This has been posted by Mark Twain on the ask your FATCA question thread and needs its own post…..
https://www.facebook.com/republicansoverseas/posts/208228726027597
A proposed RNC Resolution has been drafted by the following Chief sponsor and co-sponsors: Title — “Resolution to Repeal the Foreign Account Tax Compliance Act (FATCA)”
Will the @DemsAbroad sign on too, or now oppose in typical partisan fashion.?
Read more below the jump…
Whereas, In 2010 Congress passed the Foreign Account Tax Compliance Act (FATCA) in an effort to catch tax evaders; but this Act has inadvertently ensnared every United States Citizen living overseas due to its overzealous invasion of privacy and punitive taxation and enforcement;
Whereas, The United States is one of the only two countries in the world that taxes foreign income of its citizens living abroad who already pay taxes where they reside;
Whereas, FATCA creates enormous reporting burdens for American taxpayers living overseas and puts them a great risk for even the slightest innocent mistake;
Whereas, FATCA requires foreign financial institutions, to enter into an agreement with the Internal Revenue Service (IRS) to identify their U.S. account holders and to disclose the account holders’ names, taxpayer IDs, addresses, and the accounts’ balances, receipts, and withdrawals (sometimes in violation of foreign privacy laws);
Whereas, FATCA has resulted in Americans living and working overseas finding themselves, and their companies, shut out from access to banks, insurance loans and investment opportunities, as many foreign financial services providers have concluded that doing business with Americans is simply too much trouble thus decreasing America’s competitiveness overseas;
Whereas, FATCA’s primary mechanism for enforcing compliance of foreign financial institutions is a punitive withholding levy on U.S. assets, creating a strong incentive for foreign financial institutions to divest (or not invest) in U.S. assets, resulting in capital flight, hurting the U.S. economy;
Whereas, Time magazine reported a sevenfold increase in Americans renouncing U.S. citizenship between 2008 and 2011 and has attributed this at least in part to FATCA and another surge in renunciations in 2013 to record levels has been reported in the news media, with FATCA cited as a factor in the decision of many of the renunciants; and
Whereas, FATCA forces Americans living abroad to make a horribly unfair choice between renouncing their citizenship or abandoning their businesses abroad because foreign financial institutions won’t handle their transactions or accounts; therefore be it
RESOLVED, The Republican National Committee hereby presents this Resolution to each Member of Congress and urges the U.S. Congress to repeal FATCA and to allow those U.S. citizens who renounced their citizenship under FATCA to regain their citizenship;
RESOLVED, The Republican National Committee urges the IRS to cease inflicting damage on the United States and on the global financial system in an attempt to vindicate FATCA’s misguided approach to tax enforcement;
RESOLVED, The Republican National Committee by presenting this Resolution to each Member of Congress urges them to increase the competitiveness of Americans overseas and remove inappropriate invasions of American citizens’ privacy; and
RESOLVED, The Republican National Committee hereby presents this Resolution to each Ambassador and Representative from every foreign nation and warns them that the privacy rights of their own citizens are at risk due to reciprocal agreements.
Chief sponsor – Solomon Yue, Jr., Republican National Committeeman for Oregon
1st Co-sponsor – Carolyn McLarty, Republican National Committeewoman for Oklahoma
2nd Co-sponsor – Bruce Ash, Republican National Committeeman for Arizona
3rd Co-sponsor – Helen Van Etten, Republican National Committeewoman for Kansas
4th Co-sponsor – Roger Villere, Jr., State Chairman of Louisiana
5th Co-sponsor – Donna Cain, Republican National Committeewoman for Oregon
Additional co-sponsors will be added as more RNC members have an opportunity to review the resolution. It will be submitted to the RNC for consideration during its January Winter meeting in D.C.
WOW! WOW!! WOW!!!
Excellent news, at long last!
This could be a game changer – I can’t wait to hear the Dem’s response. The “Offshore Tax Cheats Not Paying Their Fair Share” mantra is getting to be about as stale as “Hope and Change” when juxtoposed with reality – and can’t work much longer. Maybe smart Dems will also realize it’s time to give RBT a chance. I’m sure they don’t really want the RNC to start sounding more reasonable and cogent than them. Putin embarrassed them enough.
