“With greater faith in the inherent honesty of Americans than of talking points, you will find that the real FATCA revenue target is US citizens overseas. Most of these have simply been unaware of these obtuse IRS policies and FINCEN crime regulations. FATCA is actually a direct outcome of a 1998 GAO report to Congress, finding that less than 400,000 tax returns were filed overseas, and implying that further enforcement would create new revenue.”
Confiscation of assets by the U.S. government has been the subject of a number of posts. Americans abroad have been concerned about the confiscation of their assets through the various disclosure programs, the FBAR fundraiser and PFIC taxation.
Less attention has been paid to the confiscation of the assets of Homelanders. When it comes to cash, one can keep your cash outside the bank or keep your cash in the bank. The article referenced in the above tweet is further evidence of the propensity of governments on all levels to use “civil forfeiture” as a way to confiscate assets. On September 11, 2014 a post was published at the Isaac Brock society discussing government confiscation of cash that is NOT in the bank. The above tweet references an article that describes how the U.S. government is confiscating cash that is put into bank accounts (because it is supposed to be safe there).
From a a governmental perspective “civil forfeiture” is a very cost efficient way to confiscate cash. They are NOT required to prove or even fabricate any “wrong doing”. They just take the cash.
Make no mistake about it. The integrity of the U.S. government requires that it act within the confines of the law. And – “to be perfectly clear” – the confiscation of cash in bank accounts is perfectly legal. Given that morality is a function of legality, it is clearly and absolutely moral for the U.S. government to confiscate cash in the bank accounts of Americans. No doubt about. Absolutely no doubt! In fact, I’m sure that U.S. government officials would argue that the confiscation of cash is not only legal – but is the moral imperative of government.