As the above tweet says, this is one for the ages. Talk about a reinvention of reality!
You can see a larger version of this article at:
FATCA – “The New Tax Law For Americans Abroad” is an interesting video.
The title: FATCA: “The New Law FOR U.S. Citizens Abroad” almost makes it seem like a benefit/gift for U.S. citizens abroad.
Put it this way:
This article, which provides perspective on FATCA from Russia is a very interesting read.
FATCA: A new generation of American laws – Of particular interest is a characterization of FATCA that:
It belongs to a new generation of American laws , which can be called extraterritorial . These are the laws that apply to a number of other countries , and sometimes even the whole world . These are laws that help build Washington Pax Americana.
FATCA: A new role for the IRS – The IRS Commissioner will govern the world
We are witnessing a unique alignment of the global system, “head” which is the U.S. agency , and all financial and banking organizations formally sovereign states coming under the administrative control of this department .
The article referenced in the tweet from FATCA_fallout is written in Russian by a Russian. I don’t understand Russian so I ran it through Google Translate. Assuming the accuracy of the translation, the article is revealing. I have bolded some of the more interesting parts.
If #FATCA becomes fully operational, it will result in the following:
Step 1: Non-U.S. countries will (at their expense, whether IGA or otherwise) identify those people who the U.S. defines (a possibly shifting definition) as U.S. persons;
Step 2: Once identified the U.S. will use the existence of those “U.S. persons as the excuse to transfer a share of the GNP of that country to the United States on a permanent and increasing basis. In other words: FATCA is to enforce citizenship-based taxation which is a “forced tribute to the U.S.”
The reasons include: