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(Trust.org)   US Republicans plan to kill anti-tax dodging law, saying it will make it legal for the poor as well as the rich to hide millions of dollars in offshore bank accounts   (trust.org) divider line 76
    More: Asinine, Republicans, U.S., bank accounts, tax avoidances, Swiss banks, repeal, Foreign Account Tax Compliance Act  
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1816 clicks; posted to Politics » on 22 Jan 2014 at 10:49 AM (26 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-01-22 09:15:41 AM
Republicans aren't even tying to pretend anymore.
 
2014-01-22 09:18:05 AM
I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad. It's like this shiat is written just to be easily repealed, how hard is it to just target people with a shiat ton of money who are playing games with it.
 
2014-01-22 09:31:44 AM
Hilarious.  FATCA is one letter away from fatcat.  From Rescue Rangers.
 
2014-01-22 09:31:47 AM

Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad. It's like this shiat is written just to be easily repealed, how hard is it to just target people with a shiat ton of money who are playing games with it.


Problem: They hold a shiat load of money and are more than willing to part with a few million to pay off some interests in Congress, if ya know what I mean
 
2014-01-22 09:36:09 AM

Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad. It's like this shiat is written just to be easily repealed, how hard is it to just target people with a shiat ton of money who are playing games with it.


I can vouch for this. Lots of banks over here now refuse to do business with Americans, because they say it just isn't worth the regulatory hassle to meet all the reporting requirements. It truly is a huge pain in the ass.

I appreciate the need to stop the millionaires from parking all their assets abroad to avoid taxing it, but they've cast the net far too wide, thrown the baby out with the bathwater, and other alliterative metaphors.
 
2014-01-22 10:20:22 AM
Uh, how do poor people have any money to hide in off shore accounts? By definition, wouldn't that make them no longer poor?
 
2014-01-22 10:23:28 AM

Nadie_AZ: Uh, how do poor people have any money to hide in off shore accounts? By definition, wouldn't that make them no longer poor?


I hide my refrigerator in Switzerland so I can keep myself below the poverty line.
 
2014-01-22 10:25:57 AM
so the stool has four legs now?

tax loopholes for the very rich?!!
HAHAH HAHAHAHHA HAHA

I love that they are not even trying anymore
 
2014-01-22 10:31:37 AM

Nadie_AZ: Uh, how do poor people have any money to hide in off shore accounts? By definition, wouldn't that make them no longer poor?


i1.ytimg.com
 
2014-01-22 10:35:56 AM

Nadie_AZ: Uh, how do poor people have any money to hide in off shore accounts? By definition, wouldn't that make them no longer poor?


Most of them already own refrigerators, in fact

/true story
 
2014-01-22 10:45:10 AM

CapeFearCadaver: Nadie_AZ: Uh, how do poor people have any money to hide in off shore accounts? By definition, wouldn't that make them no longer poor?

I hide my refrigerator in Switzerland so I can keep myself below the poverty line.


That's where I would keep my binders full of women, if I could afford some.
 
2014-01-22 10:47:40 AM

Sid_6.7: CapeFearCadaver: Nadie_AZ: Uh, how do poor people have any money to hide in off shore accounts? By definition, wouldn't that make them no longer poor?

I hide my refrigerator in Switzerland so I can keep myself below the poverty line.

That's where I would keep my binders full of women, if I could afford some.


I have folders of WIE. Those appear to be free...
 
2014-01-22 10:52:37 AM
Is it okay to kill kill them now?
 
2014-01-22 10:53:56 AM
s28.postimg.org
 
2014-01-22 10:55:57 AM

somedude210: Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad. It's like this shiat is written just to be easily repealed, how hard is it to just target people with a shiat ton of money who are playing games with it.

Problem: They hold a shiat load of money and are more than willing to part with a few million to pay off some interests in Congress, if ya know what I mean


"~~It is making overseas Americans far more sympathetic to (Republicans) and could have an impact on fundraising "

What problem?  To the republicans this is a solution.  Help donors avoid taxes so that they have more money to give to republicans, truly trickle down economics works (for politicians).
 
2014-01-22 10:59:38 AM
Anatole France approves.
 
2014-01-22 11:01:31 AM
Thank God.  I live overseas mostly and this law is the biggest pain in the ass in the world.  In short, nobody wants to do business with me.

