This is a repost of James George Jatras for RepealFATCA.com . It is a recent distribution email sent to the various media sources, was posted on his web site and has been mentioned in various IBS threads. It is pulled out here for greater visibility. Please circulate.
September 16, 2013
Financial Data Provided to ‘Intel’ Agencies Considered ‘Not Inherently Confidential’ under U.S. Law
Those familiar with the U.S. “Foreign Account Tax Compliance Act” (FATCA) – and in the United States, that’s not many people – think of it as either ….
1. A sledgehammer attempt to curb “offshore tax evasion” or (more accurately) as
2. A costly, counterproductive, and indiscriminate burden on the global economic system;
3. A compliance nightmare that only benefits tax lawyers, accountants, and software firms;
4. A job-killing disincentive for foreign investment in the United States;
5. A crude extraterritorial overreach in violation of every principle of sovereign legality;
6. An abuse of the U.S. Senate’s constitutional treaty authority;
7. A blatant violation of WTO and other trade commitments; and
8. A financial “drone strike” against Americans living abroad.
FATCA is all that and much, MUCH more. Continue reading