FATCA “Is Going To Be A Train Wreck”

Ever since we were told by Steven Mopsick and others that the FATCA train has left the train wreckstation, 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.

He predicts:

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.

19 thoughts on “FATCA “Is Going To Be A Train Wreck”

  1. OutragedCanadian

    Believe it or not, I know people who know people who are affected by FATCA and  who are still unaware they are affected. There are a lot of people who skip past anything they don’t think affects them. I used to be one of them. Frankly, it’s only since I became embroiled in this mess that I started paying more attention to what our govt is doing, and digging in to what potential implications might be.

    I’ve not only lost faith in my government, I’ve also lost a lot of my naivete. Really. I used to actually think that people went into politics because they wanted to help properly govern our provinces and country. As opposed to lining their pockets and using our tax money for their personal purposes. Silly me.

    Oh, and to protect their buddies, of course, so that they have a cushy job when they’re ready to go back to private sector.

  2. ArcticGrayling

    The IRS apparently cannot even rein in 20 million small business tax cheats inside their own country?

    And we are supposed to be scared of those feral clowns in Canada?

    A paper tiger.

    My conversations with brokers and bankers I know suggest that they will be turning a blind eye to the whole thing. It will be willful blindness from what I can see.


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