sovereignman.com / By Simon Black / January 23, 2013
Let’s do a little math problem today.
As you probably know, in 2010 the US government passed one of the most arrogant, destructive, poorly conceived pieces of legislation in history, now known as the Foreign Account Tax Compliance Act (FATCA).
FATCA heaps all sorts of reporting requirements on US taxpayers with foreign financial accounts. This is in ADDITION to form TDF 90-22.1, which is due to the Treasury Department each year by June 30th, and IRS form 1040 schedule B.
(Nothing says ‘government’ like passing along the same information on different forms to the same department multiple times…)
Another major provision of the law requires ALL financial institutions on the PLANET to share personal customer information with Uncle Sam.
The hubris is overwhelming. Imagine what would happen if the Chinese government passed a law requiring US banks to share customer information with Beijing. People would go nuts. But in the Land of the Free, it’s normal. Crazy.
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