The Foreign Account Tax Compliance Actis a law that was passed in 2010 that requires United States persons to report foreign financial accounts, even if they live in foreign countries.
This law, which was part of the HIRE Act of 2010, is intended to keep taxpayers from hiding their assets in offshore accounts and dodging taxes. However, it has people concerned about a dangerous side effect to the economy.
They say it is the reason more Americans abroad are renouncing citizenship. Some people are concerned this could lead to capital flight and economic collapse.
Snopes (the urban legends website) made comments on the matter. While the upper portion is an investment scheme, the overall True/False statement is listed as "Mixture".
The law (which has been hit by delays) will officially go into effect July 1, 2014.
I believe in the ultimate triumph of evil over good in this world.
It doesn't help that we keep funding our enemies.
