Big Pharma Buy Incites U.S. Stocks to Rise
Big Pharma Buy Incites U.S. Stocks to Rise
Valeant Pharmaceuticals International Inc. Offers to Buy Botox Giant Allergan Inc.
Valeant Pharmaceuticals International Inc. Offers to Buy Botox Giant A...
U.S. Stocks Advance
U.S. Stocks Advance
Hedge Funds Lowered Bullish Bets on Gold
Hedge Funds Lowered Bullish Bets on Gold
Job Listings
  • Deckard1138

    FATCA will swiftly grow into an unmitigated disaster. It is truly the worst law most Americans have never heard of – but they will very soon. Mark my words, Obamacare will be all but forgotten by future historians when they refer to the Obama years, but FATCA will live in infamy forever.

  • JDL51

    Very few people have offshore accounts or offshore corporations. Those in compliance will have little problems. Those that aren’t, expect a knock on the door from the IRS.

  • Calgary411

    Only about 7.5 million US citizens around the world, with many more defined by the US, ‘US Persons’, many of them with no idea. Their “offshore” accounts or “foreign” financial accounts are foreign only to the US; they are local accounts to these people who live and work abroad, most citizens of other countries. They need their “foreign” LOCAL accounts just as people within the US need their local bank accounts to put a roof over the heads of their families, buy groceries, save for their children’s education and disability and save for their own retirements. If the US had resident-based taxation as the rest of the world (except Eritrea which the US condemns for doing so), this would not be a problem. The ‘tax evaders’ the US looks for reside in the US, sending their untaxed money offshore to tax havens. They are likely savvy enough to escape the witch-hunt. The US citizenship-based taxation law, combined with FATCA, will force US Persons Abroad back to the “plantation” or the “homeland”, the USA — or they will have to renounce to not have their families destroyed financially and emotionally. Too bad about the blow-back this poorly-thought-out law will have on the US economy and what the world thinks of the US. More of that good old US collateral damage

  • beth thomas

    These IRS grunts all need to be hung out to dry. It is what it is and the grunts who work at the IRS are trained to be as ruthless as a Somali warlord. These people hide behind smiles, suits and ties but make mistake, given the opportunity they will bankrupt a poor widow given the chance.
    Fatca will not come close to collecting what they think. It will prove to be far too costly for what it ultimately will take in.

  • beth thomas

    Treasury foolish to believe they are going to reap a windfall with Fatca. Can you imagine countries like Pakistsn and India dual US citizens ? Do you actually think they are just going to expose themselves to this unjust hypocrisy ? Money will just go to non US relative and that’s that.
    Treasury has no power whatsoever over that.
    This disgusting piece of legislation is as wrong as slavery and segregation. I would hope people are just enough to call it wrong and disregard or work around it so it gets what it deserves- to provide little to nothing back to the US treasury. Do not keep yourself in a position to fall under its umbrella. The best and most important tool to use is to starve the US treasury of the money they
    Are attempting to extort from innocent people who truly owe nothing.

  • WhiteKat

    All my accounts here in Canada, where I have lived for 50 years (I’m 51), are foreign. I am in compliance with the Canadian government, but never knew until FATCA that I am a US slave…err I mean US taxpayer.

  • JDL51

    Dual citizens just open an account as the citizen of their home country. No problem. We have a few in my family.

  • WhiteKat

    With FATCA, one will have to prove non-US citizenship to open an account, or be considered ‘recalcitrant’ and have their bank account data sent to IRS. It won’t be enough to open an account in your other citizenship.

  • Shreya Muralidhar

    Experts present their viewpoint on FATCA Compliance

    http://www.nwgn.us/1cT0UWS