28 thoughts on “William McGurn at WSJ, Joins Isaac Brock Hall of Fame..”

1. There has been two letters to the Editor as a follow-up to William McGurn’s article.   One for, and one against.

   You can read them here… (and weigh in with your opinion too..)

   Isn’t Foreign Account Tax Compliance a Good Thing?

2. @Just Me,  Thanks for the heads-up.  Just threw in my .02. 

3. Another letter to the Editor has popped up in response to Williams article..

   Fatca: Burdensome and Duplicative

   Your correspondent Woodrow W. James Jr. (Letters, July 25) misses the points made by William McGurn in his July 17 Main Street column on the new Foreign Account Tax Compliance Act (“Obama’s IRS Snoops Abroad”). Like most regulations, this one is counterproductive, costly and inefficient.

   For example, Fatca’s reporting requirements duplicate existing requirements. Anyone with a foreign account must already file a form (90-22.1) with the Treasury, as well as report any income and gains on his annual tax form. So now, such a person must file two different forms, with two different agencies and two different deadlines, asking two different sets of questions, but essentially asking for the same information. A small inconvenience? Multiply that by the hundreds of thousands of regulations and forms mandated by government and you end up with a serious impediment to business.

   The government’s Office of Information and Regulatory Affairs itself calculates that the federal government’s required paperwork costs businesses over $77 billion each year (itself a ludicrously low estimate). It’s time to stop this onslaught.

   Adrian Day