Globalists Exploit New U.S. Tax Law for World Taxation Regime

[riverbendviewgal]

http://www.thenewamerican.com/economy/item/17337-globalists-exploit-new-u-s-tax-law-for-world-taxation-regime

Socialist luminaries and international bureaucrats at various outfits funded primarily by U.S. taxpayers are seizing on a “devastating” new American taxation scheme, known as the Foreign Account Tax Compliance Act, or FATCA, to help foist a radical tax information-sharing regime on the world. The repercussions for Americans and people around the globe — especially when it comes to financial privacy and economic freedom — will be crushing, experts argue. Analysts say the end goal, meanwhile, is the creation of a planetary taxation authority.

Leading the charge to create the new global tax regime is the Group of 20 (G-20), a coalition of governments and brutal dictatorships that are in the process of building what virtually every major media outlet recently described as a “New World Order.” Top officials in the outfit, which includes the ruthless Communist regime ruling mainland China, among other barbaric autocracies, publicly announced a plot in recent years to share financial data and more on all citizens with each other. The goal, for now: extract as much wealth as possible.

[riverbendviewgal]

1. February 13, 2014 7:48am OECD proposes data exchange norm in tax evasion crackdown

http://www.globalpost.com/dispatch/news/afp/140213/oecd-proposes-data-exchange-norm-tax-evasion-crackdown-0

The OECD unveiled on Thursday a global standard for the automatic exchange of financial data between countries amid an intensifying international effort to crack down on tax evasion.

As public outrage mounted during the global economic crisis over wealthy individuals escaping paying taxes by hiding money abroad, world leaders agreed to a radical shift in practice in which countries will begin to automatically share information on bank accounts.

The 34-nation Organisation for Economic Cooperation and Development was charged last year with coming up with a global standard on this information exchange, and its chief Angel Gurria said it will prove to be "a real game changer".

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[riverbendviewgal]

2. Picture a world in which ALL COUNTRIES HAVE IMPLEMENTED CBT and then consider

Citizenship-based taxation (CBT) is insanity. Not everyone who moves to another country is a tax evader. Most are ordinary people who move for adventure, for love, for family, for a better future or for all manner of reasons which have nothing to do with taxes. Picture a world in which ALL COUNTRIES HAVE IMPLEMENTED CBT and then consider the following hypothetical scenario.

An American marries a Canadian. The newlyweds have to choose one country over the other because they can’t afford to live in both. They choose Canada. They only seek a happy life together but thanks to CBT they are now filing taxes in TWO countries — Canada and the USA. The Canadian and US tax codes do not mesh so the couple try to keep their finances uncomplicated (simple savings and checking accounts only), otherwise they would need to hire a tax specialist. Investments and retirement savings plans are not a good choice for this couple. The cumbersome, complex US tax code is fraught with pitfalls and huge penalties for foot faults. An innocent error or omission on a FBAR or 8938 form, for instance, threatens them with thousands of dollars in fines … and those forms have nothing do do with calculating any tax owed. They are detailed annual reports of all their financial assets in Canada. Canada requires a similar report for their US assets but hasn’t adopted the over-the-top punitive penalty attitude of the USA … not yet anyway.

A few years later an extraordinary job opportunity arises in New Zealand so the couple moves there to work, live and begin raising a family. Remember, in this scenario, ALL countries use CBT. Now this couple is paying and filing taxes in THREE countries (New Zealand, Canada and the USA) because neither wants to give up his or her birth citizenship. They grimace and bear all the added paperwork and expense involved. A professional tax preparer is definitely needed at this point to attempt to reconcile three sets of tax codes with the US tax code being, hands down, the worst and most vindictive of the three.

More years pass and the extraordinary job in New Zealand unexpectedly turns into the agony of a layoff. Now the couple have a New Zealand born child to consider as well. Their search for work in New Zealand proves futile but the couple tries to hang on while their savings rapidly dwindle away. Soon they no longer can afford to make a move back to either Canada or the USA to start all over again. New Zealand has won their hearts; it’s the birth country of their child; and it’s where they truly want to live — at least for the foreseeable future (perhaps until aging parents in either Canada or the USA need their help). They have permanent residency (PR) cards for New Zealand and have begun the process of becoming New Zealand citizens which would give them dual status with their birth countries. Their situation is dire.

Then, just in the nick of time, a good job offer comes up but unfortunately it is in Australia. Luckily the company will pay all their moving expenses so the family moves to Australia, by necessity, but they know they will eventually return to New Zealand, just as soon as the job market turns around there. For this reason they maintain their New Zealand PR cards. They also temporarily stop the process of obtaining New Zealand citizenship. Now this poor couple must prepare taxes for FOUR countries: Canada (by citizenship), the USA (by citizenship), New Zealand (by maintaining their PR cards) AND Australia because that’s where they are currently living and working. Now their tax preparation expenses are wiping out a major portion of their income, even though taxes owed to the three countries they are not living in at the moment calculate out to be almost zero. Paperwork is consuming their lives page by page by page. Meanwhile their tax specialist is happily building a college fund for his children and a retirement fund for himself.

[L0oniX]

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