Daniel_Stuckey writes: In 2010, the US government passed Foreign Account Tax Compliance Act (FATCA), a law designed to nail American tax cheats hiding their money abroad. It tapped into the recession blame game zeitgeist, and preceded the anti-tax dodging narratives that would later emerge from the Occupy Wall Street movement. By 2014, FATCA will be fully implemented. But like many US laws, it's flawed, and those flaws aren't simply bureaucratic or procedural. FATCA's issues run parallel to the surveillance state publicly revealed in Edward Snowden's NSA leaks. The law aims to catch individual tax dodgers by forcing Foreign Financial Institutions (FFIs) to hand over client data in dragnet fashion. No surveillance backdoors are required here. The US makes Intergovernmental Agreements (IGAs) with foreign countries, allowing the IRS to demand client data from FFIs. If it isn't delivered, then economic sanctions are levied.
"An idealist is one who, on noticing that a rose smells better than a
cabbage, concludes that it will also make better soup." - H.L. Mencken