Massive Tax Increase
Back in 2009 when the Democrats controlled the House, Senate and White House, they passed a massive global tax increase known as the Foreign Account Tax Compliance Act (FATCA) which is about to go into effect.
Harry Reid and Nancy Pelosi billed FATCA as a "fair" measure that would go after rich "fat cats" who do business overseas.
Even if you do not have a foreign bank account (as most Americans don't), this tax increase will impact you. Your bank will have to pass the costs of complying with FATCA on to you and your family.
Worst of all, FATCA will try to tell foreign banks and governments what to do and will punish them by seizing assets held in US banks if they don't want to comply with Obama. This stupid tax scheme even has the potential to start another war!
FATCA must be repealed!
Please send FaxGrams to as many Representatives as you can today, starting with the House Tea Party Caucus! Tell them to repeal FATCA before it goes into effect on July 1st!
Here is how FATCA will impact you and your family.
The law requires foreign governments to report all offshore bank accounts owned by American citizens. It also requires the US Treasury to share your financial information with foreign governments in a global system - even if you don't have a foreign bank account! This is paving the way to create an international taxation system, which will most likely be implemented by the UN.
FATCA allows the IRS to enter into Intergovernmental Agreements (IGAs) with foreign nations. These are TREATIES which the Senate is supposed to offer advice and consent on under the Constitution, but Obama's IRS has already been signing these agreements with foreign governments. "We the people" no longer have a say in our government under FACTA.
FATCA will cost you money. It will cost banks in America $8 BILLION per year to implement FATCA. Meanwhile, FATCA is only expected to generate $800 million per year in "lost" tax revenue.
It will cost TEN TIMES more for the private sector to implement FATCA, while only bringing in enough tax revenue to run the federal government for 12 minutes! And those costs to your bank will be passed on to you and your family through higher checking account fees, ATM fees and more.
FATCA will punish foreign investors if their banks decide that they don't want to comply with Obama's rules - which Obama has no authority to force on them!
FATCA allows the US Treasury to seize 30-percent of the assets of any foreign investor if their bank or their government doesn't bow down and worship Obama by following the new rules.
Suppose there are one or two tax cheats hiding money in Russian banks. If Vladimir Putin doesn't want to comply with FATCA - which he doesn't have to - Obama could seize 30-percent of all Russian investments in the US. Wars have been started over much less.
FATCA is a stupid plan that will cripple our economy and which could plunge us into World War 3! Use the form to the right to send your FaxGrams today, and tell Congress to repeal FATCA now!
Proverbs 20:10 states, "Diverse weights and diverse measures, they are both alike, an abomination to the Lord." God hates unjust systems of business and taxation.
FATCA is about as unjust as it gets! It will drain money from the private sector to create a trickle of new money from a handful of tax cheaters.
Obama has no authority to tell foreign governments to follow our laws. The IRS has no authority to enter into treaty agreements with foreign governments. But this is happening because of FATCA.
Tell Congress to repeal FATCA NOW! And because so many Americans have never heard of this tax increase, please let others know about this campaign.
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FaxGram Instructions: Fill out this form with your contact and payment information. Review the fax to the right and make changes to it if you wish by clicking "Edit Text". As soon as you're ready, click the "NEXT" button at the bottom of this column. You can review your payment information on the following page.
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2417 Rayburn House Office Building
Washington, D.C. 20515
Dear Congresswoman Bachmann:
Repeal the Foreign Account Tax Compliance Act (FATCA)!
This disastrous new tax scheme is about to go into effect on July 1, 2014. You need to repeal it!
FATCA requires foreign governments to comply with a law that was passed here in America - without a treaty in place. The enforcement measures in FATCA will scare off foreign investors and anger foreign governments that are punished by the US Treasury because of this law. How do you think Vladimir Putin or communist China will react if Obama seizes 30-percent of their American investments under FATCA?
Obama doesn't have the authority to impose our laws on other countries. Under FATCA, the IRS has been entering into intergovernmental agreements (IGAs) with foreign nations. These are TREATIES which require advice and consent of the Senate under the Constitution - but that is not happening!
FATCA will cost private sector American banks $8 BILLION per year to implement, while bringing in only $800-million per year in new tax revenues. FATCA will also require my bank to share my personal, private financial information with foreign governments. I DO NOT CONSENT TO THIS!
FATCA is a stupid law that will hurt our economy, kill jobs and growth, scare off foreign investors and make sovereign nations angry with us - and it will do this for a paltry sum of money that will only run the federal government for 12 minutes! REPEAL FATCA NOW!
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