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So, what does FATCA mean?

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  • So, what does FATCA mean?

    http://www.reuters.com/article/2014/...A2N1N120140324

    This is a new law that affects taxes, I think, in that offshore banks have to report to the irs, any American offshore account that exceed 50,000 bucks.

    So it looks like Obama is going after tax evasion, by the rich.

    Will this affect our economy? Or is it totally unrelated to our economy?

    Can we expect congress to create new irs codes, for these rich folks who use offshore banks to avoid paying their taxes? Perhaps that is already in the works?

    Should we have done this? And if not, why?

  • #2
    Re: So, what does FATCA mean?

    Originally posted by Blue Doggy View Post
    http://www.reuters.com/article/2014/...A2N1N120140324

    This is a new law that affects taxes, I think, in that offshore banks have to report to the irs, any American offshore account that exceed 50,000 bucks.

    So it looks like Obama is going after tax evasion, by the rich.

    Will this affect our economy? Or is it totally unrelated to our economy?

    Can we expect congress to create new irs codes, for these rich folks who use offshore banks to avoid paying their taxes? Perhaps that is already in the works?

    Should we have done this? And if not, why?
    The wealthy will just find foreign banks that have no interest in bowing to demands of the IRS and they will become vastly wealthy for it.

    מה מכילות החדשות?


    • #3
      Re: So, what does FATCA mean?

      No... from your own link:
      A new U.S. anti-tax evasion law, set to take effect on July 1, will encounter "inevitable glitches," said the head of the U.S. Internal Revenue Service on Monday, adding that the IRS will be sympathetic to banks doing their best to comply.

      מה מכילות החדשות?


      • #4
        Re: So, what does FATCA mean?

        Originally posted by OldmanDan View Post
        The wealthy will just find foreign banks that have no interest in bowing to demands of the IRS and they will become vastly wealthy for it.
        You mean like in Iran? I think they have been sanctioned in that area, their financial structure.

        But you are probably right. They will just have to find other banks overseas that are not covered by this deal.

        I don't know much about it, but one wonders if the MNCs who hold their dollars in banks overseas were one of the targets? Probably not.

        מה מכילות החדשות?


        • #5
          Re: So, what does FATCA mean?

          Originally posted by tsquare View Post
          No... from your own link:
          I would imagine some of those glitches are "planned" LOL.

          Someone will have to be affected , out of those people that try to hide money from the infernal revenue service. And I bet the "glitches" won't be viewed in the same light as their own glitches, i.e. lost emails.


          But I would imagine glitches are just part and parcel of new age communication, but at some point, they will not be so well tolerated.

          The rich have always tried to stay one step ahead, to keep from paying taxes. Me on the other hand, I never had the money to pay someone to keep me ahead. Most people don't in the small business community.

          Not much a really rich feller can't buy. They have historically bought loopholes not available to us small folks. And that will never end, IMO. Big money has its own power to get special treatment.

          מה מכילות החדשות?


          • #6
            Re: So, what does FATCA mean?

            Originally posted by Blue Doggy View Post
            I would imagine some of those glitches are "planned" LOL.

            Someone will have to be affected , out of those people that try to hide money from the infernal revenue service. And I bet the "glitches" won't be viewed in the same light as their own glitches, i.e. lost emails.


            But I would imagine glitches are just part and parcel of new age communication, but at some point, they will not be so well tolerated.

            The rich have always tried to stay one step ahead, to keep from paying taxes. Me on the other hand, I never had the money to pay someone to keep me ahead. Most people don't in the small business community.

            Not much a really rich feller can't buy. They have historically bought loopholes not available to us small folks. And that will never end, IMO. Big money has its own power to get special treatment.
            You can bet they won't be querying banks in Fiji where the Kennedy's hide their money.

            מה מכילות החדשות?


            • #7
              Re: So, what does FATCA mean?

              Originally posted by OldmanDan View Post
              The wealthy will just find foreign banks that have no interest in bowing to demands of the IRS and they will become vastly wealthy for it.
              Originally posted by OldmanDan View Post
              You can bet they won't be querying banks in Fiji where the Kennedy's hide their money.
              Yeah. I guess we should just give up on going after tax cheats and bankers malfeasance.
              Oh.
              Or not. The French bank BNP Paribas just paid an 8.8 BILLION dollar fine for bank transactions using US dollars with countries that the US has an embargo on.
              You honestly think that the US govt should not be going out for tax cheats that are criminally withholding millions of dollars that they owe?

              מה מכילות החדשות?


              • #8
                Re: So, what does FATCA mean?

                Originally posted by Blue Doggy View Post
                http://www.reuters.com/article/2014/...A2N1N120140324

                This is a new law that affects taxes, I think, in that offshore banks have to report to the irs, any American offshore account that exceed 50,000 bucks.

                So it looks like Obama is going after tax evasion, by the rich.

                Will this affect our economy? Or is it totally unrelated to our economy?

                Can we expect congress to create new irs codes, for these rich folks who use offshore banks to avoid paying their taxes? Perhaps that is already in the works?

                Should we have done this? And if not, why?
                This is not really all that new, just a condition of the environment. When you chase off wealth, you tend to create even more law to get it back. It should be moderately successful with offshore banks that are willing to be compliant, others...

