FATCA IS SHEER IDIOCY AND MUST BE REPEALED!

This comes from Herman B. Bouma, Esq. of Buchanan Ingersoll & Rooney PC in Washington, D.C. In his commentary, he discusses 11 reasons why FATCA must be repealed.

1.     The height of arrogance

2.     Blatant violation of the golden rule

3.     Bullying at the nation-state level

4.     Disruption of international relations

5.     Direct conflict with many foreign laws

6.     Negative impact on the U.S. economy

7.     Immense burden on foreign financial institutions to comply

8.     Burden on U.S. individuals residing abroad

9.     Efficient and effective enforcement tools already exist

10.  Waste of Treasury and IRS resources

11.  The U.S. is not willing to provide the same information on a reciprocal basis

In our view, Mr. Bouma makes an excellent case. Does anyone in America really care? Is anyone in Washington listening? We doubt it…

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