FATCA throws sand in the gears of global commerce.
Daily Analysis
NSA Abuse Shows Importance of Financial Privacy
Arguments in favor of the Foreign Account Tax Compliance Act start and end with tax evasion. Those who question the validity of a massive and invasive financial dragnet for the purpose of catching a few tax cheats are accused of either being a tax evader themselves or…
OECD Rules Will Create Privacy Nightmare
I’ve argued repeatedly that efforts like FATCA and the OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters pose a substantial threat to financial and taxpayer privacy. In an excellent commentary at The Daily Signal today,…
Immorality and the Redistributive State
Back in 2012, I shared a sadly amusing image about how the modern political process has degenerated into two wolves and a sheep voting what to have for lunch. I was making an argument in that column against majoritarianism (and that is a critical issue, as explained…
Is FATCA the Worst Part of the Internal Revenue Code?
The worst part of the tax code is something most Americans have likely never heard of.
FATCA System Fails Government Probe, Threatens Privacy
Despite spending more than $8.6 million so far, with another $8 million projected to be spent still, on developing the online portal for handling the registration of foreign financial institutions for the Foreign Account Tax Compliance Act (FATCA), the IRS is still…
OECD and G20 Won’t Save Us From FATCA
My friend Dr. Eduardo Morgan Jr. recently published an article for La Estrella de Panamá, in which he succinctly summarizes not only the goals of but also the significant problems with the Foreign Account Tax Compliance Act. The Intergovernmental Agreement (IGA) was…
Do You Trust the IRS With All Your Financial Information?
This year has seen numerous scandals followed by public concern over the extent to which government agencies are violating their privacy rights. Much of the focus has been on the NSA and national security, but the bigger threat to domestic rights may ultimately come…
FATCA’s Self-Inflicted Wounds
The destruction caused by the Foreign Account Tax Compliance Act (FATCA) has been well covered by CF&P and others. Among other things, the law is scaring foreign investment out of the economy, turning US citizens abroad into toxic assets, and redirecting…
More Americans Going Galt
President Obama promised he would unite the world…and he’s right. Representatives from dozens of nations have bitterly complained about an awful piece of legislation, called the Foreign Account Tax Compliance Act (FATCA), that was enacted back in 2010. They despise…