by Olivia LaRosa
November 12, 2012
FATCA is the acronym for a Federal law mandating withholding on “recalicrant” foreign account holders with putative US tax liability, and some people and institutions who have been termed “accidental Americans.”
Learn about FATCA HERE: BSM LEGAL Burt, Staples & and Maner; Washington DC, London.
As passed by Congress, FATCA’s effective date is January 1, 2013, less than two months away. That should have been enough time to develop the necessary infrastructure, as the law was passed in 2010. Corporations and the very wealthy saw an opening, so they lobbied Congress to change the implementation date to January 2, 2014 <>.
Watch for massive capital flight from the US to tax-evasion lairs in the next year.
Why should you care? Well, as of last month, there was more US Capital outside the US in tax-evasion dens-of-iniquity than the annual GDP of the United States AND Japan.
Shame on you tax-evaders! Your parents and grandparents paid their taxes to provide you and everyone else with a country to be proud of. What did you do? Try to hide every cent you could! Even worse, the less you need the money, the more you think about fancier ways to hide it.
See my article dated October 29, 2012 for more information.
The top 1% has removed their insanely huge capital gain and passive income from the reach of any country. The money that they have deposited in secret bank accounts in tax-evasion-holes exceeds the annual gross national product of both the United States and Japan.
You may want to read that again. You may want to verify my statement. Here you go: http://uk.reuters.com/article/2012/07/22/uk-offshore-wealth-idUKBRE86L03W20120722
No flatulence jokes allowed. No exceptions, ever.
Update November 12, 2012
The headline, once I read the contents of the article, made my wry smile appear. “Streamlining modifications” is what they call tax theft now? Those darn attorneys!
This is a proposed modification to FATCA that would allow institutions to avoid ultimate liability for failure to withhold as per the law.
FATCA protocol on derivatives can yield streamlined modifications
International Swaps and Derivatives Association, Inc. (ISDA) releases FATCA protocol on derivatives, which may provide payors with an opportunity to allocate the cost of FATCA Withholding to their counterparties, rather than treat FATCA Withholding as an ‘Indemnifiable Tax’ for which a payor has responsibility.
November 13, 2012: Minor changes, mainly explicatory and grammatical.