Yesterday, the IRS announced the International Data Exchange Service.
If you’ve not heard of it, it’s is an outgrowth of the Foreign Account Tax Compliance Act (FATCA), which requires every single bank in the world to get in bed with IRS to share information about customers.
We’ve said this over and over, FATCA is probably the dumbest law in the history of the United States. And I don’t say that lightly, because there’s definitely stiff competition.
Like any other bankrupt government, the US government has taken to intimidating its own citizens and the entire world in an attempt to make ends meet.