Sneakily hidden in the “Hire Act,” signed by President Obama in 2010, was an unrelated and blatantly unconstitutional provision called The Foreign Account Tax Compliance Act, which requires all foreign banks that want to do business in the United States to report any accounts held by U.S. citizens to the IRS. The U.S. administration has unconstitutionally entered into agreements, with these countries, which are essentially treaties, to share financial information on their citizens on a nation-by-nation basis. According to the constitution, only the U.S. Congress is permitted to authorize treaties between the United States and other nations.
FATCA, which was defended on the basis of the need to get tax evaders, is all about control and is about to be implemented after a series of delays. If you own more than $50,000 in assets overseas you are required to report it to the IRS. If you don’t, you face substantial fines. The reporting requires a lot of paperwork, particularly for people who live overseas (between 6 and 7.5 million), many of whom have no access to professional tax help. Reciprocal U.S. reporting to foreign nations on their citizens who have U.S. accounts includes dictatorships and rogue nations and oppressive regimes that could misuse the information to persecute families of those of their citizens living in the United States.
There are other tools that the U.S. government can use to catch tax evaders and criminals. It does not need blanket authority to scoop up massive amounts of sensitive financial information on its citizens. FATCA has caused pain and panic for some people and deep concern for others, resulting in some renunciations (about 2000 so far)of their U.S. citizenship. Others believe that this legislation, which is the stuff of autocratic governments, will lead to dictatorship.
Power resides in control of money. Money cannot be totally controlled unless there is total information. The intent of FATCA is to gain more control for the U.S. government by accessing the sensitive financial information of its citizens and others. In a globalized world, centralizing control of money is essential. This is a huge leap forward in the globalization process. It prepares the United States to join global institutions that plan to take economic centralization much further.
Accompanying FATCA is its domestic companion DATCA, which requires financial institutions to report account information on foreigners holding deposits in the United States to their home countries.
Aside from the fact that this legislation may well be a train wreck for the U.S. economy by discouraging investment, damaging stocks, bonds and even the dollar itself, it has the potential to do untold harm to private citizens both inside the U.S. and abroad. It may even cost some lives of relatives in brutal dictatorship that have no concern for human rights. Countries like Venezuela are lining up to sign agreements with the Obama administration. And President Obama discussed an agreement with Russian President Vladimir Putin. There is only one other country in the world that taxes its citizens living abroad. That is the brutal dictatorship of Eritrea.
In spite of its unfounded constitutional grounds, the IRS is moving ahead full steam with implementation of FATCA and DATCA. When introducing legislation to repeal FATCA and DATCA, Senator Rand Paul said, “It is a violation of Americans’ constitutional protections, oversteps the limits of Executive power, disregards the mutual respect of sovereignty among nations and drains money from the federal treasury under the guise of replenishing it, and discourages overseas investment in the United States.” This is clearly an attempt to lay the foundation to globalize the economy and finances so that eventually a global economy can emerge.
The U.S. constitution says, “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probably cause…”
The FATCA legislation was passed and signed without any hearings or analysis. “It turns every foreign government and financial institution on the planet into extensions of the U.S. tax regime.” FATCA includes banks, pension funds, stockbrokerages, hedge funds, insurance companies, etc. FATCA essentially gives the IRS and the U.S. government unlimited access to all financial accounts and transactions.
The prophetic point is not that this was done by the Obama administration. This would probably have happened sooner or later by any president that is part of the elite that is scheming to destroy the U.S. Constitution and any Constitution similar to it. The very ones who have been sworn to uphold the Constitution are rapidly shredding it to pieces. Their distain for the founding document of the United States, which was designed to prevent such tyranny, has been prophesied. See Testimonies for the Church, Vol. 5, and Page 451.