Don’t have time for much analysis or commentary on this article, but thought I would put it up quickly after Tim alerted me to it. Quick read tells me they sure have bought into the rhetoric of the FATCAnatics at Treasury. Have a read and make some educating comment as you wish to the NPR audience. A lot of misstatements of facts, like Switzerland, the world’s largest tax haven, Not a mention of who the real Tax Haven is, THE USA! Nothing about the unintended consequences or collateral damage.
Message: Congress Clamps Down, you better comply!
by SCOTT NEUMAN
In 2010, Congress passed the Foreign Account Tax Compliance Act, or FATCA, that calls for overseas banks to begin full disclosure of U.S. account holders beginning next year. All along, Washington has been pursuing new bilateral treaties to share tax information.
“Countries are almost universally agreeing to exchange tax information,” says Shay, who like Brown is a former high-ranking Treasury official.
“The signal seems to be that it doesn’t matter where you move your money, we can still get you,” he says. “This signal is being heard not just in Switzerland, but in the Caribbean and the Far East.”