By Jerry McDonough
While America is distracted by the Crimean situation and the mysterious disappearance of an airliner, Obama and his fellow socialists have been busily making plans for the American taxpayer to pay for the world’s socialism. I say this because most of the socialist world is already broke from paying for socialism.
You see, back in 2010 while the Democrats had control of the House and the Senate, Obama and his socialist backers passed an innocuous bill called the Foreign Account Tax Compliance Act (FATCA). This act was quietly hidden in an unrelated “jobs” bill. The act seeks to force financial institutions and governments worldwide to become arms of the American IRS. Conversely, FATCA will also turn American banks and the IRS into agents of foreign tax collectors.
Enforcement has been delayed until this July because of the unconstitutional illegalities partially hidden in the act’s meaning. Experts and policymakers warn of a broad array of devastating consequences not the least of which is that FATCA would bring the American economy down below the levels of 2008. But, none of this concerns the socialists because bailing out the world’s socialist schemes at American taxpayer expense is justified in their little minds because of the “common good” and their doctrine of “fairness.” Notwithstanding the fact that if you think the rich are getting richer now, just wait until FATCA goes into effect.
When you look back at Communist Russia history teaches it was not the classless utopian society the socialist, or should I call them by their correct name, the communists promised. The street sweepers in Red Square had no dachas in the country, but their leaders did; classless utopian society indeed.
FATCA will destabilize American banks, end financial privacy and constitutional protections, as well as institute a truly global taxation regime under such international institutions as Organization of Economic Co-operation and Development (OECD). Some experts say that because of the cost of compliance, hundreds of billions of dollars, many American citizens will be forced to renounce their citizenship and flee the country leaving yet a larger burden on those who remain behind. Many foreign countries have laws protecting privacy and human rights just as America does that must be violated in order to comply with FATCA, but this seems not to faze the socialists. The Obama administration has violated many constitutional laws already and no one has held it accountable.
In order to enact this FATCA the Obama administration must provide foreign governments with the same information on foreign citizens that Washington, D.C. hopes to extract from other jurisdictions and institutions on American citizens. The U.S. Treasury does not have the statutory or constitutional authority to do this. But, since Obama is so good at breaking the law without punishment, what is one more violation? Remember, we elected these socialists. Shame on those who did not vote.