I own a restaurant in a Central American company and all the bank accounts are in my partner's girlfriends name... yes of course she can steal anything.  I have been trying to get my own bank account for 6 months (I think I'm almost there).

This law blows.  Even US embassy workers have trouble getting bank accounts in the countries they live in.

If you were some bank in Europe, Africa, Central America, wherever it is much easier to just not have US clients then it is to comply with this bullshiat.
 
2014-01-22 11:02:13 AM

Two Dogs Farking: Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad. It's like this shiat is written just to be easily repealed, how hard is it to just target people with a shiat ton of money who are playing games with it.

I can vouch for this. Lots of banks over here now refuse to do business with Americans, because they say it just isn't worth the regulatory hassle to meet all the reporting requirements. It truly is a huge pain in the ass.

I appreciate the need to stop the millionaires from parking all their assets abroad to avoid taxing it, but they've cast the net far too wide, thrown the baby out with the bathwater, and other alliterative metaphors.


...because PLENTY of Americans have $50k in foreign banks. Most Americans have never seen $10k at one time. Hell, most Americans are two paychecks and a car accident away from poverty. The percentage of people who this supposedly pisses of is not large enough to turn an election.
 
2014-01-22 11:02:42 AM
"I see FATCA just like Obamacare," said Solomon Yue, an RNC official from Oregon who is leading the party's FATCA repeal effort. "It will attract American overseas donors."

 Well, at least he's honest about their motivations.
 
2014-01-22 11:02:49 AM
Cash is King, Baby
 
2014-01-22 11:03:08 AM

Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad.


FTA: FATCA requires most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers' accounts worth $50,000 or more.
 
2014-01-22 11:05:08 AM
Republicans are protection their own corruption.
 
2014-01-22 11:05:19 AM

BiffDangler: Thank God.  I live overseas mostly and this law is the biggest pain in the ass in the world.  In short, nobody wants to do business with me.

I own a restaurant in a Central American company and all the bank accounts are in my partner's girlfriends name... yes of course she can steal anything.  I have been trying to get my own bank account for 6 months (I think I'm almost there).

This law blows.  Even US embassy workers have trouble getting bank accounts in the countries they live in.

If you were some bank in Europe, Africa, Central America, wherever it is much easier to just not have US clients then it is to comply with this bullshiat.



Yeah, its MUCH easier for a bank to just turn away Billions of dollars that they can reinvest than it is to so some extra paperwork.


/You all sound crazy.
//The banks will adjust...or they just won't comply.
///But NO ONE want to be on the Office of Foreign Assets banned entities list.
 
2014-01-22 11:06:25 AM
It's about equality, people. Poor people just don't have the freedom to invest their millions without the taxman getting his share, or let their businesses run without pesky environmental regulations. That's why they're poor. Study it out.
 
2014-01-22 11:06:38 AM
Oh, and no one is going to put $49k into several different banks to avoid the reporting requirement.

/Not gonna happen
//Sarcasm
 
2014-01-22 11:07:19 AM
FTFA:

Criticized by banks, libertarians and some Americans living abroad as a costly and unneeded government overreach, FATCA is on the books, but its effective date has been delayed repeatedly, with enforcement now set to start on July 1.


See, here's the problem.  When your belief system states that government is inherently corrupt, and all taxation constitutes government overreach, then you can invoke those beliefs to oppose any change to tax policy, no matter how common-sense it might be.

This, among other things, is why economic libertarian philosophy is stupid.  It abandons reality and basic common sense in favor of taking a "philosophical" stand.
 
2014-01-22 11:07:39 AM
hr2012.files.wordpress.com
 
2014-01-22 11:08:01 AM

MrSplifferton: "~~It is making overseas Americans far more sympathetic to (Republicans) and could have an impact on fundraising "


That would imply those overseas Americans are voting solely with their wallets. Assuming they're anything like their stateside counterparts, they don't.

// my sense is that they're more liberal than American-based voters anyway, but that's not based on hard data
 
2014-01-22 11:08:17 AM

DROxINxTHExWIND: Oh, and no one is going to put $49k into several different banks to avoid the reporting requirement.

/Not gonna happen
//Sarcasm



Therefore, repeal the law completely.
 
2014-01-22 11:08:55 AM
www.thenation.com

It pisses off the libs, so you imagine how the Teabaggers will react to it.
 
2014-01-22 11:09:32 AM

someonelse: Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad.

