FATCA and US fiscal imperialism threaten to sink global economy
Government is larger than ever, and Americans are growing increasingly wary about expansions of federal power. To overcome public objections and justify the continued growth of government, politicians exploit grievances and sell their programs with emotional appeals. The most frequent such appeal in recent years has been to perceptions of fairness, but the policies promoted under the banner of fairness are often anything but. One such law passed in 2010 and soon to be fully implemented, the Foreign Account Tax Compliance Act (FATCA), is not only decidedly unfair, but also devastatingly destructive.