by Nick Giambruno, Senior Editor
International Man
The government has criminalized so many mundane activities that the average American unknowingly commits three felonies a day. That’s according to a study by Harry Silverglate, a civil liberties lawyer.
This happens, in part, because there are plenty of awful laws most Americans have never even heard of. One of the worst of these little-known laws is the Foreign Account Tax Compliance Act (FATCA).
FATCA is a U.S. law that forces every financial institution in the world to give the IRS information about its American clients.
Complying with FATCA is a huge financial and administrative burden, measured in hundreds of billions of dollars. It’s a paper shufflers dream come true.