Galt's Gulch

July 1 Obama Law to Seize Your Assets

Posted by $ MikeMarotta 11 years, 6 months ago to News
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The full implementation of FATCA may, as some critics have maintained, ultimately prove more harmful to U.S. business interests and U.S. citizens living and working abroad than its benefits will merit. But no credible source that isn't an investment firm trying to scare potential customers into forking over money for a newsletter subscription is seriously maintaining that a law passed four years ago will, within the next few months, collapse the entire U.S. economic system, destroy the American way of life, and lead to the imposition of martial law.

Read more at http://www.snopes.com/politics/conspirac...

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  • Posted by dbhalling 11 years, 6 months ago
    FACTA is the attempt to spread Gestapo type techniques to all banking systems around the world. It will be disastrous if implemented, but the governments will ignore their financial supporters. Just another piece of legislation to punish those who are not politically connected or politically connected in the wrong way. PURE EVIL
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  • Posted by richrobinson 11 years, 6 months ago
    I agree that those are scare tactics but FATCA exposes a fundamental difference between the current administration and free market supporters. Instead of simplifying the tax code and becoming more competitive with taxes outside the US, the Obama administration wants to use punitive measures to force compliance. I simply disagree with there way of thinking.
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    • Posted by $ MikeMarotta 11 years, 6 months ago
      Focusing on President Obama is misdirected. Back in 1973, after reading Harry Browne's _Monetary Crisis_, I opened a bank account in Switzerland. I was working as a stockboy at Montgomery Ward earning about $2.65 an hour (bigger dollars back then, but entry-level work nonetheless: minimum went to $2.00 in 1974). Over the years, having the account was more of a hobby, but, I profited from the monetary crises. I had about CHF 1000 in there when President Bush forced them to close my account. We always declared the interest on our taxes because our accountant found it amusing. It was not so funny for thousands of other much more productive people.
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      • Posted by richrobinson 11 years, 6 months ago
        I mention Obama because he is the current President making stupid decisions. You correctly point out that both parties have made bad decisions. Obama bears the responsibility now for me because he is the sitting President and could stop it.
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  • Posted by $ Mimi 11 years, 6 months ago
    Does this law effect those super-rich sorts who choose to live outside the US for six months of the year? Just curious.
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    • Posted by lrbeggs 11 years, 6 months ago
      Good question.
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      • Posted by $ Mimi 11 years, 6 months ago
        I think that the answer is yes. Maybe not Monaco or San Marino just yet, but according to this article, it’s just a matter of time. http://www.bna.com/fatca-repeal-program-...
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        • Posted by khalling 11 years, 6 months ago
          This affects regular people living outside the US. Hello ME for example. We are the only G20 nation that tracks its citizens activities outside the US. Think Einstein leaving Germany. FACTA is part of one world govt
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          • Posted by $ Mimi 11 years, 6 months ago
            They have recently pushed the compliance date back from this year to possible 2015 or 2016. The IRS isn’t ready, and they are afraid of a scenario like with the roll out of Obamacare. (Iv’e been reading. :))
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            • Posted by khalling 11 years, 6 months ago
              compliance date is one thing...bank policies and procedures are another. Banks in other countries are putting into place procedures now. They range from withholding 30% of whatever one deposits to avoiding opening new accounts for US citizens. There is huge regulatory burden for foreign banks on this. Who it ends up hurting is the middle class citizen with foreign bank accounts or living abroad. The super wealthy trying to avoid taxes will figure out shelters and banks will be cooperative due to the size of the accounts. Ultimately the US heavy handed tactics will only hurt them. The simple answer is a flat tax.
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              • Posted by $ MikeMarotta 11 years, 6 months ago
                The simpler answer may be a flat tax, but the simplest answer is no tax. A flat tax (so called) is regressive. For the rich 15% is a margin. For the poor 15% is food on or off the table. You see poor fat people and think that they are welfare moochers, but they are starving to death on carbohydrates.

                You _are_ right about the (ahem) super-rich, though it applies to many, really: anyone with "capital" _especially_ social capital_ such as a professional tax accountant, will not be so much hurt by these laws as those who are (socially) poor, i.e., structurally disenfranchised.

                It is a tactic of the ruling class to pit the "rich" against the "poor".
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                • Posted by khalling 11 years, 6 months ago
                  yes. the flat tax concepts I have seen start at a certain income level. although it seems regressive, right now- most super wealthy are not paying much of anything in taxes. it's really the middle class that is hit the hardest. and the rate keeps them from moving into the next socio-economic bracket. some would say designed on purpose
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                  • Posted by freedomforall 11 years, 6 months ago
                    You made that point perfectly. It's about eliminating the competition and preventing upward mobility.
                    Perfect example is the special excise tax for people who have more than a million in income as promoted by Warren "no more billionaires" Buffett.
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                • Posted by Hiraghm 11 years, 6 months ago
                  I
                  am not
                  starving to death (yet).

                  I am trying to lose weight however.

                  Give me a million dollars. That will not change my dietary habits. So much for poverty-induced obesity.

                  I don't see how 15% is food on or off the table for the welfare parasites? For the rest of us, it's incentive to get better jobs, get training, and make more money.

                  15% of a million dollars is 150 thousand dollars, or about what I would gross in 7 years or so.

                  15% of 20 thousand dollars is 3 thousand dollars. With a flat tax, I have no incentive to work less to get into a lower income bracket and qualify for food stamps et al. Nor do I have a disincentive to work harder and make more money, thereby shoving me into a higher income bracket.

                  It is not the creator of great wealth's fault that I lacked the ability, the talent, the wisdom, the discipline or anything else that s/he didn't lack, in order to acquire his/her fortune.

                  It's not a zero-sum game; your wealth is not at the expense of my poverty. If I have trouble paying my bills, it's not because you're not paying enough taxes.

                  By your implication, the "rich" is anybody making more than subsistence.

                  But, I'm reasonable. If for some bizarre reason 15% is too much of a burden on me and the rest of the poor, then let's drop it to 10%... for *everybody*. It has the benefit of starving the beast, as well.
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  • Posted by Notperfect 11 years, 5 months ago
    A flat tax of 15% is still to high. Between 5 and 10% is high enough. For all. The problem is Obama does not like the tax at all himself so his buddy Warren Buffett schools him on how to get away with not paying laying this burden on you and I. That's evil.
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