FTA: FATCA requires most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers' accounts worth $50,000 or more.


banks won't touch an Americans because of the rules, and really come on man having 50k in savings doesn't give you baller status.
 
2014-01-22 11:09:35 AM

DROxINxTHExWIND: BiffDangler: Thank God.  I live overseas mostly and this law is the biggest pain in the ass in the world.  In short, nobody wants to do business with me.

I own a restaurant in a Central American company and all the bank accounts are in my partner's girlfriends name... yes of course she can steal anything.  I have been trying to get my own bank account for 6 months (I think I'm almost there).

This law blows.  Even US embassy workers have trouble getting bank accounts in the countries they live in.

If you were some bank in Europe, Africa, Central America, wherever it is much easier to just not have US clients then it is to comply with this bullshiat.


Yeah, its MUCH easier for a bank to just turn away Billions of dollars that they can reinvest than it is to so some extra paperwork.


/You all sound crazy.
//The banks will adjust...or they just won't comply.
///But NO ONE want to be on the Office of Foreign Assets banned entities list.


If he's a restaurant owner with billions of dollars, his restaurant is probably a drug front.
 
2014-01-22 11:14:01 AM

serial_crusher: DROxINxTHExWIND: BiffDangler: Thank God.  I live overseas mostly and this law is the biggest pain in the ass in the world.  In short, nobody wants to do business with me.

I own a restaurant in a Central American company and all the bank accounts are in my partner's girlfriends name... yes of course she can steal anything.  I have been trying to get my own bank account for 6 months (I think I'm almost there).

This law blows.  Even US embassy workers have trouble getting bank accounts in the countries they live in.

If you were some bank in Europe, Africa, Central America, wherever it is much easier to just not have US clients then it is to comply with this bullshiat.


Yeah, its MUCH easier for a bank to just turn away Billions of dollars that they can reinvest than it is to so some extra paperwork.


/You all sound crazy.
//The banks will adjust...or they just won't comply.
///But NO ONE want to be on the Office of Foreign Assets banned entities list.

If he's a restaurant owner with billions of dollars, his restaurant is probably a drug front.



Billions is from all US customers that they are supposedly going to turn away, smart guy. Not his apparently very successful resturant that has more than $50k in cash sitting in some chick's account...according to him.
 
2014-01-22 11:14:38 AM

DROxINxTHExWIND: Yeah, its MUCH easier for a bank to just turn away Billions of dollars that they can reinvest than it is to so some extra paperwork.


Because it's not billions of dollars usually.  It might be Billions of dollars in Switzerland but that's it.

And besides, if the paperwork is no bid deal and you are correct then why the hell do thousands of americans around the world now have problems opening bank accounts?
 
d23 [TotalFark]
2014-01-22 11:16:21 AM

BiffDangler: DROxINxTHExWIND: Yeah, its MUCH easier for a bank to just turn away Billions of dollars that they can reinvest than it is to so some extra paperwork.

Because it's not billions of dollars usually.  It might be Billions of dollars in Switzerland but that's it.

And besides, if the paperwork is no bid deal and you are correct then why the hell do thousands of americans around the world now have problems opening bank accounts?


There is always a problem opening bank accounts when you're being paid JUST ENOUGH (or a little less) it takes to live.
 
2014-01-22 11:17:22 AM

Mantour: It pisses off the libs, so you imagine how the Teabaggers will react to it.


I imagine that since Teabaggers favorite hedge fund managers ($2B) or other Wall Street connected Senators, they be quite giddy.
 
2014-01-22 11:17:56 AM

DROxINxTHExWIND: Billions is from all US customers that they are supposedly going to turn away, smart guy. Not his apparently very successful resturant that has more than $50k in cash sitting in some chick's account...according to him.


It's not a very successful restaurant.  It makes about 3 grand per month.  But the point is the bank's don't have any idea how much money you will put in an account once you open said account.  So they treat everyone the same... as an american who might fail to report income on his taxes and then bring the shiatstorm of the IRS down upon them.

So what happens is if a couple of Americans at said bank cheat on their taxes, or the bank farks up their paperwork, then the US comes in and demands that the bank provides them info on all of their customers or face all sorts of problems.  Well, what do you think the locals do when they hear that?  They don't want the US snooping in their affairs.  They pull out the money and boom the bank is kaput.

