With the Treasury Inspector General for Tax Administration report on FATCA out, I thought it would be a great time to list my top 10 reasons why FATCA is a complete miserable failure. Number one, it was passed on an accounting lie – the Pay-Go lie. Pay-Go stands for a pay-as-you-go budgeting and it's supposed to keep spending bills deficit neutral. In this case, the Hire Act of 2010 was a spending bill, and offsets needed to be found. The claim was that FATCA would be bringing about an extra billion dollars or so in revenue per year, and how has that worked out? Well, William Burns and Robert Monroe at Texas A&M say the revenue is just not there. Now you'll see a red herring from the government saying that thanks to FATCA, ten billion dollars has been collected in penalties and taxes over the past 10 years due to the OVD piano video. I know there are voluntary disclosure programs, well, this isn't exactly true because most of those penalties are related to FBAR requirements under the Bank Secrecy Act. Very little money of this is actually tax, proving that this fact claimed that there was extra revenue to be had is just not valid. So, while the extra revenue is not there, the spending to implement FATCA certainly is. TIGTA puts the cost so far at administering FATCA at 380 million dollars, and yet FATCA is not even close to being fully implemented. What's it totally gonna cost, right? Number three, the risk – the government can't provide any reasonable assurance that this massive data collection program is in any meaningful sense secure. There's lots of sensitive information there. Now, what if a country, say like Turkey or Iran, was looking for information on dissidents? Don't you...
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