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It Begins: IRS Launches International Data Exchange Service
Submitted by Simon Black via Sovereign Man blog,
Yesterday, the IRS announced the International Data Exchange Service.
If you’ve not heard of it, it’s is an outgrowth of the Foreign Account Tax Compliance Act (FATCA), which requires every single bank in the world to get in bed with IRS to share information about customers.
We’ve said this over and over, FATCA is probably the dumbest law in the history of the United States. And I don’t say that lightly, because there’s definitely stiff competition.
Like any other bankrupt government, the US government has taken to intimidating its own citizens and the entire world in an attempt to make ends meet.
Their hope was that the minority of people committing tax evasion would come clean and that it would result in some huge boost in tax revenue.
But the fact is that tax revenues actually haven’t improved at all.
Looking at tax revenue as a percentage of GDP, the numbers haven’t budged at all from their long-term average. Not a single bit.
So in actuality, FATCA has done nothing positive for America.
That said, FATCA has managed to destroy what little remaining credibility the United States government still had.
Bear in mind these people have spied on their allies, dropped bombs by remote control, and force fed people negative real interest rates and $18 trillion in debt.
But if that weren’t enough, FATCA goes after foreigners with absurd logistical challenges, commanding every single bank on the planet to comply.
Here’s the ultimate irony: there are nations in this world that are not recognized by the United States. The Turkish Republic of Northern Cyprus. Abkhazia. Etc. Yet banks in these regions still have to sign up with the IRS.
It’s like– you don’t exist. But you must still comply.
The IRS tells us that so far more than 145,000 financial institutions have already signed information-sharing agreements.
Now with yesterday’s launch of IDES they have an online platform to invade customer privacy at every one of those banks. This is a terrible trend.
I was talking to Jim Rickards the other day, author of both Currency Wars and The Death of Money (both excellent books).
He was telling me how decades ago he could ring up a bank and open an account over the phone in just a matter of minutes.
Now, because all these governments are bankrupt, banks have become unpaid financial spies required to treat customers as if we’re criminal terrorists.
The lifeblood of capitalism is capital, and banks are supposed to be the responsible stewards of our capital.
So by obstructing the ability of banks to engage in commerce, the US government is grinding down the pitiful remains of global capitalism down to the mere punch line.
This has consequences.
Perhaps more importantly, and the reason we think FATCA is the dumbest or at least the most destructive law in US history, is that it provides an enormous incentive for the rest of the world to simply avoid dealing with the United States.
There’s no bank on the planet that likes FATCA.
The only reason they comply is because the US has a nuclear option: sign up for FATCA or else we’ll withhold 30% of all transfers that go through the United States.
This is a big deal for banks.
Since the US dollar is the world’s dominant reserve currency, the majority of global transactions are denominated in US dollars and cleared through the US banking system.
This makes the US banking system critical to global finance. And it has long been a major advantage to the United States.
You would think that a government entrusted with such an awesome responsibility, from which it has benefitted for decades, would treat this advantage with dignity and care.
But no. Instead, the US government has turned its banking system into a weapon with which it threatens the entire world.
It doesn’t take a rocket scientist to realize that the rest of the world is one day going to create its own alternative system. One that would no longer rely on the US dollar.
Oh wait– they’re already doing that.
With FATCA, the US has shot itself in the proverbial foot. They’re practically begging the world to please take away its last remaining financial advantage.
And the rest of the world is listening.
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Just another tentacle for the squid, not really a shocker.
The punch line is that they will spend millions to collect thousands. It wouldn't surprise me in the least if they spent more money chasing people down and with court costs than they are actually able to get from people.
> banks have become unpaid financial spies
Unpaid?!?!
> The punch line is that they will spend millions to collect thousands.
The goal is not to raise funds for government coffers (i.e. revenue - expenses), instead the goal is to service and grow the bureaucracy.
My bank told me to keep it under the limit so that they don't have to deal with it. When banks don't want you to store money in them it is just a race to the bottom.
What is the limit?
Another non-US dollar dependent system will only be created when the squid chooses to. And by then it will have positioned itself to profit from both sides of the trade.
Amazing... yet they don't have a way to backup their own emails.
We are suffering the tyranny of the incompetents. I'm not sure how one would go about countering this other than simply not doing anything. Perhaps that is the real solution.
if only there were some other way fedgov could raise money
Remember what Princess Leia said: The more you tighten your grip, Tarkin, the more star systems will slip through your fingers.
IRS has a solution for that. The International Data Exchange Service will soon be merged with the DoD ForceNet to become SkyNet.
.
To anyone with half a brain the limit should be whatever you can keep under your mattress.
The limit is 10k....
"What's the limit?"
In Canada it's fifty thousand on deposit in a Canadian bank.
Inquiring minds want to know: WHAT IS THE LIMIT?
You talking cash transactions or what?
Inquiring minds want to know: WHAT IS THE LIMIT?
You talking cash transactions or what?
"...in an attempt to make ends meet."
They aren't trying to make ends meet. That's just a silly statement.
The goal is to keep the serfs afraid and in line. It doesn't matter how much it costs.
Bingo. It has nothing to do with money, and everything to do with control.
"It wouldn't surprise me in the least if they spent more money chasing people down and with court costs than they are actually able to get from people."
Well, yeah, because they're going after some orthodontist looking to shelter $50,000 or a smallinvestor looking to diversify a fration of his retirement out of the imploding US stock and bond market.... Meanwhie they're letting corporations play all kinds of games to avoid paying the hundreds of millions they rightfully owe and even REFUNDING past taxes. C'mon.... a company like GE pays NOTHING? Billionaires stash fortunes offshore and legally avoid taxes on hundreds of millions while they squeeze flea market vendors for dimes and go after grandmothers selling crap on eBay.
They're trying to squeeze the last cents from from pebbles while ignoring the diamonds. It's always different for the very rich.
+ One KaBillion !!!... :o)
Diminishing returns, Greenskeeper. Wanna play?
FATCA: the Smoot-Hawley tariff of our day.
lol. Nice quote. ;-)
The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), otherwise known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was an act sponsored by Senator Reed Smoot and Representative Willis C. Hawley and signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels.
Personally, I wouldn't mind some more protectionism in some areas though.
Yeah, but this time it's a tariff on taking your money out of the country (nearly an outright prohibition), rather than a tax on overseas goods coming into our country.
I know, just wanted to make sure you understood your statement. There's always been taxes on income earned overseas for U.S. citizens. Now the IRS is attempting to enforce the codes.
They will fail miserably, and alienate the USD even more.
FWIW, I don't know of another country that taxes income earned outside of their sovereign borders or territories, other than the USA.
There is one other country that taxes citizens on overseas income...Eritrea!
Thanks. lol
All those Illegals lining up for their new 'shackles & chains' makes me laugh. ;-)
This is an endless cost pit.
Just change the US tax system into something verifiable and collectable....
It would be half the tax and far more fair.
Think of the GDP pop that would occur as we don't spend 10-20% of our GDP avoiding taxes.
Be real interesting to know what kinds of backdoors are in that software tying 145000 overseas banks to the US Treasury. And whether or not the stream goes BOTH ways or not.
Dumbest law in the history of the United States?
Not if you're the IRS!!
Why should they give a shit? Everyone keeps obeying them just the same.
It's the suspense that's soul-crushing. Why don't they get it over with and declare everyone a servant of the Empire? The people will fall in line.
This is not the law. This obituary for SWIFT.
It's "make ends meat"
Jeez.
Hmmmm....
The IDES of March coming?
Yup, shotgun to the feet.
Next step is to get rid of paper and coin currency, then outlaw precious metals transactions.
Get everything into the binary databases and 100% traceable and confiscate-able.
Black market, barter, and reserve currency destroyingly bullish.
Interesting. History is pretty clear in that it would be easier to try and outlaw gravity.
we saw the crime wave that Prohibition unleashed... can't wait to see what outlawing _cash_ would do lol...
Hope you've got cigarrettes on this prison planet.
eCurrency allows tracking of firearms purchases, even private sales. Big win for the statists.
Good luck with that one.
"Lotta coastline in the USA."
Good article but it sounds like the Banks have the problem here...not the Government. Hence "don't ask for the Government's help unless you are prepared to accept it."
rule #1
Get the fuck out of the USA
rule #2
get your assets out of the USA (by yourself without paying Simon)
Rule #3 CASH and GOLD AND SILVER and local investments non FUCTA
Rule #4 If I told you I would have to kill you!!
Suerte amigos!!
"Get the fuck out of the USA"
I don't think you understand. If you are a U.S. citizen, you are the property of the U.S. government. You can go where you will; they still own you. FACTA is only the start. Soon U.S law will be applied through out the world. Submit slave!
Why leave the USA? I am going to stay and fight/die until the end. My grandfather fought in WWII to keep this country free. The USA needs about III% of males in this country who still have their balls attached to stand up and fight when the times comes. It is coming soon.
If you are in the drivers seat, it is stupid not to drive.
What good is power if you can't abuse it?
I had two bank accounts down here in Colombia at one time...now zero accounts..it just became such a hassle to have them....every month you had to prove where your money came from.....and they fee you to death....but many Colombians have USA accounts......now that is the scam..
US banks LOVE all that cash from places like Colombia..... NO QUESTIONS ASKED - despite US laws....bwahaaaaaaa
why not just get large american multi-nationals like GE to actually pay their tax instead of off shoring it through loop holes designed for their benefit?
Because the banks/insurers/corporations run this country, but I bet you knew that.
At least the debt serfdom plantation has a pretty flag; not crazy about the national anthem though, too hard to sing.
GE doesn't pay taxes they collect them.
Well what if the IRS goes to collect and there is no money there?
"Criminal indeed" comes to mind.
Why not get America to not tax money that isn't earned in America. Like the rest of the world.
fair enough, if said corporations didn't create a myriad of off shore tax shelters in shell companies that meant no countires of origin were getting any tax then you'd have a point but as it goes in reality no countries are getting any tax benefit from multi-nationals other than income tax from employees. The corps themselves are just harvesting resources and pocketing all the profits without any sharing of the wealth. A.f.r.i.c.a *cough* because they're able to play the country of no origin game as multi's, yet many origiante in the nSSA, or move to Dubai after a good ass raping - see Cheneyburton
Why not make sure when there is money being exchanged there is actual money being exchanged?
We don't have enough money to process your income tax returns in a timely manner because we are tracking down your Cayman Islands off shore account....
Or using the agency as a political weapon and deleting incriminating emails.
I find it shocking that an alteranative payments systems hasn't been created outside of the US and unknown to the US that has not yet been deployed. Someone had to have seen the downfall of the dollar coming...not just us tin foilers on ZH>
NSA and democratic bombs and drone strikes...
They are already on top of that one......
http://www.zerohedge.com/news/2014-09-10/what-petrodollar-russia-china-c...
I imagine soon they will regret that whole FACTA bullox they cooked up, what a massive PITA.
Just use cash.
"Just use cash"
That will work until a cop stops you for a broken tail light and ends up taking everything you have through asset forfeiture.
And when that happens, get as much info on the cop as possible.
Wait a few years and then go after him/her. Start with killing the dog and move up from there.
Isn't there something coming up in May - a SWIFT-like system with Vlad & Xi...?
IRS??? What is that ???
Stay out of banks. Cover what you need to cover.
Your ACA billions at work. Time to kill the machines.
You have a choice of just walking away from the USA, undergoing no formal parting of the ways, and never visiting again,
OR
You submit to the official USofA renunciation process, pay the nominal $2300 "get out of USA" fee, settle any and all back taxes due with penalties and interest, plus pay capital gain tax on all unrealized gain on everything you own. Then, hope the USG will see fit give you a visa for visits.
It can be a tough call. The key thing is to get the fuck out of the USA, by whichever route, while you are young (if really enjoy "first person shooter" games, though, staying on might be fun). Unless the Singularity arrives to rapture good Amuricans into their own Virtual Kalifornias, the future in Amurica only looks bright for certain special classes of grifter and stooge.
Addendum: At the moment, you can still ditch the USA with a plausible business plan, $20,000, and a firm committment to learn Estonian. Lots of blondes.
Will Washington’s next partisan fight will really be about immigration, amnesty and terrorism?
they left off the T at the end
another job works program if u ask me...
Land of the Free.
Ayup.
Raw Video Austin IRS Building Moments After Plane Crash | 2010
IRS forgot to mention a gentlemen who flew his personal plane into the office that was harassing him. After 5 years, the muppets forget stories like this.
it took them forever to get that cleaned up, too... saw it on my way to work every day... you can't ban gasoline and crazy and one day it shows up to bite you in the ass, hard...
Zero percent interest rates and $18T in debt aren't the only things that have been force fed. Let's not forget the anal cavities...
This is a must watch if you have not seen this 60 Minutes report...fake income tax returns and the IRS can't get a handle on it. Come to find out you can file a fake return and there's about a 40% chance it will pay off as you can use any name with a social security number, their systems don't check!!!
http://ducknetweb.blogspot.com/2014/09/one-more-reason-to-license-data.html
It's the story of hospitals in Florida, all inside jobs, selling medical records for that purpose. The thieves themselves talk and tell you how it's done. Even more shattering to hear is that Holder himself has been the victim of fake tax returns..is there not anything that can stir him at times, you might wonder:)
Isn't this great, more flawed data out there to circulate. As customers we can be chased all over the place now with flawed data.
I'm going to file as Eric Holder Gonzales.
It'll sail right through.
It's actually quite easy. Really.
Sell your primary house for more than you paid in another country and the US still wants fucking tax on it.
It's not just the US the EU is going down a similar path.
One would think many wealthy people have removed assets from the equation prior to the inception of these programs. Off the books, out of mind......
We are retired expats, very middle class. All of these rules/paperwork really do affect the quality of our lives. Not only do the US financial institutions treat us like criminals, the local financial institutions are starting to want nothing to do with us. It is interesting to me that the US has no interest in such things as precious metals or real estate. I can accept that we should pay the US taxes on the US retirement accounts we have - but it irks me that we need to pay them on the interest we make on our foreign bank accounts - when a local doesn't even need to pay the same taxes.
Why should you pay taxes at all?
To share the poverty.
So, how does it feel to be all American?
If you are living elsewhere permanently then just renounce and cast off the chains for good........you'll feel much better, really.
One would think that the solution of dumping the dollar would be clear to these people, but I guess the alternative of bankers hanging from bridges is too scary for them.
the fuck is a bank?
Lmao .... Right!
The Internal Revenue Service is desperate now, but they are still incompetent when it comes to tracking money, and they lack resources, manpower, intelligence, and common sense. Governments don't have the ability to recoup lost taxation at a significant rate to even put a dent in underworld crime. The IRS is merely barking more than they are able to bite. They institute legislation and fire off boilerplate, but they don't collect much money from the 1% because they are working the other side of the street where the 99% reside. One cannot get blood out of a stone, Mr. IRS. Please try another door.
Another view of IRS unrest.
Joe Stack Pilot Crashes Plane Into IRS Building
"Now, because all these governments are bankrupt, banks have become unpaid financial spies required to treat customers as if we’re criminal terrorists."
Great article and information to know, however the above quote from it is a bit off.
Picture the Yin-and-Yang symbol depicting symbiosis. Substitute the banksters on one side, governmnet for the other.
That is the true relationship of the banksters and governmnet--symbiotic thieves and killers.
The banksters need to repay us.
http://www.clker.com/cliparts/e/9/6/e/11971491671607965323ClayOgre_BASIC...
Until the lost IRS hard drives are recovered, the Foreign Account Tax Compliance Act is a joke.
IRS Unleashes Global FATCA Data Exchange, Offshore Transparency Everywhere
IRS agents enforcing this are walking targets. IMHO.
Shot in the foot, awaiting a slew of passports returned.
hehe.
The best place to hide anything OF VALUE is in "PLAIN SIGHT". where would you hide a pine tree? How about any national forest? Want to really hide money? Create a Nevada Corp. while in Las Vegas, and do what you want with it. There are over 10 million wire transfers every day in Amerika, and 99.9% of them over $10K are from corporations. Send $100K from "John Doe", and Johb has a problem; send the same money from ABC corp and nobody cares or notices. JUST SAYIN'!
www.traderzoo.mobi
Delaware
I.R.S ---> Infernal Rapacious Scumbags
IRS WARNS OF DELAYED REFUNDS, LONG WAITS FOR TAX REFUNDS & POSSIBLE SHUTDOWN.
I recently took a look at the fiscal year 2015 and the US Govt is forecasting a dramatic increase in tax revenues for 2015, over half a trillion increase from 2013. The policy has already been set and they are going to bleed the citizens dry this year, or try to anyway.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200
If these cyber terrorists want to make themselves useful and loved, they can knock this new IRS thingy out of comission. :)
I'm getting a little confused about the whole "terrorist" versus "freedom fighter" thingie.
If the Muzzies take down the IRS, do we cheer, or what?
You could just follow the law and not file a tax return seeing how it's illegal to do so. Save the irs the time and money of having to track and verify a pack of lies so just cut out the middle man.
Remember. You're just following the law.
Dear IRS - the dog ate my hard drive.... you are welcome to try retrieving it....
This should be fun to watch considering the IRS is claiming to be understaffed and underfunded.
Someone is bullshitting
What kind of government staffing did you expect with a 2.3 trillion a year budget? Not only that, most of the government services you engage now charge you a fee. Bullsh_tting has taken on new heights.
Bought a farm a few years ago. I produce hundreds of pounds of vegetables. I have 5000 lbs of pork running around (pain in the ass, but really cool animals). I also produce 6 eggs on a good day. Think about the percent of tax paid on your tomatoes or pork chops. Every person in the supply chain is feeding the beast.
The best part is that non-taxed food tastes better than any thing you have ever eaten. Small step, relative to my income, but feels great.
+1 but tell me, is pig manure any good?
Like I always say the system is only interested in you if you are buying or borrowing.
Therefore starve it and feed yourself like you do.
Mine are forest foraging, so I'm letting nature collect it. But everytime I move them things shoot up very green.
Welcome to world fascism brought to you by crony capitalists.
FATCA
Federal
American
Tax
Collection
Anomaly
You either get rid of that passport or you keep your wealth in gold.
US banks pay an interest rate close to 0.01%.
Some foreign banks pay 2-3-4% in dollars. But they don't want to deal with US citizens due to this law.
that's why you have the stock market
/s
This won't stop, until people start indiscriminately shooting all federal employees.
Look - nothing the 'government' does should be surprising to anyone.
It is a completely settled fact that the people in high government positions are criminals - or at least have criminal intent by choice or by force.
The fact that the CIA has the goods on each and every person who gets into the congress, senate, executive branch and judiciary is enough to keep us subjects fully informed of the fact that we are screwed.
Voting doesn't matter when the ones you are voting for are pre selected/vetted by criminal organizations.
Never forget the basic rule stated by our dearly departed funnyman George Carlin : "It's a big club and you ain't in it!"
Now, go about finding your liberty despite of and in spite of this criminal labyrinth and quit thinking that you can change the game from inside the game.
Here is a You Tube video worth watching. I found the link in the comments on a ZH article two days ago - thanks to whomever posted it. It is long at 3 1/2 hours but it really does pull together many historical facts that weave a believable tapestry of how and why things are the way they are today. I tend to steer away from videos like this since I watched Loose Change and Zeitgeist etc. Why? Because I do not myself posess enough factual evidence from independent research to know if what I am being presented with is true. I took at least as much time reading the reviews and doing a bit of research on the WWW as the film is long before I finally committed to watching it. And I was not disappointed. If you are looking for errors, you will likely find some. If you are looking for all the answers, you will not find them. If you think you have all the facts on the JFK assassination - you might be disappointed. But you will have a decent history lesson covering about 100 years in 3 1/2 hours.
Best wishes amigos -
JFK to 911 Everything Is A Rich Man's Trick Published on Nov 19, 2014The who, how & why of the JFK assassination. Taken from an historical perspective starting around world war 1 leading to present day. We hope after watching this video you will know more about what happened in the past and how the world is run today.
https://www.youtube.com/watch?v=U1Qt6a-vaNM
...after watching this video you will know more about what happened in the past and how the world is run today.
https://www.youtube.com/watch?v=U1Qt6a-vaNM
Three hours, but worth viewing IMHO. I find the use of Hollywood movie scenes in what is an attempted documentary of fact to be off-putting, though. The director needs to attend a short course at the Ken Burns School which, frankly, isn't all that demanding. Maybe a half-day session would do, but that doesn't include the gala cock-sucking.
We are toast. All foreign banks should tell the IRS to fuck off. Why is it that we still think that world needs USD? Death throws...
Jumping over a dollar to get to a dime. I'm positive everything will go smoothly...
Get Verizon to start paying tax instead of claiming rebates, that might help a little.
I can't wait until the Obama voters experience the amazing disappearing tax refund, the side effect of the "affordable" health care act.
I'm just surprised the rest of the world has put up with us as long as it has.
"With FATCA, the US has shot itself in the proverbial foot. They’re practically begging the world to please take away its last remaining financial advantage."
Let's not forget that Obama's (and NWO group's) plan has always been to destroy the US currency. So FATCA is very logical step in that direction.