Geez! https://taxes.yahoo.com/post/142356210008/a-top-haven-for-tax-cheats-that-may-surprise-you These people should be called by their true name "traitors". But I am old school I guess. From the article: "Still, Treasury says, Congress needs to come up with a broader, better solution. Lawyer Cotorceanu doubts that will ever happen". "American lawmakers “do not want to hurt the U.S.’s banking industry,” he wrote last year in the journal Trusts & Trustees. “It is no secret that U.S. banks, particularly in Miami, are awash in undeclared Latin American money. … How ironic — no, how perverse — that the USA, which has been so sanctimonious in its condemnation of Swiss banks, has become the banking secrecy jurisdiction du jour.” I am not necessarily a Bernie supporter, but I agree with the general spirit of some of the things he says. At least he has brought this issue to the fore front. Even if elected, could he somehow fix the problem? sadly, probably not. I suppose someone has to at least try. This shouldn't a Republican issue or Democratic issues, it should just be an American issue.
"Give me half your money or I'll put you in a cage." "No." "You are part of the rebel alliance and a traitor! Take her away!" That's not just old school, Abner, that's... well, I was going to say Biblical, but even God only expected a tithe. I agree all of this is hypocritical, but then by its very nature politics attracts those who say what is beneficial to themselves rather than what is true. Perhaps you're confused about who is benefiting from this. The policy of coercing other countries into giving up information without reciprocating is a great benefit to bankers and policy makers in the U.S. That means that from their perspective it's not a problem at all, and therefore U.S. policy makers (Republican or Democrat) have no incentive to "solve" it. Now, it's definitely a problem for Americans who live abroad, since many foreign banks won't even open accounts for U.S. citizens anymore, but hey, why should Washington care about its own citizens? A better solution would be for other countries that have financial service industries or wish to develop them to tell the Americans where they can shove FATCA. But so far most countries seem depressingly servile towards the Americans on this.
Thanks for the clarification. The way you explained it seemed to make more sense to me than the article. Plus, I was trying to do "honey dos" on orders from the boss while reading the article. :smile:
