Submitted by Martin Armstrong via Armstrong Economics blog,
We have a very serious problem with taxation. Only the United States and Japan regards its citizens as state property. Taxes are normally owed based upon the concept that you are paying your “fair share” predicated on use. But the United States views it simply owns anyone born in the United States or overseas if they had even one American parent. This is in reality slavery that no state should own its citizens as property.
The Washington Post has reported the plight of the Mayor of London Boris Johnson’s remains in a major dispute with the U.S. Internal Revenue Service. It would be very nice to see everyone come together and challenge this to the Supreme Court for those are the pro-government judges that ruled all Americans belong to the state and that paying your “fair share” has nothing to do with taxes – just hand over whatever you have.
The mayor’s dispute with the US tax-collectors was brought to light when he traveled to the United States and did a blitz of interviews with the American news media. He explained that the U.S. government was forcing him to pay the capital gains tax on the sale of his Islington home. “Can you believe it?” When asked by Rehm if he intended to pay the bill, he said that he would not. “I think it’s absolutely outrageous.”
Boris Johnson was born in the USA but returned to England with his parents at the age of 5. He has never lived in America, but that means nothing to the IRS. They are hunting everyone everywhere. They have been sending letters to people in Canada who they figured out had one American parent but have never lived in the USA. I previous wrote about a couple in Switzerland where the wife was American living there with her Swiss husband for 20 years. When their 14 year-old son was ready to open his first bank account, he was told no way because he was America. Even foreigners married to Americans are being compelled under FATCA to disclose they are married to an American and the risk of being denied the right to have a bank account. I use to have American Express cards in USA, Britain, and Japan. That way, I paid my local bills in the local currency. Today, no credit card can be issued to an American outside the USA.
Americans are being prejudiced everywhere. What is most revealing, Obamacare notes the distinction between living in America and overseas. Ex-pats are exempt from Obamacare for they are assumed to have healthcare where they are. Otherwise, they would have to buy health insurance in America that would never cover them outside the country.
Congress NEVER directed that Americans pay taxes worldwide simply because they were born in the USA or had one American parent. This whole scheme was crafted by the Supreme Court who merely ruled that Congress did not exclude foreign income, so it must be included. The way this is being applied is outrageous. Americans are unable to do business outside the USA with local accounts because no bank will deal with Americans thanks to FATCA. These idiots cannot grasp that this is reversing the US economy into isolationism and is paving the road for China to take the lead. It is time to turn off the lights.
via Zero Hedge http://ift.tt/1B6Gbeq Tyler Durden