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The Whim of One Senator: Obstructs Progress against Global Tax Fraud, Corruption and Trade Deficits

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CPAC 2013
(image by CPAC)

The Foreign Account Tax Compliance Act (FATCA), on the surface flushes out U.S. tax evaders, a pro-99% aim, but increasing the U.S. taxes collected on previously hidden offshore accounts is only the tip of the iceberg. The worldwide shadow financial system referred to in the Global Financial Integrity (GFI) article is the global corruption and trade manipulation iceberg that FATCA can start melting. Aside from the $399 billion that GFI mentions being siphoned via illicit outflows from Greece and Portugal, Global Financial Integrity's reports document over $5 trillion in illicit outflows from China, Russia, Mexico and other developing counties. Is there any wonder that the United States is running huge trade deficits with these counties when the 1%ers of these counties are robbing the 99% of trillions in purchasing power? This is not the first time one Senator enabled the trade deficit.

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