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RickS


Jul 15, 2015, 6:59 AM

Post #1 of 5 (4967 views)

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Rand Paul/Others Sue IRS over FATCA

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http://www.bloomberg.com/...xes-bank-disclosures






YucaLandia


Jul 16, 2015, 12:41 PM

Post #2 of 5 (4897 views)

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Re: [RickS] Rand Paul/Others Sue IRS over FATCA

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Interesting.

Rand claims the basis for his lawsuit is that FATCA is un-Constitutional, because:
On the most fundamental level, Fatca deprives individuals of the right to the privacy of their financial affairs, ...

A quick reading of the US Constitution shows that the Constitution describes zero rights to privacy,
in fact the word "privacy" does not even exist in the Constitution.

Constitutional experts have long observed that the imagined "right to privacy" has been popularly misconstrued from our 4'th Amendment right to protection from illegal searches and seizures by the Federal govt:

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated,

... and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
"


Rand's lawsuit appears to be yet another example of the Conservative political right making up new "rights" to justify their complaints about things that irritate them ... or that threaten politicians wealthy donors.

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Context: Before we believe that Rand is the friend of expats, realize that this lawsuit is a backdoor attempt as a part of Rand's ongoing broader efforts to protect his wealthy friends from tax prosecutions, for their years of hiding and laundering profits in Switzerland, including Rand's efforts to block a 2009 tax treaty between Switzerland and the USA.

"Paul claims the penalties under both the FBAR provision and Fatca violate constitutional protections against excessive fines." which also does not seem to be covered by the 4'th Amendment.

.
Why is Rand complaining?
Realities: Rand's backers do have legitimate concerns about FATCA,
as the big Swiss banks of UBC and HSBC have been found guilty of record-breaking tax evasion and money laundering that FATCA exposes:
http://www.bbc.com/news/business-31248913 Swiss "HSBC bank 'helped clients dodge millions in tax"

As both UBC and HSBC are liable for record $$42 billions in fines already paid, plus:
http://www.theguardian.com/business/2015/apr/27/uk-big-four-banks-barclays-hsbc-rbs-lloyds-conduct-ligitation-charges
"UK's big four banks face extra £19bn in fines, analysts predict"
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Read-on MacDuff
E-visit at http://yucalandia.com

(This post was edited by YucaLandia on Jul 16, 2015, 1:14 PM)


Gringal

Jul 16, 2015, 1:20 PM

Post #3 of 5 (4885 views)

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Re: [YucaLandia] Rand Paul/Others Sue IRS over FATCA

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I don't disagree with your point of view on Rand Paul and his approach or his motives. However, I do think that FATCA is an unjustified intrusion into the lives of expats when the somewhat piddling amount of $10,000 is where the seach for tax scofflaws begins. It archaic. $100,000 might make sense in sniffing out those with large offshore accounts. Or a cool million.

In addition, the IRS is reaching into bullying territory in expecting foreign banks to use their resources to provide information on expats' accounts.

On matters in general, Rand Paul is not my kind of guy. His stance on women's issues alone is enough to cross him off my list.


YucaLandia


Jul 16, 2015, 1:53 PM

Post #4 of 5 (4877 views)

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Re: [Gringal] Rand Paul/Others Sue IRS over FATCA

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I agree on the perception that the amounts seem too small, but the Narco-traficantes and most recently top Republican Denny Hastert regularly used groupings of large numbers of $10,000 or less to launder $millions ...

So we can blame the low limits on criminals and politicians for resorting to lots of small $10,000 accounts/activities to mask their dirty actions.

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Context on Rand and lawsuits: Rand has a history of filing political lawsuits that even Conservative journals like William F. Buckley's "National Review" have described as
"Rand Paul’s Frivolous NSA Lawsuit"
http://www.nationalreview.com/article/371201/rand-pauls-frivolous-nsa-lawsuit-andrew-c-mccarthy

One example of how serious Rand's intents has been in these lawsuits is that he uses his political campaign organization to file them.
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Read-on MacDuff
E-visit at http://yucalandia.com

(This post was edited by YucaLandia on Jul 16, 2015, 2:01 PM)


TedZar

Jul 17, 2015, 5:27 PM

Post #5 of 5 (4798 views)

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Re: [YucaLandia] Rand Paul/Others Sue IRS over FATCA

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Yeah, but we keep giving up little bit by little bit of privacy and freedom. It all adds up and in the end we give it all up.

A friend recently paid US$24,000 in fines over FATCA after VOLUNTARILY reporting that she did not know about it quite a few years back when purchasing a home in a Central American country. $24,000 for a voluntary report!
Is that chasing and finding drug lords? Terrorists? No, its harassing good citizens trying to comply.

Things have gotten way too out of control and - really - it is only the libertarians who are crying "foul!".
 
 
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