                I suspect this will not to all that much economically but perhaps push wealth to even more secure locations outside of US reach.

                מה מכילות החדשות?


                • #9
                  Re: So, what does FATCA mean?

                  Originally posted by Sluggo View Post
                  This is not really all that new, just a condition of the environment. When you chase off wealth, you tend to create even more law to get it back. It should be moderately successful with offshore banks that are willing to be compliant, others...

                  I suspect this will not to all that much economically but perhaps push wealth to even more secure locations outside of US reach.
                  I suspect this is mostly for show. If the Democrats are any less beholden to the uberwealthy than the Repubs are it is only marginally so. And let's not forget that 9 out of 10 drug traffickers prefer the US when it comes to laundering their ill-gained loot.

                  מה מכילות החדשות?


                  • #10
                    Re: So, what does FATCA mean?

                    Originally posted by Pogo View Post
                    I suspect this is mostly for show. If the Democrats are any less beholden to the uberwealthy than the Repubs are it is only marginally so. And let's not forget that 9 out of 10 drug traffickers prefer the US when it comes to laundering their ill-gained loot.
                    Yeah, there are loads of very wealthy dems, and as it is on the repub side, these people are coddled. So mostly for show. Kinda like immigration occasionally raiding a business looking for illegals. Lip service, to make people think they are trying to enforce the laws. Mostly theater perhaps. Which is what DC is really good at doing.

                    מה מכילות החדשות?


                    • #11
                      Re: So, what does FATCA mean?

                      Originally posted by Pogo View Post
                      I suspect this is mostly for show. If the Democrats are any less beholden to the uberwealthy than the Repubs are it is only marginally so. And let's not forget that 9 out of 10 drug traffickers prefer the US when it comes to laundering their ill-gained loot.
                      Of course it is for show, but it will have some effect with those institutions that are willing to be compliant with US law.

                      The bigger issue here is why we are at this point, economically and by policy we have made enough mistake to create the situation where wealth is looking for offshore storage location. More troublesome, wealth is looking for tax avoidance telling us our tax policy is a joke.

                      מה מכילות החדשות?


                      • #12
                        Re: So, what does FATCA mean?

                        Have not the rich always tried to hide income, or take it out of the taxation? Perhaps with globalization more avenues were opened up? Its like water in a bucket that develops a hole. The water will naturally escape the enclosure. The more holes, the more that escapes.

                        People that are driven to make a lot of money also perhaps hate even losing a dollar of it, to taxation.

                        Just trying to bring the human element in it, as we can't ignore that.

                        מה מכילות החדשות?


                        • #13
                          Re: So, what does FATCA mean?

                          Originally posted by Blue Doggy View Post
                          Have not the rich always tried to hide income, or take it out of the taxation? Perhaps with globalization more avenues were opened up? Its like water in a bucket that develops a hole. The water will naturally escape the enclosure. The more holes, the more that escapes.

                          People that are driven to make a lot of money also perhaps hate even losing a dollar of it, to taxation.

                          Just trying to bring the human element in it, as we can't ignore that.
                          Yes and Yes. More importantly what globalization did was open up the mechanisms for wealth to find business investment. The more that happens, the more governments tend to want a cut of it.

                          Taxation is not the issue, out of balance taxation is the issue (both domestically and internationally.)

                          מה מכילות החדשות?


                          • #14
                            Re: So, what does FATCA mean?

                            Originally posted by Sluggo View Post
                            Yes and Yes. More importantly what globalization did was open up the mechanisms for wealth to find business investment. The more that happens, the more governments tend to want a cut of it.

                            Taxation is not the issue, out of balance taxation is the issue (both domestically and internationally.)
                            Isn't this really the same sort of thing as overseas cheap labor? Labor costs yielded less profit here in America for corporations, and tax rates in other places is lower. So, this drove both to offshore?

                            So, changes in economic model and policies, opened up the entire world to American business and investors, even more so than it had ever been in the past. And this is driving the demise of the middle and working classes? I think this happens when only profit is of importance, and nothing else, including the nation. Like the water in the bucket, the more holes you punch in it, the more of the water that escapes. If the holes are not plugged up, eventually there will be very little water in that bucket for the people to get a drink. Since we must have water to survive, just like income, yeah, this seems to be a decent analogy.

                            Now for this old time liberal, this looks like insanity. At least from the point of view of the majority of people that make up this nation or ours.

                            What would help out of course, would be very low taxation in the single digits for corporations and investors, and to pay our workers along the lines of the Chinese. But then America would look similar to places like china, in so far as working people are concerned.

                            The pressure that the people in America are under, is this very pressure. I just don't think the solution lies in this, unless we are seeking a solution to help out the rich.

                            מה מכילות החדשות?


                            • #15
                              Re: So, what does FATCA mean?

                              Originally posted by Sluggo View Post
                              Of course it is for show, but it will have some effect with those institutions that are willing to be compliant with US law.

                              The bigger issue here is why we are at this point, economically and by policy we have made enough mistake to create the situation where wealth is looking for offshore storage location. More troublesome, wealth is looking for tax avoidance telling us our tax policy is a joke.
                              The answer lies in the fact that the income tax came into being as a direct result of the creation of the Federal Reserve System -- and the solution is glaringly obvious.

                              מה מכילות החדשות?

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