I don’t even care if it’s just crass party politics at play, as long as this breaks wide open and gets people talking about FATCA and RBT and the scourge of CBT.
In a more solemn vein, I do hope that the momentary reminder that we are all better off treating each other with respect as equals, as embodied in the words of Nelson Mandela, will hopefully inspire some change of heart and understanding about FATCA. This is, after all, most fundamentally a human rights issue, just as Apartheid was.
May Mandela’s legacy cast a perpetual light of truth and dignity upon the darkness of mistrust, lies and slavery – in all its many forms.
A step in the right general direction, though my fear is that if only FATCA gets repealed, then CBT may be allowed to continue and other nasty human rights violations of US Persons Abroad may be in the cards in future congresses.
The focus needs to be be on CBT.
In any event, my strategic objective is to relinquish US citizenship in the near future, unless of course the United States passes a constitutional amendment which explicitly bars the application of US law in US citizens outside US sovereign territory, airspace and exclusive maritime economic zones.
Hopefully Senator Paul will get on abroad at least.
But come on folks. How many of you would want your US citizenship back after all this? Not me.
@MedeaFleecestealer
Would a lobster who, miraculously and under highly unusual cicumstances managed to free itself, voluntarily accept an invitation to be thrown back into the pot?
BRAVO RNC!
But you sidestepped CBT, which is the crux of the problem for Americans living abroad.
In any event, three cheers for your resolution. At least somebody from the Homeland is starting to understand the plight of Americans abroad.
The only way the Dems might wake up to the destructiveness of Carl Lenin’s pet FATCA project will be if expats start self-immolating in front of embassies and consulates.
Even if this were to pass, I’d only consider requiring US citizenship if they cancelled FBAR requirements for non-resident citizens and CBT as well. Still it would be nice to see there be an option to reacquire US Nationality available (not that it’s needed necessarily)
Yes, dems abroad indicated they were fighting this especially in certain places around the world. So it’s time to see their response.
As far as wanting their citizenship back. I don’t think after all you go through to relinquish it that it’s practical to take it back but, for me it was nice to see it offered. Especially to see my home state as a co sponsor. It was the right thing to do to offer it back since the question was for some to protect their family or to lose it which is not a choice at all.
@Joe Blow – ROFLMAO – Carl LENIN ! Love it …. what a wheeze of a typo, if that is what it was ….. or how accurate a renaming if that was what happened ….. LOL !
@all
I am so heartened to see that at long last some politicos are waking up !
Why no reference to an official website? I don’t trust what someone posts like that on Facebook. This could be a farce.
http://blogs.rollcall.com/moneyline/republicans-overseas-inc-established-to-speak-on-public-policy/
It sounds good but this is just a party political broadcast to show voters what the Republicans will have offer in 2014 and 2016. However I’m not sure if this in itself is going to make a huge difference coupled by the fact that the US’ economic future is starting to turning in favour of the Democrats for the mid terms in 2014.
Obamacare is going to be a non-issue by 2016 as well. Once people get used to paying into the health insurance system and taking back they’ll see the benefits as other countries.
Get the IGA struck down in court and hand the headache over to Parliament.
Thanks for your comment, Deckard. I agree, this may make FATCA and its unintended consequences more visible, which is really what is needed. More people to discuss this.
Replacing Citizenship-Based Taxation, of course, is key in the US playing with the same rules as the rest of the world, Residence-Based Taxation.
Your words about Nelson Mandela ring true regarding FATCA — it is built on mistrust, lies and slavery of ‘US Persons’ Abroad. Rest in Peace, Mr. Mandela, now one of history’s true leaders whose ideals may help guide humanity.
@mark twain – seems good to me …. seems to indicate that a bunch of people who are of Republican leaning and who are located around the world have cared enough to get together and form and register the organization and to have drafted this proposed resolution ….. hopefully they will push to get the proposed resolution onto the table of the RNC in due course. Seems good to me. I hope the Dems do the same thing. I am an equal opportunity FATCA opponent that can see no better subject for bi partisan action.
