Why are American citizens renouncing their citizenship? A few of the possible reasons include NSA spying, Obamacare, and the FATCA law that takes effect in July of this year.
What is FATCA, and what does it do?
The 2010 law, to be phased in starting Jan. 1, 2013, requires financial institutions based outside the U.S. to obtain and report information about income and interest payments accrued to the accounts of American clients. It means additional compliance costs for banks and fewer investment options and advisers for all U.S. citizens living abroad, which could affect their ability to generate returns.Read that again. The U.S. government passed a law that requires foreign banks to comply with the U.S. government’s wishes. Congress and FedGov now believe that they can force foreign businesses to comply with U.S. laws. The net result is that, if you are an American citizen and live outside of the U.S., you will be denied access to such basic necessities as a bank account in the country you live in.
***
Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, the IRS reported.
Yet again, we see the Imperial Congress passing a law and expecting that Americans will not change their behavior even though incentives have changed. The only peaceful solution is to get out. Not only have U.S. corporations outsourced their operations and their profits, now Americans have been forced to outsource themselves as well.
dailypaul
Obama’s new July 1st 2014 law will shock most Americans
Dear Reader,
We’ve been critical of several Obama Administration policies over the past few years…
But a new law set to go into effect on July 1st, 2014 (less than six months from now), might be the Administration’s worst decision yet.
On this date, Title V of House of Representative Bill #2847, known as “FATCA,” goes into effect.
http://pro.stansberryresearch.com/1310PSIEANEW/LPSIQ295/
We believe this could precipitate a huge collapse in the U.S. dollar… and a rapid decrease in our standard of living.
Of course, we’re not the only ones who believe this new U.S. law is going to be a disaster for our country and American citizens.
Andrew Quinlan of the Center for Freedom and Prosperity says: “FATCA is pound-for-pound the single worst tax law on the books.”
Even the normally liberal Atlantic Monthly magazine said: “FATCA seems to be turning into a nightmare and disaster.”
What does this law do… and why is it so bad for America?
The founder of our Research Firm has put together a detailed explanation of what is happening in America right now, and why this new law is something EVERY American should pay close attention to.
Get the facts for yourself, free on our website, here…
Sincerely,
George Rayburn
Publisher, Stansberry Research
