Senator Rand Paul Introduces Bill To Repeal Fatca

[mania]

Fingers crossed

Senator Rand Paul Introduces Bill to Repeal FATCA

[IAMSOBAD]

All US Citizens should write their elected officials to stop FATCA.

IT SUCKS!!!!

[yoshiwara]

Dead in the water.

[lannarebirth]

Good for Senator Paul for taking a principled stand. It is a terribly flawed law and it will only serve to entrap the law abiding, while at the same time making them into financial pariahs globally. I don't know if he will succeed but I hope he does.

It is increasingly clear to everyone that FATCA has almost nothing to do with curbing actual “tax evasion” and everything to do with massive unintended consequences that will lose money for the federal treasury.

Tax evaders will not be self incriminating themselves. It will only be the law abiding that get caught up in the bureaucratic machinery that will suffer from this poorly thought out and implemented piece of legislation.

[Jingthing]

I hate it when I agree with Rand Paul. I need a drink!

[Pib]

Dead in the water.

Concur, not to imply I like all provisions of the FATCA.

[CaptHaddock]

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

[samran]

When I skimmed the headline I read it as "Senator Rand Pail Introduces Bill to Repeal FACTS".

Presumed it was an article written for The Onion or some other publication.

[yoshiwara]

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Very popular with the Unabomber crowd.

[mania]

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Very popular with the Unabomber crowd.

Yosh

You have morphed into the Henny Youngman of this forum trashing any thread you touch

with your wealth of nothing

Would be interesting to know if any of the last few posters are even Americans who deal with FATCA, FBAR etc.

Actually who cares

Also some of you might want to check your facts about FED & Gold standards as you may be confused, again,

This is Rand Paul not Ron Paul, not that Ron Paul was ever really for a gold standard either not that it matters.

But aside from that, what the heck difference would any of that make in regards to a bill proposing to do away with some

useless paper weights?

I think it is

Sometimes Always better to add nothing to a thread when you have nothing to add.

Edited May 11, 2013 by mania

[CaptHaddock]

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Very popular with the Unabomber crowd.

Yosh

You have morphed into the Henny Youngman of this forum

Ba rump bump!

[BangkokHank]

If the US has the right to do this, then every other country in the world has the right to do the same thing. How will it work, then, if every bank in the world has to send this information about every foreign customer to their government, which then has to send this information to the governments of all of the countries of their foreign customers? It would be a bureaucratic nightmare. Or more likely, banks around the world will simply stop taking foreign customers. And where will that leave those of us who choose to live and work in foreign countries?

[Naam]

Dead in the water.

[Naam]

Good for Senator Paul for taking a principled stand. It is a terribly flawed law and it will only serve to entrap the law abiding, while at the same time making them into financial pariahs globally. I don't know if he will succeed but I hope he does.

It is increasingly clear to everyone that FATCA has almost nothing to do with curbing actual “tax evasion” and everything to do with massive unintended consequences that will lose money for the federal treasury.

Tax evaders will not be self incriminating themselves. It will only be the law abiding that get caught up in the bureaucratic machinery that will suffer from this poorly thought out and implemented piece of legislation.

my crystal ball says that this kind of FATCA will catch up with all of us non-Americans. to experience it we just have to live long enough because it's just a matter of time.

most of you are not aware that the "tax data banking secrecy" dominoes are not only falling in Europe with exponential speed but it has started in far away places too.

[Suradit69]

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Well it doesn't mean he's 100% wrong on everything, just 99.9%, this issue being the rare event when he's correct. Nobody's perfect.

Edited May 11, 2013 by Suradit69

[Suradit69]

If the US has the right to do this, then every other country in the world has the right to do the same thing. How will it work, then, if every bank in the world has to send this information about every foreign customer to their government, which then has to send this information to the governments of all of the countries of their foreign customers? It would be a bureaucratic nightmare. Or more likely, banks around the world will simply stop taking foreign customers. And where will that leave those of us who choose to live and work in foreign countries?

What you view as a burden on the banks they will probably regard as an opportunity. Once they figure out the cost of compliance, they'll add direct fees to affected customers of treble that amount and/or a % charge for every transaction (like many credit card companies now do) and/or hold your funds in limbo for several weeks during which time they have free use of them (as PayPal now does).

Someone will probably make a bit of software that will do all the needful at little cost and trouble, but the banks will continue all of the above charges regardless. Subsequent glitches in said software will incorrectly target people who will then go on no-fly lists and who will be detained as airports, which will lead to increased departure taxes and airline service fees.

[Pinot]

Suradit69, on 11 May 2013 - 21:45, said:

CaptHaddock, on 11 May 2013 - 09:30, said:

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Well it doesn't mean he's 100% wrong on everything, just 99.9%, this issue being the rare event when he's correct. Nobody's perfect.

Even a broken clock is right a couple times a day. He's an idiot.

[Time Traveller]

Suradit69, on 11 May 2013 - 21:45, said:

CaptHaddock, on 11 May 2013 - 09:30, said:

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Well it doesn't mean he's 100% wrong on everything, just 99.9%, this issue being the rare event when he's correct. Nobody's perfect.

Even a broken clock is right a couple times a day. He's an idiot.

Not an idiot - he's a libertarian. A different political philosophy from the Statism, Corporatism, Warism and trillion dollar a year deficit policies of the Republican and Democrat parties that you apparently feel comfortable with. Edited May 12, 2013 by Time Traveller

[Pib]

Rand Paul definitely has some libertarian views but he ran as a Republican and still is a Republican, not to imply that is good or bad.

[carken]

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Yeah the only thing abolishing the Fed and going back on the gold standard would do is save America for being raped pillaged and burned by the corrupt criminal slimy bankers ...... boy we sure don't want that to happen now do we!!!

[CaptHaddock]

Paul also wants to abolish the Fed and put the US back on the gold standard. Uh-huh.

Yeah the only thing abolishing the Fed and going back on the gold standard would do is save America for being raped pillaged and burned by the corrupt criminal slimy bankers ...... boy we sure don't want that to happen now do we!!!

Your subtle grasp of the complexities of the US monetary system is impressive, in its way.

[IAMSOBAD]

Some ideas please....Besides digging a hole and hiding cash or buying THAT BAHT GOLD...anyone know of a place to PARK cash besides a Thai Bank that soon will be report every cent over 10K?

What about SET? any good ideas?

In or out of Thailand doesn't matter.

Sent from my GT-N7000 using Thaivisa Connect Thailand mobile app

Edited May 13, 2013 by IAMSOBAD