Several years ago the public was called upon to pay off the banks and to bail out Wall Street. So has anyone thought to ask where has our benefits from these bail outs gone? Which banks do we the tax payer still own? I sure have not seen any reduction in my council tax bill or a lower income tax bill. So did you ever wonder how so many countries especially those who have little money end up in so much debt that they will never get out of debt. Look at places like Nigeria where the curse of oil has brought on more oppression and negligence of the people.
Want a really good read on how things end up the way they do read a book called Confessions Of An Economic Hitman. Excellent read and it gives us an insight into how things are the way they are and why.
Best Regards
tapmaster
I have read the Perkins book and it was pretty good, but it was written by only one man. However to solidify some of his points read the Foreign Account Tax Compliance Act. This is specifically designed shortly after the bail out to do nothing more than f*ck over every last American living outside of the United States. This even includes dual citizens no matter if they had US citizenship first or not.
However the Democrates did not take one thing into consider when getting all these countries at the G7 to sign it, and that was will banks comply where these abroad Americans reside, and in Europe that is one big HELL NO they will not. Many European based banks have now closed their doors to future American account holders, many have gone as far to tell Americans with a high enough security holdings that they must close their accounts. This is all because the banks do not want to deal with the paperwork that even the IRS is not ready for.
Another thing the Democrates did not count on was how many Americans would surrender their US citizenship, which has gone up by almost 11% to date since this was first passed.
The biggest thing they did not count on was the American that where first citizens of another country. They are required by law to file with the IRS every year, however in their home country where thier securities are vastly held they did not count on the banks advising them not to report their home country assets because the banks do not legally consider these secondary Americans true Americans. Or in other words they assit them in hiding their securities.
The American Citizens Abroad (organization) has been fighting this really hard but so far they have gotten no where, when your country bails out banks they need to collect money from all over, and when it comes to money or rights the first Americans to f*cked over by America is the ones living abroad. The United States did the math and found that they could collect an average of 39 Billion more USD per year taxing Americans who do not live in the US.
The worse part of this is how it affects the AA's (accidental Americans), which includes children born to at least one American parent (so never file for that ITIN or you f*ck your kids), children born in the United States (on holiday, work trip, border jumping, what ever born in the US then you are at the very least an AA). These children when they become of age to pay US taxes can be taxed. If they do not pay they can suffer fines, assets taken or even sent to the US and locked up in jail.
Now the G7 is one of those fine print type of gathering, so all these countries who signed this agreed to all terms. So they support sending someone to jail (worse case) who has never even seen the US all because they where born to an American and did not know they needed to learn US tax law in thier mother country so they do not get banged up.
Read the Act, it can be down loaded all over the net, its about 2300 pages long. It is one of those Acts that would make the Taliban feel sorry for the Americans. But when the US needs to save or take the first thing they do is look towards their people living abroad.