[rabscuttle385]

Conceived as a way to enlist the world in a crackdown on wealthy Americans evading tax, it gives global financial institutions and investment entities a choice: either collect and turn over data on U.S. clients with accounts of at least $50,000, or withhold 30 percent of the interest, dividend and investment payments due those clients and send the money to the IRS.



Libertarian ping! Click here to get added or here to be removed or post a message here!

[vikingd00d]

The real intention of FATCA is to make doing business with Americans so annoying that foreign banks will refuse to open accounts for Americans thus restricting the ability of money to flee oppression.