armstrongeconomics.com / by Martin Armstrong / Aug 3, 2017
We have a very serious problem with Congress. Their actions in far too many ways is displaying (1) a total disregard for international law, and (2) a clear arrogance that they will punish foreigners for not obeying US law. Congress has been on a path of IMPERIALISM since the Obama Administration and it began with taxes. Even John McCain supported a law which thankfully failed that would have required every business to collect the sales tax of every state and remit it to them monthly. You cannot imagine how that would have destroyed small business with legal and accounting fees subjecting them to outrageous penalties for a single mistake. Then came FATCA. Congress has single-handedly destroyed the ability of American small business to grow internationally. The assumed that if an American had any account outside the USA it was to hide money. Since they did not trust the people, they imposed harsh penalties upon any foreign institution that did not REPORT to the United States what any American was doing overseas. An American can no longer open offices overseas for no institution will accept a business account from an American no matter how legitimate because if they FAIL to report what the American is doing, the institution;s assets in the United States can be seized by the government. The risk is far too high so no American or dual citizen can now open a bank account in Europe or Asia reducing American economic expansion.
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