That is why the foreign banks don't want US customers.  It's not their farking job to police US citizens tax issues.
 
2014-01-22 11:20:13 AM

DROxINxTHExWIND: Oh, and no one is going to put $49k into several different banks to avoid the reporting requirement.


That is the leftover cash they must have from all of those unemployment checks Rand Paul keeps telling me encourage the poors not to work.
 
2014-01-22 11:20:34 AM

Headso: someonelse: Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad.

FTA: FATCA requires most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers' accounts worth $50,000 or more.

banks won't touch an Americans because of the rules, and really come on man having 50k in savings doesn't give you baller status.


I'm not denying that foreign banks are hesitant to work with Americans; I don't know enough about it to have an opinion. But you said "middle class" and I don't see how this applies to the middle class particularly. We're talking $50,000 in savings, not assets.
 
d23 [TotalFark]
2014-01-22 11:20:56 AM

BitwiseShift: Mantour: It pisses off the libs, so you imagine how the Teabaggers will react to it.

I imagine that since Teabaggers favorite hedge fund managers ($2B) or other Wall Street connected Senators, they be quite giddy.


If the teabaggers hate corporate tax dodges then how come their leadership are all corporate creeps???
 
d23 [TotalFark]
2014-01-22 11:21:46 AM

monoski: DROxINxTHExWIND: Oh, and no one is going to put $49k into several different banks to avoid the reporting requirement.

That is the leftover cash they must have from all of those unemployment checks Rand Paul keeps telling me encourage the poors not to work.


if you have enough money you can pay someone to do all the paperwork for you.
 
2014-01-22 11:21:57 AM

d23: There is always a problem opening bank accounts when you're being paid JUST ENOUGH (or a little less) it takes to live.


I have other sources of income.  That is not the issue.

The fact is that in the US you can walk into any bank and open an account with 50 bucks (unless you have a history of bouncing check and such, and you can open that account on the spot).  It used to be that way overseas.  Now it takes 6 months and all sorts of fees and shiat and you still might get turned down, all because of this stupid law.

Why is it Americans want US Embassy workers, charity workers, etc to not be able to open bank accounts in the countries they live?

Do you think these laws stop billionaires?  Of course they don't.  Like most laws they just hit the little guy.
 
2014-01-22 11:23:52 AM

someonelse: I'm not denying that foreign banks are hesitant to work with Americans; I don't know enough about it to have an opinion. But you said "middle class" and I don't see how this applies to the middle class particularly. We're talking $50,000 in savings, not assets


Because they banks don't know how much you will ultimately deposit, so everyone is someone who will potentially trigger that threshold.

You seem to think that people use foreign bank accounts only to stash money.  That's not true.  What about a US embassy worked who makes 75K per year and just needs a farking bank account.  He will never trigger that 50K, but that doesn't matter.  The bank doesn't know if he has other assets and will send them in at some point, so everyone is treated as someone who can potentially trigger the paperwork.
 
2014-01-22 11:24:35 AM

DROxINxTHExWIND: serial_crusher: DROxINxTHExWIND: BiffDangler: Thank God.  I live overseas mostly and this law is the biggest pain in the ass in the world.  In short, nobody wants to do business with me.

I own a restaurant in a Central American company and all the bank accounts are in my partner's girlfriends name... yes of course she can steal anything.  I have been trying to get my own bank account for 6 months (I think I'm almost there).

This law blows.  Even US embassy workers have trouble getting bank accounts in the countries they live in.

If you were some bank in Europe, Africa, Central America, wherever it is much easier to just not have US clients then it is to comply with this bullshiat.


Yeah, its MUCH easier for a bank to just turn away Billions of dollars that they can reinvest than it is to so some extra paperwork.


/You all sound crazy.
//The banks will adjust...or they just won't comply.
///But NO ONE want to be on the Office of Foreign Assets banned entities list.

If he's a restaurant owner with billions of dollars, his restaurant is probably a drug front.

Billions is from all US customers that they are supposedly going to turn away, smart guy. Not his apparently very successful resturant that has more than $50k in cash sitting in some chick's account...according to him.


If I do 1 minute worth of work for 1 billion people and charge them $1, I'll make a billion dollars!
The 2000 man-years that it would take to get the work done doesn't really make it cost effective though.

Same deal here, different numbers.  Not worth the bank's time to deal with those clients.
 
