Ever since we were told by Steven Mopsick and others that the FATCA train has left the station, we have been insisting it will derail and become a huge train wreck.
Now, one expert is agreeing with us. In Get Ready For The Train Wreck, a former IRS Deputy Commissioner and Department of Justice Prosecutor says:
It’s going to be a train wreck.
He also says:
We’re going to see some bad results this summer.
He points out there are about 20 million tax cheats in the U.S. He says small businesses are the biggest violators, pocketing about 52% of profits without reporting them.
Treasury is going to lose money on this legislation.
I don’t feel vindicated. It just makes me angrier that the train is proceeding full steam ahead with no regard for the consequences.