“If Congress set out right now to craft a law to sabotage the global competitiveness of the US economy, they’d have trouble coming up with better than the Foreign Account Tax Compliance Act (FATCA). The law is ostensibly aimed at combating tax evasion and requires every foreign institution in the world to act at their own tremendous expense as deputy US tax collectors. FATCA will instead turn the US into an economic pariah and Americans citizens into toxic assets. It will divert untold billions of dollars per year to pay lawyers to comply with a law optimistically expected to raise less than $800 million in tax revenues per year.”
Related posts:
Michael Scheuer: Use the Constitution to prevent war with Syria
An Ally Out of Control
Ron Paul: Billion-Dollar Ukraine Aid Bill Is a Bad Deal For All
Top Dems urging Obama to raise debt ceiling all voted against increase in ’06
This is the Moment
Marc Faber's response to price drop in Gold
After 50 Years, Washington Has Lost the War on Poverty
Bill Bonner: Papal Fallibility
Paul Craig Roberts: Spinning Bad Financial News Into Good
Peter Schiff on Politics, Precious Metals and President Obama's Second Term
China remains the place you want to have some of your money invested
Which Shade of Lipstick Looks Best on a Pig?
Bitcoin is going mainstream. Here is why cypherpunks shouldn’t worry.
The U.S.-Saudi Starvation Blockade
Google Trends: QE3