FATCA Poses Grave Danger for Human Rights Activists
BEIJING: China and the United States of America have recently signed the Federal Account Tax Compliant Act (FATCA), which requires the Internal Revenues Service (IRS) to disclose to China, the bank account information of Chinese-born pro-democracy activists, who fled their homeland to live in America.
According to Forbes, “One of the most insidious measures to keep your capital from fleeing overseas became law in spring 2010. Almost no one noticed. It was tucked into a “jobs bill.” Maybe you’ve heard of it by now, H.R. 2847, the Foreign Account Tax Compliance Act, or FATCA. Its stated aim is to crack down on moneybags “tax evaders.” One of its key provisions went into effect July 1, 2014.”
President Barry Obama has gotten so obsessed with taxing US citizens living abroad that he willingly handed over sensitive information of Chinese human rights activists hiding in the US to Beijing law enforcement officials.
As reported by Forbes, “Since one week ago, FATCA presents you a stark choice if you hold more than $50,000 in “foreign financial assets”: You can bank at a foreign bank that coughs up information about account balances, deposits and withdrawals to the IRS… or else you can subject yourself to a 30% withholding tax on the income and gross proceeds from any U.S. assets in your foreign account. Should any of this violate local laws, the bank is required to close your account.”
Barry had thrown global human rights supporters under the bus on account of FATCA. The FATCA measures had already gone into effect on July 1, 2014.
