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News Link • TAXES: Federal

Tax Bill Is Beginning of Formal Debt Criminalization

•, by Anthony Wile

The United States Congress is steadily headed to a place where those who owe money to the US government shall be treated criminally.

This phenomenon is advancing domestically and now, increasingly, internationally. The first shot in this latest campaign took place in 2010 when US President Barack Obama signed into law The Foreign Account Tax Compliance Act. It demanded, basically, that foreign banks withhold up to 30 percent of the income that an American abroad might earn.

This bill isn't working so well because overseas banks are not cooperating (a state of affairs that was certainly expected).

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