Unpopularity has scuttled the extra-constitutional, extra-judicial Christmas tree tax (see below video for a sample). Now the Department of Agriculture had proposed this tax, and of course they went about it in a completely wrong way. First, they should have the IRS collect it. Second, they should only impose it on US citizens living outside the borders of the United States, and recent immigrants, for example, people who have come from India in the last 10 years. That way it only hits those who don’t have representation in Congress or small persecuted minority groups. Then, a line should be added to the 1040NR form asking, “Did you have a foreign Christmas tree this year at any time during the year?” In the explanations of this line, it should say that if the answer to the question is yes, then each person filing must fill out a disclosure form DA-FCT1025365NR for the Department of Agriculture which must be received by the 30th of June on the year that the foreign Christmas tree was used. It should be mentioned that non-wilful failure to disclose whether one had a Christmas tree could result in a $10,000 fine per infringement, per tree (so that if two spouses filing jointly or separately would each have to make a disclosure). Wilful failure of disclosure can result in prison sentences and huge fines that are so stupendous that it requires the implicit waiver of the 8th amendment, let’s say as much as 300% of your personal wealth. Finally, this disclosure must be retroactive for the last six years.
FATCA
Mental midgets at IRS and US Department of Treasury may cost US 10,000,000 jobs
Hi, I'm an economic know-nothing
Ok. Here is where I am so angry at what the Congress, the IRS, Obama and Tim Geitner have done to me that I claim that you US persons are dumb and getting dumber by the minute. An article in the Washington Times yesterday claims that the mental midgets running Washington are implementing regulations that will cause the flight of $14 trillion of foreign investment capital out of the US. This will cause the loss of as many as 10,000,000 jobs. Read it and weep. Here is a salient excerpt:
Sen. Carl Levin, Michigan Democrat, and the other economic-know-nothings who proposed these measures claim – without any basis in fact – that the United States is losing $100 billion annually because of foreign account tax avoidance or evasion. Private foreign investment in the U.S. is about $14 trillion. So $100 billion is less than 1 percent of the private foreign investment, yet the mental midgets in Congress and the administration are willing to risk trillions of dollars in job-creating foreign investment in exchange for a phony $100 billion. Well over 10 million American jobs are at risk because of this foolishness.
Phil Hodgen reports on the backlog of people who want to renounce their US citizenship. The US citizens living abroad now find that US citizenship is a liability not an asset and want out. We want our Declaration of Independence.
The Righteous Investor 