Thanks to Tim for mentioning this news on the Elizabeth May thread:
Rand Paul Blamed for Blocking FATCA
Washington, D.C. (May 2, 2013)
By Michael Cohn
The research and advocacy organization Global Financial Integrity is urging Sen. Rand Paul, R-Ky., to allow the Senate to vote on agreements negotiated by the Treasury Department with Switzerland, Luxembourg, Hungary and other countries to implement the Foreign Account Tax Compliance Act, or FATCA, in an effort to ferret out tax evaders.
Senate rules allow any Senator to place a “hold” on legislation removing it from consideration, and Paul has placed holds on bills to implement every tax treaty negotiated since his election in 2010, according to GFI.
Here are links to some other related articles and previous posts:
US senator, lobby group in tax info disclosure pushback
Senator Paul stirs business ire over blocking of U.S. tax treaties (Businesses eager for treaties to win Senate approval)
Wow, my head is still spinning after reading that article. No wonder there’s so much confusion about existing tax treaties, FATCA and IGA’s. It truly is becoming a hybrid Rube Goldberg / George Orwell nightmare. I keep thinking of that old saying, “Be careful what you wish for – you might just get it”.
Allison certainly dispels the mis-information from GFI and repeated by Accounting Today. Michael Cohen is really coming to disappoint me. Most journalist as we are learning, just take press releases and barely change them when they repeat them as almost fact . When you know something about a subject, and you see this, then you learn how to be skeptical about ‘so called’ reporting about things you know nothing about. 🙂
The 5 key points …
1) There is no such thing as a FATCA implementation treaty.
2) Double tax conventions are not needed to implement FATCA.
3) Double tax conventions are not needed to implement IGAs.
4) Switzerland already has a double tax treaty with the USA
5) Hungary and Luxembourg also already have DTTs in place.
You really should use those 5 points and this article to counter the attack on Rand Paul. You may not be aligned with him politically, but this attack has nothing to the reality of FATCA agreements or treaties that he has a hold on.
FATCAnatics are using GFI as a vehicle for another agenda.. IMHO
Here is what they want….
“The increased bilateral exchange of taxpayer information that these FATCA agreements create are crucial to cleaning up the worldwide shadow financial system, starting right here at home,” said Heather Lowe, legal counsel and director of government affairs at GFI. “The U.S. should not be a safe haven for the dirty money of foreign tax evaders, just as foreign financial institutions should not harbor the illicit assets of U.S. tax evaders.”
You can agree or disagree with the end goal, but a global GATCA is what this is all about, make no mistake about it! 🙂 They want to get Rand Paul out of the way of that goal. They will go after any politician that seems to be standing up to the global tide. Rand Paul is just the first.
…War on Drugs, Afghanistan, Iraq, War on Terror, FATCA. See a pattern of behaviour here?
Yup. WOOTE War on Offshore Evasion
WOOTE War on Offshore “TAX’ Evasion left it out above…
Apparently according to Allison Christians, Rand Paul isn’t actually in the way, but don’t tell GFI that!
No, he is just a convenient target for a different mission. Scare others into supporting GATCA.
In his exercise in futility he’s made himself a target for the benefit of others who support GATCA? In his exercise in futility, he’s actually provided fodder them? Way to take one for the enemy, Rand.
Another story on the so called Tax Treaty fight…
Rand Paul Not Backing Down on Tax Treaty Fight
Business groups and liberals are joining forces to fight back against Sen. Rand Paul’s continuing block of international tax treaties, saying his unwillingness to budge is harming business interests.
I put up a comment which is in moderation, but you all will enjoy Nathan Hales comment… 🙂