The exclusion of certain foreign-earned income (up to $95,100 in 2012) and housing benefits privileges income earned out of the country and encourages the movement of United States citizens to foreign jurisdictions.
1. With respect to tax evasion and fraud, work to maximize wealth and income transparency. The Foreign Account Tax Compliance Act (FATCA), and similar laws adopted by other countries, represents an important legislative step forward in requiring foreign financial institutions to report balances, financial activities, and transactions to a taxpayer’s home jurisdiction. Communions that recognize the fallen nature of humanity support transparent financial reporting. This transparency fosters equality and fairness, and helps address tax avoidance and fraud, including money laundering.
2. Work with international coalitions and communions to oppose “race to the bottom” policies enacted by states and countries that seek to attract business investment and wealthy depositors by assessing extremely low tax rates and creating secrecy jurisdictions. These policies hurt economic competition by disadvantaging companies that do not engage in tax avoidance strategies and reduce government revenues needed for domestic social and economic development.
I agree with Duke. Holy s&I+, that is twice in one day!
@Bubblebustin
I have taken the text of my letter and recast it as an article, which I would hope to get accepted for publication on CommonDreams, an American, liberal/progressive website. It is liberals who brought in FATCA, and they must be educated as to its impact and how it has been used by the IRS.
May I use your story in my article? Would you be willing to let me use your real name? (We could figure out a way to do that, perhaps through Peter Dunn.) I could show you my draft in advance, if you like.
Thank you.
Please use my story, but is there a chance that they will publish it without me identifying myself? I would think that a really big part of the story is how we fear reprisal by the USG should they know who we are. I am US tax compliant, so my fear is not with the issues around compliance, but are with the US government retaliating against me through the IRS, DHS, or any other alphabet agency if they choose to make my life more miserable.
@Bubblebustin
I will not reveal your name if that is what you choose. If they won’t publish it, then so be it. Either I find other examples/individuals or another place for publication. I expect to publish this under my real name, which is taking a risk.
Here’s your story, as I have represented it, using almost exactly your words:
“A Vancouver couple, both husband and wife dual citizens at birth, discovered they had tax filing obligations to the US only after selling their home in Canada. Under the OVDI amnesty program they were required to pay the IRS $100,000 in tax and penalties for a capital gain that is not taxable in Canada where the husband has lived his entire life, and the wife since she was twelve.”
The title I am tentatively putting on this is “America’s Weaponized Citizenship”, and I include the following:
“Doesn’t everyone in the world envy US citizenship? Americans seem to think so, but maybe not. There is nothing noble or welcoming or friendly about US claiming these “citizens”. It is opportunistic and predatory. It might be called weaponized citizenship, a tool for the financial destruction of millions of innocent people.”
I have to work within a 1000 word limit, which is very difficult.
@NorthernShrike
This sounds really good. I would like to expand on a couple of points re OVDI, but in private. I’m allowing anyone in administration to forward my bubblebustin email to you so that we may communicate directly with each other, or if you’d prefer, through someone in admin.
Bubblebustin
I think private email makes sense. I’ll leave it to you to take the initiative with admin.
Email sent to you NorthernShrike.
TY, Calgary411.
You mean : BECAUSE OF FATCA AMERICA IS GOING TO BURN IN HELL