Charles Adams on #FATCA

Commentary on this video comes from Christophe at the Isaac Brock Society. It includes:

A few points I’d like to highlight. The beginning of the video is good and he explains well FATCA and its consequences. The end is more interesting. Charles Adams says:

4:50 – american living overseas have been heard, resulting in the delay of FATCA implementation, and he hopes that it will be further delayed until the entire concept is revisited.

6:08 ”the aim of the US administration, and this is not particular to the Obama administration – it was the case already with the predecessor adminstration – it will be the case tomorrow with whomever is elected to the presidency of the United States, is to  pursue delinquent American taxpayers who owe money to the Federal government on unreported income from undeclared bank accounts“.

He seems to infer that that does not only include mainlanders, but Americans living abroad as well. He fails to mention that this whole thing impacts immigrants, and that FATCA or not, the chase of undeclared foreign accounts is going to continue.

And he continues on by:

“The undeclared bank account are not only in switzerland – in fact they’re not even principaly in Switzerland. They are in various offshore jurisdictions. I will share with you a simple fact, which is that by large, people with undeclared accounts offshore… like to have their money in places where they can go and visit it over a weekend, say. And that would suggest that most of the undeclared money belonging to American citizens are not at all in Switzerland, nor in Singapore. They are in places that are within easy reach of the American mainland.“

So here, he seems to talk mainly about tax evaders living in the US, obviously. He failed to mention that the main problem is citizenship based taxation.