A Fact Findg Forum on FATCA will be held in Toronto. Everyone nearby should consider attending this rally. Here is the announcement:
The Federal PC Party (Progressive Canadian) of Canada is calling ALL CANADIANS (Liberals, NDP, Conservatives, ordinary citizens, et al) to stand on guard for Canada and Canadian sovereignty!Plan to attend a Fact Finding Forum to preserve Canadian sovereignty and keep Canada a free and independent nation!Who: The Honourable Sinclair Stevens, Federal PC Party leader, Party President Dorian Baxter and othersWhere: University of Toronto – Room TBA (click for updates)When: Saturday December 15, 2012 – 9:30 a.m. – 5:00 p.m.In 1961, on May 17th., President John F. Kennedy addressed the Parliament of Canada. During the address President Kennedy, commenting on the special friendship between Canada and the U.S., stated:“Geography has made us neighbors. History has made us friends. Economics has made us partners. And necessity has made us allies. Those whom nature hath so joined together, let no man put asunder.”Neither President Kennedy nor Prime Minister Pearson in their worst political nightmares could have ever anticipated this second, dastardly, unprovoked, unprincipled and utterly unconscionable U.S. assault on Canadian sovereignty!!!For updates and evolving information: http://StopFATCA.wordpress.comFurther information:http://www.newswire.ca/en/story/1071319/stop-an-impending-massive-handover-of-canadian-sovereignty-to-the-united-states-says-isaac-brock-societyPC Party President: Dorian Baxter (289) 221-2687PC Party National HQ: (905) 853-8949
Make sure you listen to Anne Soukup (see videos below) who does a awesome job in her discussion US Expat problems with Goldstein on Gelt. She and Mary Lou Serrato are doing a great job of lobbying for Expats. Yet I take issue only with their use of the imperative: “Americans Abroad must” pay taxes. In many cases, the United States tries to illegally extort taxes from dual nationals or people who are no longer American citizens, in some cases by reinstating their citizenship against their will. To whom must a dual national pay taxes if resident in their non-US country? Obviously, not to the United States, since the international doctrine of Dominant Nationality applies. If the US wants to tax them, they are violating international conventions on nationality and are attempting to enforce barbaric forms of perpetual loyalty against the Universal Declaration of Human Rights. So I would say in contrast to ACA: The United States must leave us alone.
Meanwhile, Victoria tells us that she paid $9000 for her 2011 taxes, including taxes on her French unemployment benefits!
Phantom gains: Because we had sold our last piece of investment property that year, I was aware that I would be paying capital gains on the sale and was prepared to the cough up a couple thousand U.S. dollars. What I did not know was that I would “make” more money on paper because of the different exchange rates: from Francs/Euros to U.S. Dollars. That was something of a shock but even so I’d heard that this is a frequent problem for other Americans abroad – this issue of “phantom gains” on property or mutual funds that come about simply because we (Americans abroad) are doing business in local currency but the U.S. government insists that everything be converted to U.S. dollars using the IRS-approved exchange rate for that filing year.
Unemployment is not Earned Income: I was unemployed and collecting French unemployment insurance for the year 2011. To my utter disbelief this income is not excludable under the Foreign Earned Income Exclusion. So basically it appears that I had to pay American taxes on my French unemployment benefits. Amazing.
So what was the final damage? 9,000 U.S. Dollars (late filing fees and interest included).
So Victoria, soon to be French citizen, pays more taxes than the 49% and what does she get in return? The right to visit her family in the United States. That’s the only tangible benefit to compliance (=”not being a lawbreaker” in the eyes of the US only). I went to a walk-in clinic yesterday and presented my OHIP card and received a consultation. US citizens resident in Canada perhaps can tell us what other benefits they receive from paying taxes to the US. Certainly not heath care or food stamps (snap!).
In other news, the United States Senate is consider sanctions that would make illegal Turkey’s gold-based trade with Iran. Apparently, the barbaric relic is a threat to the barbaric United States, since it is having trouble enforcing its financial hegemony over Iran and Turkey. Stop, stop, stop trading: the United States says so. Finally, Intrade is shutting down the accounts of Americans. Canadian journalist are mourning the loss of Mark Carney, head of the Bank of Canada, who plans now to blow financial bubbles for the Bank of England. Brockers have suggested that Jon Corzine, Douglas Shulman or Timothy Geithner, all of whom are currently out of work, replace Carney as the head of Bank of Canada. That way, when the Canada signs the IGA, there will be a Washington insider calling the shots at the BOC.
Catch up on Mary Lou Serrato, who spoke to Goldstein on Gelt in August.