Foreign Account Tax Compliance Act or FACTCA took effect July 1 after a six-month delay and is the latest ploy by Barack Obama to destroy American influence.
The law was passed in 2010 when the Democrats ran everything and requires every bank in the world to enter into a sharing agreement with the IRS.
The convoluted paper-work laden law requires banks that are in compliance to withhold the 30 percent tax on any funds transferred with banks that are not in compliance or risk the withholding tax penalty themselves.
The idea was to stop those sheltering their money overseas.
The consequence, however, is that foreign banks are starting to refuse the business of the seven million Americans who live abroad and that these Americans are giving up their citizenship in unprecedented numbers.
We fear it is but a matter of time that the dollar loses its status as the world’s back up currency.
Sarah Palin is absolutely right. Obama should be impeached as soon as possible.