US and Eritrea's Tax: Canada's FATCA Capitulation
Excerpt:
As of this past week, the Canada Revenue Agency works for the Internal Revenue Service. The subordination of Canada’s tax authority to its American counterpart came in the form of a euphemistically named “Intergovernmental Agreement” pursuant to the US Foreign Accounts Tax Compliance Act (FATCA).
The result is that starting Canada Day (July 1), Canadian banks and other financial institutions will be required to comb through client accounts containing $50,000 or more to determine if they are “US Reportable.” They must then inform CRA, which will pass the information along to the United States.
Notwithstanding that Canada’s leaders have subjected their citizens to the most rapacious and malevolent tax department in the world in the form of the IRS, they have committed a craven surrender of national sovereignty.
FATCA, passed by the US Congress in 2010, is an extension of America’s anomalous and larcenous practice of demanding taxes from people, regardless of where they reside in the world. The United States is one of only two countries that engage in this disgraceful practice (Eritrea being the other).
Let us eliminate a deliberate misconception: This agreement is not about catching “tax cheats” as its proponents aver and journalists obediently repeat.
It is about expanding America’s oversight of global commerce, while increasing its ability to confiscate funds to which it has no legitimate claim.
Indeed, the only apparent cheating is that of the United States, which assumes the power to demand taxes from people who do not live in that country, do not use any of its public services, and in many cases have never been there.
This is international theft, effected by the threat of fines, prosecution and imprisonment.
http://en.afrikinfos.com/2014/02/11/us-and-eritrea-tax-canadas-fatca-capitulation/