Posted on 01/27/2015 12:43:47 PM PST by Olog-hai
“I had been living in Switzerland for ten years, and then out of the blue I got a letter from my bank, saying that since I am an American citizen I had to file some extra paperwork,” Jonathan Weiss tells The Local. “Two weeks later, my bank account was frozen.”
Weiss was born in the US, but has lived abroad since age ten, in both Asia and Europe. “I was just living in Switzerland, working there, minding my own business,” Weiss recalls. “And then I was caught up this net. I had no idea what to do.”
That was his first encounter with the long arm of US tax law—FATCA. […]
“FATCA requires foreign banks to report information to the IRS regarding all financial accounts held by American clients,” Ines Zemelman, a tax agent specializing in expatriate taxes, tells The Local.
“The age of financial privacy is over.” …
(Excerpt) Read more at thelocal.de ...
HR 25 works hand in hand with repeal of the 16th Amendment. The two are completely intertwined.
Remember also that HR 25 is processed as a law of the land whereas House Joint Resolution 104 is processed to amend the US Constitution to repeal the 16th.
They are different processes but HR 25 is intertwined to follow HJR 104 else it ceases to exist.
The key point is something is needed to stabilize government operations while the Income Tax Code gets scrapped and the 16th gets repealed. That something is HR 25.
Which ones are these?
If this guy had a phony illegal alien ID and a fake SSN he wouldn’t have a worry in the world.
Why, he could even grow up to be President of the USA! ;)
If they don’t, “ve haf ways of making you”. Don’t underestimate the Chicago Mob.
That’s doesn’t even make sense
Intertwined but not inseparable. Repeal of the 16th (or any amendment) can not be done by an Act of Congress. It must follow the constitutionally described procedure for amending the Constitution.
I would not put it past congress to institute some form of national sales tax but also leave the 16th Amendment in place.
As it says in the article, if a foreign bank doesn’t comply they pay a 30% fine on every transaction with an American bank.
A great way to get yourself in serious trouble. Any transfers of $10,000 or more are automatically tracked by the Treasury and the info is given to the IRS. If you make multiple transfers of less than $10,000 the banks will still let the Treasury dept know because they don't want to be involved in any questionable activity.
If you want to just carry the money on a plane and then deposit it overseas try explaining to airport security what the money is for.
The best approach is full disclosure and be prepared to be audited by the IRS for at least a couple years.
I worked for a wealthy business owner who was worried about the US government confiscating his wealth some day. After duly paying his taxes, he transferred a lot of the remainder to a shelter that the US can’t reach without an international incident. The super rich now of financial havens like the Island of Nevis. Switzerland should have never caved— it’s not as if they need the US for anything.
Not to be argumentative, but name two. I live in Central America, and I don’t know of any who will sell you legal citizenship. There are always a few government employees who will sell you fake papers, but they are easily discovered, and a foreign bank account is not worth twenty years as the only gringo in Tamara.
Why not just open your account in a Central American bank that doesn’t report to the IRS under FATCA? The large international banks are secure, and the only requirement is residency status, which takes about six months and a few thousand dollars. Otherwise, citizenship is a bureaucratic nightmare.
I’ve been where you are and how you view. I was there years ago. But HR 25 does not allow itself to continue unless the 16th is repealed.
Yes there are people in tax groups inside the federal government or linked to it that would push to have both. That’s been known for a very long time; that danger is covered in HR 25.
Try and understand that there are some really brilliant minds behind HR 25 that have thought through what you are concerned about because it was also their concern and they have designed HR 25 to address all of the concerns. Their debates, discussions and solutions are completed. What remains is for the public to be educated.
Read the legislation here:
https://www.congress.gov/114/bills/hr25/BILLS-114hr25ih.pdf
and read the very last paragraph on the very last page. Note that the people that designed and wrote this 131 page tax reform bill thought it so important to give repeal of the 16th its own title. You can rest assured that hundreds of lawmakers and associated patriots are going to be on top of repealing the 16th in the first minute that HR 25 is signed into law. I know this for a fact as I know many of those involved in drafting this document and I have been involved in presenting it before committees and offices.
You can’t repeal the 16th and then wake up the next day without some means of funding government. That’s what HR 25 is designed to do.
Read though the legislation. You should come away convinced that the writers know very well what they are doing. This document is only 131 pages long. It won’t be much larger when it is codified into statutes and regulations. Compare the conciseness and efficiency of this tax code to come with the 70,000+ pages of the IRC. This tax code to come is innovative, inspired, brilliant and definitely in conformance with founding principles. Importantly, this tax legislation will result in a simplified tax code that CAN EXIST WITHOUT THE 16TH AMENDMENT.
Note also that the entire federal tax code is scrapped and abolished. Even if there were to be lovers of the income tax to come back and resurrect the Federal Income Tax, they would have to start from scratch and it would take a very long time for them to even get something together that would be signed into law. By that time the 16th would be repealed.
Lastly with the 16th repealed, note that the federal income tax is legal as a direct tax so long as there is apportionment.
Without the 16th income taxes can also be levied as an indirect tax that is uniformly applied.
But in both cases above, the income tax fails as a viable tax because history shows that without the 16th Amendment the income tax is almost always unconstitutional. It could never be made to work without the 16th. And now with the 16th in place it is unbearable, dangerous and uncontrollable.
A way of taking money from honest people who don’t try to hide their money.
“Enter a non-government-controlled currency. “
you already have it. the us dollar is not controlled by a government.
In a word, FATCA. If a foreign bank wants to any business relationship with US banks, it must comply. Simple as that.
>>> Our government again is the creepy stalker girlfriend.
>>
>> That is if you are a girl.
>
> That’s doesn’t even make sense
Neither does our government, so I guess it fits.
(Though I suppose it sould also be a commentary on how the federal government is doing its best to force homosexual ‘marriage’ on the States.)
I have a bridge in Brooklyn that’s for sale.
Bitcoin is a step in the right direction.
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