When the Democrats controlled the House, Senate and White House at the beginning of Obama's first term in 2009, they rammed a massive tax increase through that is about to go into effect. It is known as the Foreign Account Tax Compliance Act (FATCA).
The dangers of FATCA, explained below, are difficult to process at first. If this tax goes into effect as planned and foreign nations respond to it as predicted, it could lead to a total collapse of the US dollar.
This will have devastating effects on you and your family -- which is exactly what Obama wants -- if the expert predictions on this disastrous tax increase come true.
FATCA must be repealed while there is still time!
Please send FaxGrams to as many Representatives as you can today, starting with the House Committee on Ways and Means! Tell them to repeal FATCA before it goes into effect on July 1st!
Here is what will happen if we do not stop this tax increase from going into effect.
Every bank in the world will be forced to comply with the IRS if they have any transactions in U.S. dollars. Because the dollar is still the world's reserve currency, virtually EVERY commercial bank must comply.
Banks will have to spend a fortune segmenting, tracking, and taxing their U.S. dollar transactions by as much as 30 percent -- or they can simply get rid of all of their U.S. customers.
The Obama regime is saying to all commercial banks around the world: If you deal in U.S. dollars in any way, you have to give us full access to all of these transactions or you have to get rid of all of your U.S. customers! If the foreign bank does not comply, Obama can seize that bank's US-based assets!
FATCA means more worldwide commercial banks will move AWAY from the U.S. dollar, as communist China and other nations are already doing. This will accelerate the rapid worldwide move away from the dollar as reserve currency.
FATCA will make it extremely difficult, if not impossible, for you to get some of your money out of U.S. dollars, and into more stable currencies via foreign banks.
Two of the largest banks in the world, JP Morgan Chase and HSBC, have basically eliminated international wire transfers. Many small banks have reportedly followed suit. Many more banks are expected to outlaw international wire transfers in the run-up to July 1st.
This is what a broke and desperate government does when it knows the value of its currency is about to collapse.
Astute Americans have seen governments around the globe pull these stunts over and over again... right before a currency devaluation or collapse.
And now, it's happenings right here, in the United States of America.
FATCA will cripple our economy and cause the value of our currency to collapse overnight if we do not stop it! You must send FaxGrams to Congress today and urge them to repeal this disastrous tax!
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! The value of your bank account will be drained overnight if enough foreign countries pull out of the U.S. dollar at the same time.
And Obama has given them a target date to do just that: July 1, 2014!
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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341 Cannon House Office Building
Washington, D.C. 20515
Dear Chairman Camp:
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!
This tax will force foreign governments to comply with America's new tax law by seizing their assets in US accounts. To get out of complying with FATCA, many nations and foreign companies will dump the US dollar as a reserve currency. This will collapse our currency and plunge us into full-blown banana republic status. It will destroy our way of life if this happens!
Many banks are already eliminating international wire transfers in the run-up to July 1st. This law has given every bank in the world a choice: Either spend a fortune tracking and complying with FATCA and giving Obama's IRS direct access to all of their financial transactions, or dump the dollar completely.
This will cause a complete meltdown of our economy overnight! It will mean the literal end of our way of life in the United States if you allow FATCA to go into effect.
You must do everything in your power to repeal FATCA immediately, before it is too late! Repeal FATCA NOW!
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