Just Me sent me this e-mail that he is sending to media outlets:
So now after the NYT times article, the new WSJ journal article and the Fallows Atlantic trilogy, here is more reporting and opinion on the misguided citizenship taxation policy and IRS offshore crackdown which has created a FATCA mess that threatens Americans overseas as they become toxic clients for financial institutions world wide. Also more importantly, even rating agencies such as Fitch are beginning to understand the unintended consequences of the FATCA blowback and what that will mean for US business, exports and even American financial institutions as investment dollars move else where.
For your reading pleasure.
From the Washington Times. EDITORIAL: Tax-haven wars
Wednesday, January 4, 2012
Congress is scheming to export IRS meddling overseas
http://www.washingtontimes.com/news/2012/jan/4/tax-haven-wars/
and this from Forbes
New Post Alert
Are Expats Derailing The FATCA Express?
by Robert W. Wood
image via ehow.com The IRS views all citizens in the same way regardless of where they live. Think of it as a kind of Ellis Island mentality. Once you’re American, you’re in, until you leave. See Expatriating and Its U.S. Tax Impact. But there’s been a mismatch in perception when it comes […]
Topics: Business, Entrepreneurs, International, Investing, Law, OpEd, Options, Personal Finance, Policy, Taxes, Taxes and Law, Washington, World Affairs
Rating agencies now waking up. How can you ignore this story now?
Fitch: New US Tax Rules Could Prompt Foreign Deposit Outflow
Just Me sent me this:
And then, there has been a good blog started by some Canadians, with a Canadian perspective on these US tax issues which is getting about 1000 hits a day now, as more become conscious of these issues. It is designed for a Canadian audience, and not an American one, but there is some pretty good information sharing happening here. You might want to check it out.
http://isaacbrocksociety.com/2011/12/14/about-the-isaac-brock-society/
Thank you for your continue interest and tolerance for my unsolicited emails.
Just look at is as a FATCA clipping service for you 🙂
Cheers
[Just Me]
Congress is scheming to export IRS meddling overseas
http://www.washingtontimes.com/news/2012/jan/4/tax-haven-wars/
Petros.. there’s an error in the link – 2 (..) give an error.
Thanks. I think it’s fixed now.
America’s Founders and Signers of the Declaration of Independence are rolling in their graves over the ignorant hypocrisy of the US Government.
America would not exist if great men like George Washington, Thomas Jefferson, Benjamin Franklin, Patrick Henry, Thomas Paine, John Hancock, Paul Revere, John and Sam Adams and others had bowed to the tyranny of the British Empire.
Today’s politicians in the city bearing Washington’s name are a disgrace in taxing Americans abroad who have NO REPRESENTATION in US Congress and receive NO BENEFITS from the US Government. They are completely ignorant of their own country’s history.
Americans abroad do NOT use US highways, bridges, dams, schools, hospitals, fire, police, courts etc. They do NOT ask for or receive unemployment benefits. They receive NOTHING from the US government other than a travel document, which they pay for.
The battle cry of the American Revolution was NO TAXATION WITHOUT REPRESENTATION!
Like the British STAMP Act and other INTOLERABLE Acts, FATCA and all the other legislation coming out of US Congress targeting Americans abroad will inevitably result in tidal wave of Renunciations of US Citizenship.
Americans abroad are awakening to the true nature of the US government. Like the colonists in America, some will accept it, but many will not and make their own Declarations of Independence.
The increase in Renunciations of US Citizenship will be ignored at first, but before long, it will become a major source of embarrassment. Former US Citizens are already comparing themselves to East Germans jumping over the Berlin Wall.
The politicians in Washington need to study their own country’s history. As George Santayana wrote, “Those who cannot remember the past are condemned to repeat it.”
Great analysis! I agree fully.