DOES OUR GOVERNMENT WANT NATIONAL ECONOMIC SUICIDE?
Would you think it is smart to create regulations that make it all but impossible for Americans living abroad to get a bank account in the country where they live?
Do you think it makes sense to impose regulations and costs on U.S. financial institutions that would drive needed foreign investment out of the United States for the sole purpose of helping foreign governments collect taxes from their own citizens?
Last week, the Internal Revenue Service (IRS) and U.S. Treasury held a hearing on a proposed regulation that is so dumb and destructive that people had assumed it was buried for good a decade ago, when it originally was proposed. The Treasury/IRS is embarked on a program that can only be called national economic suicide.