The gratuitous U.S. government grab for non-U.S. assets, and that’s a FACTA

In light of the recent revelations about what Bill English has spent Kiwi asset sales on … here is some important information about FACTA, (the Foreign Account Tax Compliance Act) which is a US law and concerns US born people living abroad.

… “Just to add insult to injury – the cost of enforcing US tax laws should be borne by the USA and FATCA, but the cost has been passed on to our spineless NZ government.”

Red Sky in the morning

FACTA cartoonI believe our birth right in the West is to be free. The money we earn and our personal information should be our own.  The place where I’ve found that our government thinks otherwise is at the bank.

I first noticed the erosion of our rights in the early 1990’s, when the NZ government wanted to link our IRD (tax) number with our bank accounts.  It was optional, but if you didn’t give the bank your IRD number, any interest earned on your bank account would be taxed at 33%.  When I told the bank teller that they couldn’t have my IRD number the teller said “It’s coming you know.  You can’t fight it.”  I replied, “Well if everyone in the country has this attitude, you will be right!”

She was right.  Within a year, our government, wholeheartedly following it’s money master’s neo-liberal economic doctrine, sold that NZ owned Post…

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