“No, this isn’t the USSR, we’re a free country, remember, it’s ‘the land of the free?’ Nobody can tell people in a free country what to do with their own money.” That’s right, we taught you in our schools that America is a free country, so, no matter what happens here, you will always be free if you are in America. Go on keep believing it. It doesn’t matter that in 2000 presidential candidate John Kerry ran on, among other things, setting up what was in effect an economic Iron Curtain. Now, our own Senator Carl Levin has taken it a step further and is pursuing individual Americans, that’s right, you people, for the same thing. And he’s leading our assault against your few remaining freedoms.
Here is what we have to say about you Americans who fail to tell us what you are doing with your own money by filling out our Foreign Bank Account Report (FBAR):
Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for nonwillful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation.
That’s right, we assigned ourselves the right to take $10,000 or more of your money EACH time you don’t report your foreign holdings to us on the form we dictate. No, it doesn’t matter if you simply didn’t know about our requirement. NO, you Mexican Americans who maintain a bank account in Mexico are NOT free to just quietly keep this money in Mexico. NO, you are not free to invest your money through a foreign brokerage without telling us about the funds. It doesn’t matter if the US dollar and economy are slowly collapsing and you feel a need to safeguard your earnings for the sake of your family, you must go down with the ship. You MUST disclose your holdings to us at the government as soon as the balance exceeds our threshold, otherwise we will come after you for breaking our laws. One more thing, between you and us, guess who gets to decide if your failure to file was willful or not???
We presume you guilty unless and until you can prove your innocence. Our laws assume each and every foreign asset you own is intended to launder crime proceeds or hide money from our IRS, and we treat you appropriately. "Innocent until proven guilty" may be in your constitution, but that's never stopped us before. Soon, we’ll be going after that timeshare in Mexico or the Bahamas.
We Feds have not yet implemented hard exchange controls in the USA, but we anticipate our latest step, FATCA, coming close to achieving the same effect. With FATCA implementation underway bringing you Americans under our greater control is not a far off goal. We are hard at work making this dream a reality.
No, it is not too late, you can still legally send money offshore. Many of you are stashing your money outside of the USA in more sound economies to escape the increasing currency and economic weakness here, but soon we’ll stop you. You should have no right to buy CDs denominated in stronger foreign currencies, or stocks in companies that earn their revenue in stronger currencies. We cannot monitor each and every transaction you make from your foreign accounts, so you should have no right. In Nazi Germany ownership of foreign accounts was punishable with death. Soon we’ll change the laws to prevent you from sending money offshore, but for now we are forced to tolerate the few of you with foresight. Doesn’t matter, we’ll trap enough of you in our net soon enough.
"The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government -- lest it come to dominate our lives and interests."
- Patrick Henry
Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for nonwillful violations that are not due to reasonable cause. For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation.
That’s right, we assigned ourselves the right to take $10,000 or more of your money EACH time you don’t report your foreign holdings to us on the form we dictate. No, it doesn’t matter if you simply didn’t know about our requirement. NO, you Mexican Americans who maintain a bank account in Mexico are NOT free to just quietly keep this money in Mexico. NO, you are not free to invest your money through a foreign brokerage without telling us about the funds. It doesn’t matter if the US dollar and economy are slowly collapsing and you feel a need to safeguard your earnings for the sake of your family, you must go down with the ship. You MUST disclose your holdings to us at the government as soon as the balance exceeds our threshold, otherwise we will come after you for breaking our laws. One more thing, between you and us, guess who gets to decide if your failure to file was willful or not???
We presume you guilty unless and until you can prove your innocence. Our laws assume each and every foreign asset you own is intended to launder crime proceeds or hide money from our IRS, and we treat you appropriately. "Innocent until proven guilty" may be in your constitution, but that's never stopped us before. Soon, we’ll be going after that timeshare in Mexico or the Bahamas.
We Feds have not yet implemented hard exchange controls in the USA, but we anticipate our latest step, FATCA, coming close to achieving the same effect. With FATCA implementation underway bringing you Americans under our greater control is not a far off goal. We are hard at work making this dream a reality.
No, it is not too late, you can still legally send money offshore. Many of you are stashing your money outside of the USA in more sound economies to escape the increasing currency and economic weakness here, but soon we’ll stop you. You should have no right to buy CDs denominated in stronger foreign currencies, or stocks in companies that earn their revenue in stronger currencies. We cannot monitor each and every transaction you make from your foreign accounts, so you should have no right. In Nazi Germany ownership of foreign accounts was punishable with death. Soon we’ll change the laws to prevent you from sending money offshore, but for now we are forced to tolerate the few of you with foresight. Doesn’t matter, we’ll trap enough of you in our net soon enough.
"The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government -- lest it come to dominate our lives and interests."
- Patrick Henry
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