garbo999 suggests this as a separate post. Good idea!!
Sorry for this thread hijack but I have a comment about a Bloomberg article from yesterday. Perhaps this might be worth a separate thread? Accidental Tax Break Saves Wealthiest Americans $100 Billion
The article describes how Congress created a complex law targeting a certain class of the population to make them pay more tax. However, the rich folks who were targeted simply hired expensive lawyers to get around the law. Realizing that the same rich folks take frequent advantage of their 1st Amendment-mandated right to bribe Congress as they see fit, Congress refuses to modify the law.
Anyone see the same future for FATCA? The rich tax dodgers will find myriad ways to escape FATCA while of course all the massive negative effects of FATCA for the little guy will remain in place (not to mention the billions that non-US financial institutions must spend to implement this lunacy as well as the loss of respect that goes with shoving a law down the throat of every other country in the world with an obviously false promise of reciprocity).
A related link at bloomberg: Wealthy N.Y. Residents Escape Tax With Trusts in Nevada