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If I understand correctly, the law is aimed at banks to disclose assets of americans with more than 50k in savings, the banks are overreacting and not handling
by abruzzi 12y ago
If I understand correctly, the law is aimed at banks to disclose assets of americans with more than 50k in savings, the banks are overreacting and not handling accounts of any americans as a result. So I wouldn't say the law targets the average Joe (I know very few average Joes with $5k in savings, let alone $50k), but the banks are. Perhaps its a calculated move to get people upset with the IRS/Treasury to create backlash. I have no idea whether the root law impacts US corps.
- psuter 12y agoIt's 50k in "financial accounts", which includes retirement funds, and the financial institutions expose themselves to enormous penalties if they fail to report a single customer.
- Frozenlock 12y ago"the banks are overreacting" Really? The USA is considering everything as under its jurisdiction, but the banks are overreacting?
- EGreg 12y agoWell technically it is not jurisdiction but treaties as well as leveraging economic clout and agreements.
- abruzzi 12y agoI'm not using the word "overreacting" as a pejorative, but as a simple descriptive. The "overreaction" is simply doing more than the law requires of them. In this case, not taking americans as customers. The law does not require that of them, but they see it as too great a risk to their business. I would also say that if the IRS is able to enforce their rules without war planes, then it is technically within their jurisdiction. The jurisdiction comes from a) legal jurisdiction within the USA and b) treaties that allow them to enforce laws beyond the USA.