“International bureaucrats working fiendishly for planetary taxation are celebrating, along with some attorneys and accountants hoping to profit, but serious concerns about the pseudo-treaties are growing. Seeking to avoid entanglements with the IRS and massive compliance costs — more than a few foreign banks have simply stopped doing business with American citizens and companies. Some international businesses are also reportedly refusing to consider Americans in job applications due to increasingly complex IRS reporting requirements. Despite millions of taxpayer dollars squandered on the scheme, implementation of FATCA thus far has been an unmitigated disaster.”
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