June 17, 2013
By: Paul Seymour, Dir. of Client Services
[I was recently asked to start doing a periodic radio broadcast on Radio Free Latin America (RFLA), called Offshore Re-education Camp. It’s being piped in to the USSA from a secret location south of the border via short wave radio signals. The aim of RFLA is to offer a ray of hope to our poor countryman still trapped behind the curtain with apparently, no way out.
The show, hosted by Paul Seymour, Director of Client Services at Global Wealth Protection, will provide the truth about offshore entities and bank accounts to those peoples who are continuously bombarded with the party line, and have no access to the truth outside of RFLA.
For those of you who are unable to catch the live broadcasts, we’ll be periodically printing a transcript of the show here at GWP.]
Originally broadcast at 14:30 Tuesday, June 6, 2013 as Part II to this morning’s transmission, transcript follows: Lead-in tune in case you missed it: “Johnny’s playroom is a bunker filled with sand, he’s become a 3rd world man. Soon, you’ll throw down your disguise, we’ll see behind those bright eyes, bye and bye when the sidewalks are safe for the little guy.”
Okay, now that we’re up to speed with what FATCA really is, let’s review some current events on its implementation. First we’ve been told by the corporate-controlled press: Rand Paul Blamed for Blocking FATCA This was even published in a purported “professional journal” by one Michael Cohn. The more I read this rag, the more I have to wonder if Mr. Cohn is somehow getting paid by the IRS or some related governmental agency. The title of the article doesn’t exactly sound like we’re about to receive an impartial reporting of an event occurring in our Congress. Why not—Rand Paul Praised for Blocking FATCA?
Here’s the 1st paragraph:
“The research and advocacy organization Global Financial Integrity is urging Sen. Rand Paul, R-Ky., to allow the Senate to vote on agreements negotiated by the Treasury Department with Switzerland, Luxembourg, Hungary and other countries to implement the Foreign Account Tax Compliance Act, or FATCA, in an effort to ferret out tax evaders.”
Ferret out tax evaders? Give me a break, please. Current laws very adequately allow the IRS to gather evidence of tax evasion, and go to a Swiss bank, for example, and present that evidence, and then obtain information on accounts where they have sufficient evidence to indicate tax evasion. That’s called due process boys and girls.
Evidently, “ferreting out” tax evaders isn’t the real objective here. Instead, we’re all tax evaders until proven innocent. Anyone with even a minor amount of their hard-earned, after-tax savings, held outside Washington’s jurisdiction – and therefore not within easy confiscation range – are now being informed: “Tell us where all of your money is, or have your travel license confiscated/revoked, and go to jail.”
So Rand Paul is the only representative of the people in Congress opposing that? My first question isn’t why is Rand Paul doing such an evil thing, but rather, how the hell can the other 534 representatives reconcile the fact that they’ve taken an oath to defend the Constitution, from both external and internal enemies, with the fact that they aren’t standing alongside Senator Paul to do just that?
Let’s move on to paragraph three of this biased piece of unpatriotic garbage:
“FATCA was included as part of the Hiring Incentives to Restore Employment, or HIRE, Act of 2010. Its provisions require foreign financial institutions to report information on the accounts of U.S. customers to the Internal Revenue Service, or a tax on all of the foreign bank’s U.S.-source income will automatically be withheld before being transferred to the bank.”
First of all, I’m not sure how chasing the best and brightest patriots out of the country, by putting them in fear of their freedom, is supposed to increase hiring nor restore anyone’s employment. Therefore, the name of this so-called “HIRE” act is just another sick joke being played on the sheeple. Secondly, take a look at the consequences of not dropping to your knees and complying. Foreign banks, in sovereign, freedom-loving nations, will have their money confiscated? I guess if I were a Board member at one of these banks, I’d have to recommend an immediate cessation of taking on the huge risks of accepting cash from US citizens. Why would our elected representatives want to knowingly take away our ability to choose our own banks? As noted, they already have the power to chase and prosecute true tax evaders through utilization of due process.
This article, and its apparent bias, as noted in the 1st paragraph of the article, are being driven by the “research and advocacy organization Global Financial Integrity”. So who are these GFI characters? A quick search reveals that it’s a group formed in 2006, and funded by the Ford Foundation………..So let me get this straight. A PAC, indirectly funded by the taxpayer bailout of the rightfully failed US automobile industry, is now working to covertly support the neo-fascists by using laundered taxpayer dollars to try and coerce the Senate into passing unconstitutional legislation which would allow further theft of US tax dollars in order to then bail out further failed industries, to fund further PACs to…….That’s one nasty circle jerk boys and girls. One might even smell the taint of some conflict of interest.
Shortly after the GFI’s nefarious attempt to coerce the Senate into letting FATCA fly, Rand Paul and a few other patriots introduced a bill to repeal at least portions of it. I can’t find where the entire address had been faithfully reproduced in its entirety, except at a site called repealfatca.com which is worth repeating in its entirety here:
“I intend to offer a bill to repeal certain provisions of the Foreign Account Tax Compliance Act, or FATCA (P.L. 111-147). The intent of this law was to prevent tax evasion by increasing access to overseas bank accounts held by U.S. citizens. However, any law enforcement benefits have been vastly outweighed by the deleterious effects of FATCA on economic growth and the financial privacy of Americans.
“FATCA requires the financial institutions of foreign countries to register directly with the IRS, and to provide financial information on the accounts of U.S. citizens – regardless of whether or not these U.S. citizens are suspected of tax evasion. A failure to comply with these requirements subjects that foreign financial institution (FFI) to a 30% withholding of U.S.-derived revenues. This has had the practical effect of forcing FFIs to relinquish any association with American customers, and to avoid direct investment in the United States. It goes without saying that overseas investment in the U.S. is an important engine of our economic growth and prosperity. FATCA endangers an estimated $25 trillion in foreign capital currently invested in the U.S.
“Perhaps even more troubling, the implementation of FATCA has allowed the Treasury Department to make independent decisions with respect to the sovereignty of foreign nations and the privacy of United States citizens. In order to implement this law, Treasury has initiated intergovernmental agreements (IGAs), citing the intent to engage in reciprocal information sharing with other nations. The Treasury Department, without the consent and authority of Congress, will force U.S. financial institutions to provide the bank account information of private customers to foreign nations. Such a requirement not only diminishes U.S. privacy protections, but also imposes billions of dollars in compliance costs here at home, which will be passed onto customers and the American public.
“My bill is drafted with the intention of removing only FATCA provisions that undermine Americans’ constitutional privacy protections and add burdensome regulations with a negative economic impact on the United States. Other provisions enacted at the same time, such as those pertaining to clarification of foreign trusts and treatment of dividends that do not have those negative impacts, have been left alone. The intent of this bill is not to disrupt legitimate tax enforcement, only to repeal counterproductive and constitutionally suspect mandates.”
I have nothing further to add, except to say thanks to Senator Paul for having both the principles, and the courage to fight so fiercely to protect my Constitutional rights. Again, we’re out of time, but you’re assignment for next week is to follow the link above, and read a lot more pertinent information on the subject, and its misguided objectives.
Hasta la próxima muchachos, y mucha suerte.
Paul is an escaped Big 4 CPA (F/S auditor), and Corporate Controller/CFO who found a natural home in the offshore industry with Bobby Casey and the gang at GWP. Contact him at [email protected] to learn more about the realities of economical offshore asset protection.