“If Congress set out right now to craft a law to sabotage the global competitiveness of the US economy, they’d have trouble coming up with better than the Foreign Account Tax Compliance Act (FATCA). The law is ostensibly aimed at combating tax evasion and requires every foreign institution in the world to act at their own tremendous expense as deputy US tax collectors. FATCA will instead turn the US into an economic pariah and Americans citizens into toxic assets. It will divert untold billions of dollars per year to pay lawyers to comply with a law optimistically expected to raise less than $800 million in tax revenues per year.”
