its list of Affiliates and Friends. That is where we part ways.

33 thoughts on “Excellent new FATCA article in The New American”

@NorthernShrike – The extremes of anything are just that … extreme …. the core ideology of Freedom with Humanity is what rules my belief system. I do not readily accept anyone trying to enslave me. I do not accept anyone who behaves as if they “know best what is good for me so hush up, be a good child and follow instructions” …. that sort of paternalistic attitude by anyone, including and perhaps especially Governments and Bureaucrats, really does gall me.

Maybe someone can enlighten more the meaning of IRM 4.26.16.3.9 (07-01-2008)? Is this what you would call a classical loop-hole to help fat-cats with lots of accounts (and accountants) from avoiding having to report too much? What’s the logic behind this section of IRM?

Here’s the extract:

4.26.16.3.9 (07-01-2008)
Recordkeeping for Filers Having 25 or More Accounts

Any person who has a financial interest in 25 or more foreign financial accounts can note the number of accounts in item 20 on the current FBAR form and is not required to complete the remainder of Part II. However, the person must provide the information called for in Part II when requested by government authorities.