IRS to Expand Financial Surveillance With Crackdown On Offshore Accounts
Crackdown will completely destroy financial privacy
Kit Daniels
Prison Planet.com
May 6, 2014
A U.S. tax law taking effect this summer will completely destroy financial privacy in America by forcing many Americans to keep their investments inside the U.S. where they can be easily monitored by regulators.
Set to begin July 1, the Foreign Account Tax Compliance Act (FATCA) grants the IRS broad powers to coerce foreign financial institutions (FFIs) to snitch on their American clients, effectively turning them into agents of the IRS.
But the law has nothing to do with tax evasion whatsoever.
Rather, by scaring FFIs away from doing business with American investors, it will force many Americans to keep their investments inside the U.S. where they are more easily monitored, according to Porter Stansberry, the founder of the Stansberry & Associates Investment Research Conference.
“[FATCA] is all about the record-keeping that is required and the requirement that these banks [FFIs] withhold taxes from any transaction,” he said yesterday on the Alex Jones Show. “And there is just no way that they can meet these requirements.”
“The government knows that, of course, so what it’s doing is forcing a lot of investment in U.S. dollars back into domestic banks.”
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