This month the Department of the Treasury of the U.S. announced new plans under the friendly name ‘The American Families Plan Tax Compliance Agenda‘ (pdf) (the propaganda section did a good job). Apparently these plans are going to create a new burden for European financial institutions and may mean that even more of them are going to refuse services to people who have to file tax returns in the US (‘U.S. Persons’).
On page 18 is a chapter on what we in the Netherlands call ‘renseignering‘, here it is named “Increased Information Reporting“. With the well-known alibi “opaque income streams, including proprietorship and partnership business income” non-proportional extra bureaucracy (with many costs for those involved) is created.
Read and shudder:
Financial human rights will get very important.