2014-01-22 11:28:23 AM

BiffDangler: DROxINxTHExWIND: Billions is from all US customers that they are supposedly going to turn away, smart guy. Not his apparently very successful resturant that has more than $50k in cash sitting in some chick's account...according to him.

It's not a very successful restaurant.  It makes about 3 grand per month.  But the point is the bank's don't have any idea how much money you will put in an account once you open said account.  So they treat everyone the same... as an american who might fail to report income on his taxes and then bring the shiatstorm of the IRS down upon them.



Sir, you're making shiat up now. A BANK doesn't keep track of how much money you deposit into an account?? They'll penalize you if you allow your balance to get below a certain predetermined amount. They ALWAYS have a record of how much money you have because it;s the money that THEY are using to make more money. If the American fails to report their income the IRS catches it when they receive the statement from the foreign bank. The bank would not be in nay trouble. They're HELPING. The real problem is that the requirement puts the bank in a tough spot with its customers who DON'T want to report their income. Do they snitch and possibly lose the customers deposits or do they fight the requirements? This isn't some noble attempt by banks to protect their custimers or reduce overhead. Part of the benefit of having your money in a bank that is thousands of miles away is the protection against taxes. If that incentive is lost, so are the customers. Banks are not turning away big money clients to avoid paperwork. They're fighting FOR them. And if you think you get treated the same as a guy with 17 million in the bank, youre delusional.

So what happens is if a couple of Americans at said bank cheat on their taxes, or the bank farks up their paperwork, then the US comes in and demands that the bank provides them info on all of their customers or face all sorts of problems.  Well, what do you think the locals do when they hear that?  They don't want the US snooping in their affairs.  They pull out the money and boom the bank is kaput.

That is why the foreign banks don't want US customers.  It's not their farking job to police US citizens tax issues.



The US is trying to police the us citizens. That is the purpose of the requirement. The banks are not being asked to penalize anyone or to investigate anything. They are being asked to send a list of customers with $50K in their accounts. The US does the policing from there.
 
2014-01-22 11:31:47 AM
serial_crusher:

If I do 1 minute worth of work for 1 billion people and charge them $1, I'll make a billion dollars!
The 2000 man-years that it would take to get the work done doesn't really make it cost effective though.

Same deal here, different numbers.  Not worth the bank's time to deal with those clients.



That is a stupid analogy with no basis in fact, no relevance to the current discussion, and the conclusion is not supported by anything in the scenerio.
 
2014-01-22 11:33:58 AM
Ask any "US person" across any income range (which means Green Card holder or American) outside of the US and they will tell you that the IRS rules for expats and the FATCA rules are an abomination.
And just a minor detail, FATCA kicks in when you have a balance of more than $50,000 at the end of the tax year or have had transactions worth more than $75,000 in the tax year.
In other words, if you receive a regular foreign income into a foreign account you need to report back to the States.

/facts, we don't need no stinking facts
 
2014-01-22 11:35:46 AM

Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad. It's like this shiat is written just to be easily repealed, how hard is it to just target people with a shiat ton of money who are playing games with it.


If they are hiding all their income abroad in banks, how do you know without investigating which of them have a shiat ton of money and which ones don't?
 
2014-01-22 11:39:09 AM

DROxINxTHExWIND: The US is trying to police the us citizens. That is the purpose of the requirement. The banks are not being asked to penalize anyone or to investigate anything. They are being asked to send a list of customers with $50K in their accounts. The US does the policing from there.


Asked is the wrong word.  The fact remains that they are afraid their bank will be destroyed if they take on US customers
 
2014-01-22 11:39:44 AM

someonelse: Headso: someonelse: Headso: I remember NPR did a story on this law a while ago and how it is a pain in the ass for even middle class people that happen to be living abroad.

FTA: FATCA requires most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers' accounts worth $50,000 or more.

banks won't touch an Americans because of the rules, and really come on man having 50k in savings doesn't give you baller status.

I'm not denying that foreign banks are hesitant to work with Americans; I don't know enough about it to have an opinion. But you said "middle class" and I don't see how this applies to the middle class particularly. We're talking $50,000 in savings, not assets.


You are forgetting about those middle class people making $180k per year from their investments, I bet some of them have more than $50k in savings:

http://www.huffingtonpost.com/2013/01/16/wall-street-journal-middle- cl ass_n_2488893.html
 
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