in today’s news…
Obama and his team are “cracking down” on tax evaders and are considering asking for the private details of millions of foreign customers who hold bank accounts in US Banks. Understand that this would only effect wealthy foreign individuals and companies that hold US accounts.
FATCA (Foreign Account Tax Compliance Act ) maintains that non-US banks and investment funds inform the IRS about accounts exceeding $50,000.00. This creates a HUGE privacy issue for the effected countries in question (Switzerland, France, China, Mexico, Germany, etc) who have a pretty big “NO SNITCHIN” rule with their clients.
The US says this is a move to combat offshore tax evasion, and will blacklist, sanction and fine anyone who does not comply (they already shut down Wegelin & Co., a Swiss bank, after they refused to snitch, but couldn’t pay the fines amounting to 57.8 million dollars. Yes shut down, as in they went out of business).
The Swiss Federal Data Protection and Information Commissioner calls this a “unilateral” invasion of privacy. (in other words …it’s some Big Brother BS). All the other countries are crying “foul” publicly as well but are working with the US government behind closed doors to come to an agreement to hand over the details of their transactions.
Now the “average” American barely has 500 in a regular checking account, let alone having $50k in multiple banks, so for now this is a rich people “mo’ money mo’ problems” issue.
Hell, the IRS audits our poor asses all day and night. Can’t be mad at Obama for this one… for now.