It died with the passage of the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487). Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is … [Read more...] about The Death of Your Financial Privacy
