Analysis: Critics say new law makes them tax agents

Reuters ^ | 2011-08-19 | Lynnley Browning

[vikingd00d]

>>a financial and regulatory Berlin Wall to stop all but the most determined.

That’s a really good analogy.

[Still Thinking]

The US would enforce it by not allowing foreign banks or their affiliates to do business in the US. I think that the intention of the government is to create an economic Berlin wall in order to keep the money of the US citizens in the US.

Shades of the USSR, and of your work, Travis!

[Mountain Troll]

They’ll enforce it the same way California enforced the Amazon Tax, and with the same results.

[Travis McGee]

All you have to do is read history to write tomorrow. It’s that easy. There is nothing new under the sun. Just new gadgets, but the human-nature principles hold.

[gogogodzilla]

Eh, with the age of the internet, foreign businesses don’t have to have a physical presence in the US to do business with US customers. Which would mean that they aren’t conducting the business in the US, but at their home sites in the foreign countries.

All they would really need to do is advertise in America about their product (ie: banking)... and even that can be handled by an overseas company; who’d then place the ads on TV, in magazines, on the internet, etc.