The amount of money that a person has in a bank account is irrelevant to determining tax liability. In order to assess income taxes, the IRS needs only an accounting of the interest, dividends or capital gains that a person has earned as income. Therefore, the filing requirements of FBAR, FATCA and 8938 are unrelated to the need to assess a person’s tax liability. The information, Continue reading
Tag Archives: FATCA
I've only been a Canadian since 28 February and our banks are already relinquishing our sovereignty to the United States
This is from the Canadian Banker’s Association, a flyer to be handed out to customers. All Canadians: this affects you too.
About the Isaac Brock Society
The Isaac Brock Society consists of individuals who are concerned about the treatment by the United States government of US persons who live in Canada and abroad. Continue reading
Singapore fund manager recommends pulling investments out of the United States
FATCA is causing foreign investors to pull their money out of the United States. Don’t take my word for it alone. Today in Singapore reports:
We can't trust the IRS – But can we trust the accountants and lawyers?
The post is a comment responding to the blog post – IRS issues Fact Sheet For U.S. or dual citizens residing outside of the U.S., to which Petros commented :
They [the IRS] can’t be trusted when they talk about reasonable cause, because they don’t really indicate what reasonable cause is.
If Obama is a global citizen doesn’t that make him the President of the world?
The new FATCA legislation, signed by President Obama as part of the Hire Act, requires that every person in the world who owns a bank account declare whether he is a US person. Imagine if the Chinese required that every bank account holder in American banks fill out a form declaring whether they are a Chinese person for tax purposes! What would you say? None of their damn business.
Obama must think he is the president of the world.
FATCA: A ticking time bomb for the economy
Buried in an ostensible jobs bill signed by President Obama last year is a little-noticed job-destroying government regulation that threatens to trigger a massive outflow of capital from the American economy.
See also: FATCA means Americans will pay more for things like Toilet Paper
When government turns predator
Honest US citizens are being turned into prey by the IRS, the victims a hunt for tax evaders. It is the natural, if lamentable, product of the urge to power our Founders warned us against.