Get real, there will never be 60 Senator that will vote against FATCA, even with a republican president. With Obama or other Democratic president you would need 2/3 of both houses to overrule veto. With decreasing percentage of Americans paying taxes and increasing amount of American on government dole I seriously doubt we will see a Republican president in the foreseeable future.
FATCA is the hemorrhage, CBT is the disease. First things first.
I’m happy to read that the RNC is taking a non-partisan approach, in recognition of the fact that this is a life threatening disease that effects all US emigrants equally and transcends party lines.
@Nervous Investor:
I picked up Carl LENIN from someone else here (can’t remember who) and it stuck, just like FuBAR and FArTCA.
LOL
I just checked the Repulican National Committee website and there is no mention there of the proposed resolution.
@ brockers/ hardly know to which to respond first, this is the most exciting thread !!!!
@Don “It sounds good but this is just a party political broadcast ” ..maybe but anything that shows FATCA up for the ” baring the leprosity of CBT”….. it is can only be good news! CBT is the diseased corpse, FATCA is the little clapper that rings “unclean! unclean!” for any USP abroad and the IRS is the lazar house!!!
@ nervous investor-I love it ! your Freudian slip is showing ….”Carl LENIN”… too true !!
@ bubblebustin … you ring gold as always “FATCA is the hemorrhage, CBT is the disease.”
this is going on my wallpaper, desktop , inbox first folder and other easily accessible electronic places as well as physical places…
@calgary 411-thank you for drawing hte link between the giant legacy of Mr Mandela and the intellectual pygmies (staffers and congresscritters both) who drafted and voted for the HIRE act in 2010
@Betsy Milton , @ Atticus-this lobster know s where in the “lobster quadrille” we are –we won’t join the dance …but it’s a nice fantasy to think that we could have our passports back-I still grieve at losing it.
and finally to al Brockers…..KUDOS to this thread for making me realise Obama and CBT=Alice in Wonderland …. some examples
‘TIS the voice of the Lobster: I heard him declare
‘You have baked me too brown,!””””””””””””””””””” ie the IRS bonfire has crisped anyone in OVDI
last Lewis carroll correlation
“I passed by his garden, and marked, with one eye,
How the Owl and the Panter were sharing a pie:
The Panther took pie-crust, and gravy, and meat,
While the Old had the dish as its share of the treat.
When the pie was all finished, the Owl, as a boon,
Was kindly permitted to pocket the spoon:
While the Panther received knife and fork with a growl,
And concluded the banquet by [eating the owl.] ”
read: IRS for panther, read “American Abroad/USP” for the “owl”
loveya! strength and honour!!!!!!!!!!!!
Hat tip to @Tim…..On McClathcy, DC
RNC members tackle Foreign Account Tax Compliance Act, or FATCA
Republican National Committee members are drafting a resolution calling for the repeal of a soon-to-be-implemented tax law that critics say is contributing to Americans living abroad renouncing their U.S. citizenship in record numbers.
Solomon Yue, an RNC committee member from Oregon, has distributed the first draft of his resolution to repeal the Foreign Account Tax Compliance Act, or FATCA, among fellow RNC members.
Read more here: http://www.mcclatchydc.com/2013/12/06/210878/rnc-members-tackle-fatca.html#storylink=cpy
Kudos to Solomon Yue et al from RNC!
But until “citizenship-based taxation” is permanently repealed and official apologies with compensation provided, EXPATS NEED TO KEEP RENOUNCING US CITIZENSHIP — and Let Freedom Ring!
Global embarrassment of the MYTH that the AMERICAN DREAM has become is the only thing those leaches inside the beltway will understand.
What a great sign for the tumblr protest: “I am not a myth, but the American dream is.”
For those that can, there is an email address on the facebook page.
There is a large number of people who cannot renounce their citizenship, for this reason or the other.
The cosponsors appear to be the top dog in 5 states——5 states where the naysayers would have said are not interested in international matters.
Whatever flies in Congress, has to fly with Demonicrips and Rebloodlicans. Whichever is your favorite is quite 2ndary to any legislative hope.
This will also create some supportive media coverage, especially coming from within the Homeland. This could dent the current 99% dirty tax cheat media conspiracy.