A follow-up article from Patrick Temple-West at Reuters:
http://blogs.wsj.com/riskandcompliance/2014/01/24/republican-party-backs-fatca-repeal-resolution/
Some highlights:
Jan 24 (Reuters) – The Republican National Committee (RNC) on Friday called for the repeal of a U.S. anti-tax-evasion law, siding with big banks, libertarians and American expatriates that have criticized the Obama administration statute.
At its winter meeting in Washington, the RNC approved by voice vote a resolution in favor of abolishing the 2010 Foreign Account Tax Compliance Act (FATCA), set to take effect in July, marking the party’s first explicit attack on the law.
FATCA will require most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers’ accounts worth $50,000 or more. The law was enacted after a scandal involving Americans hiding assets in Swiss bank accounts to dodge U.S. taxes.
Critics have blasted the law as an unfair government overreach and invasion of financial privacy.
“The Republican National Committee … urges the U.S. Congress to repeal FATCA,” said the measure, staking out a campaign position ahead of 2014’s mid-term elections.
On Wednesday, with the RNC vote expected to occur, a senior Treasury Department official said the vote would not hurt the administration’s efforts to implement FATCA via a web of tax information-sharing agreements with other countries.
A link to Republicans Overseas:
https://www.facebook.com/republicansoverseas
Democrats Abroad’s Recommended Reforms (from their website):
https://www.democratsabroad.org/group/da-international/fbarfatca-task-force-page-updated
“From our analysis of the data on the impact and our discussions with regulators, legislators and tax advisors, the Task Force established the following proposed reforms:
Define a foreign or offshore account that must be reported as an account in a country other than one’s country of residence, thereby recognizing our legitimate need for local banking services. This would also relieve the IRS of the burden and distraction of scrutinizing filings that detail legitimate overseas accounts;
Raise the FATCA reporting threshold for overseas Americans to $1 million, therefore putting the focus on taxpayers with wealth that is sizeable enough to justify the costly and complex investment structures normally used to conceal assessable earnings;(4)
Index the reporting threshold to inflation so that it goes up every year just as the Section 911 income exclusion does;
Add a provision that excuses anyone who does not owe taxes (because of the Section 911 Foreign Earned Income Exclusion or any other exemption or a tax treaty) from the obligation to file FATCA form 8983, regardless of the reporting threshold;
Merge the FBAR reporting requirement with the developing FATCA legislation to eliminate duplication in filings;
Offer true amnesty to overseas Americans who are delinquent taxpayers, inviting them to pay what they may owe and restore their status as tax-compliant citizens.”
VERY WEAK Dems Abroad!
It seems like in principle you are quite okay with CBT with no representation or public services, FuBAR, Reed Amendment, Exit Tax, etc.
You are in the best position to bring an end to the mass screwing of 7.6 million expats. The Democratic Party is the main one responsible for screwing Americans abroad. Yet you are all too blindly loyal to your party to rock the boat and demand REAL CHANGE.
Could Expats Decide the Outcome of the 2016 Presidential Election?
http://www.prnewswire.com/news-releases/could-expats-decide-the-outcome-of-the-2016-presidential-election-242288261.html
“In past years, the Democratic party had a virtual stronghold on the expat community vote in presidential elections. This year may be different. The Republican National Committee (RNC) is making a strong case for US expats living abroad to vote Republican. The party has begun a campaign to repeal FATCA, the Foreign Account Tax Compliance Act, which is causing an uproar throughout the world.”
“The RNC believes FATCA violates American citizens’ right to privacy. The resolution to repeal FATCA gained full support of the RNC Resolution Committee, as well as 26 co-sponsors, which virtually guarantees it will pass when voted on at the party’s winter meeting later this month.”
@FromtheWilderness
Wouldn’t that be something, if we were being fought over?
Didn’t Brock once upon a time have a hate-on for Greenback Expat Services?
@bubblebustin
As we keep saying, FATCA is creating some very strange bedfellows. Who would ever have thought that the Green Party, the NDP and the Republicans would be on the same side of an issue? And who would have thought the same thing about the Conservatives and the Democrats (though we still don’t know for certain about that one)?
@Deckard1138
How can we all help but be all on the same side, when we side on what’s right and just?
Anyone who doesn’t side with us is dead WRONG! Believe it. In the end, we will be on the right side of history, of liberty.
SEE UPDATE ON THIS: http://isaacbrocksociety.ca/2014/01/30/25361/
From Terry McBride, The StarPhoenix, Saskatoon:
Pingback: The Isaac Brock Society
http://samuelclemmons.wordpress.com/2014/02/08/resolution-to-repeal-fatca/
Copy resolution to repeal FATCA
you may add the link in the title if you like