British Bankers Fed Up with the Long Reach of U.S. Government

Government regs are so thick and complex these days that no one individual knows fully knows what is in them. There's a combnation of special interest legislation and further power grabs by government.

Brits, for example, are up in arms over recent a new international tax proposal. Some are thinking of pulling out from doing business with Americans. What's in a U. S. proposal that could possibly cause an uproar across the pond?

Reports the UK's Telegraph:

President Obama's proposals are built on the so-called Qualified Intermediary system which was intended to ensure Americans paid the correct tax wherever they were domiciled. Foreign financial institutions that handle American money have to fill in a US tax form on behalf of the client that has to be audited too. In return, the banks receive a QI seal of approval as a qualified intermediary.

The British Bankers Association and London's Association of Private Client Investment Managers and Stockbrokers had a meeting with European counterparts 10 days ago to discuss the crisis. A delegation is set to meet the US Treasury's Internal Revenue Service in June to demand the requrement be deep sixed.