tag:blogger.com,1999:blog-4622776924781844427.post3905382574755631918..comments2024-03-23T13:43:27.051-04:00Comments on Tax, Society & Culture: Next Monday: Art Cockfield on FATCAAllisonhttp://www.blogger.com/profile/16733465339926078146noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4622776924781844427.post-197789824031469202014-01-02T11:51:54.643-05:002014-01-02T11:51:54.643-05:00I agree with prof. Cockfield's analysis, but i...I agree with prof. Cockfield's analysis, but in my opinion there is too much focus on cost and too little on the normative value of FATCA.<br />It is not proven that FATCA is effective and necessary. The fact is that privileged information is handed out by governments who are bound to protect that information. it is not prooven that the tax payers have not complied with the US rules, but still their privileged information is given away. there are no restrictions on the holding period for the received information. procedural rules to protect the taks payer from harassment are not provided for in the instrument. US citizen are selected as a special species for who FATCA applies. this is in violation of the European Convention on Human Rights, even if discriminatory treatment of US citizens is allowed under the relevant Double tax treaty.Anonymoushttps://www.blogger.com/profile/06233892808869155527noreply@blogger.com