Trade-killing law needs a remedy
On Dec 5, our Ambassador Rice, took to the floor of the United Nations and with a moving speech condemned a member country for its tax policy. It seems she is mightily offended by Eritrea's taxing its citizens on their worldwide incomes, regardless of where they live or what taxes they pay in their country of residence. After her convincing speech, the U.N. Assembly voted unanimously to condemn this practice.
This would have been a noble act and she was correct to speak and to vote against this practice, had it not been for the government she represents in her capacity as the ambassador. The U.S. has the exact policy she condemns and unlike Eritrea, the mighty IRS has the money and zeal to enforce this country's laws.
The IRS has issued orders, on behalf of the U.S. government, to all banks worldwide to report the details of every bank account held by an American living abroad.
This idiotic law didn't start with the current dictatorial regime in Washington D.C. but the zealous enforcement was speeded up with this administration. Foreign banks have decided to close accounts held by Americans, driving them home or to giving up U.S. citizenship, in record numbers in 2011 and 2012 so far.
Until 1976, when we first strengthened this law from it's passage by the Kennedys, we enjoyed a surplus of trade, but every year since then, with salesmen and engineers absent in host countries, our trade deficit has jumped to almost a trillion dollars.
Both political parties, with rare exception, agree with this trade killing law. The only way to stop it is the FairTax HR25. I am urging every one who reads this to send a letter to their Congressman asking them to sign on as a co-sponsor.
Wilton Jere Tidwell