As submitted by two Brock commenters. Our thanks to them …
and, once again, to Senator Rand Paul.
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This story is confirmed on Senator Rand’s website.
Mar 4, 2015
WASHINGTON, D.C. – Sen. Rand Paul today reintroduced S.663, a bill to repeal certain provisions of the Foreign Account Tax Compliance Act (FATCA) and put an end to a defective bill that does not accomplish its objective of ending tax evasion.
…
“FATCA is in complete violation of every Americans’ constitutional right to privacy and adds burdensome regulations that negatively impact our economy. It is a defective law which disregards the mutual respect of sovereignty among nations and drains money from the federal treasury, on top of discouraging overseas investment in the United States. My bill will reverse the negative aspects FATCA has on the economy, prevent the government from bulk collecting U.S. Citizen’s financial data, and preserve the constitutional rights for all Americans,” Sen. Paul said.
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UPDATE: March 5, 2015
AARO team met Wednesday with Senator Wicker (R-MS) who will co-sponsor Senator Paul’s “Repeal #FATCA” bill.
FATCA compliance is a big fat tax deduction for banks. The cost of doing business.
If US parents live near the Canadian border, this may be of interest.
Because American insurance companies will pay Canadian hospitals for a birth, cross the border to Canada, have the kid born there.
1. The kid would be entitled to Canadian citizenship.
2. The kid would be entitled to residency in the US (and could opted for US citizenship later if things change).
Someone should organise ‘FATCA free births’ in Canada. It’s food for thought.
It would be embarrassing for the US government to have its own citizens going to Canada so their child has more choices in future than being tagged a US tax slave for the rest of their lives.
@Duke of Devon:
You said:
“Don’t hold your breath. Rand Paul is part of the lunatic fringe of the hopelessly dysfunctional, gun loving, anti tax , Obama hating ( primarily because he had a black father) Republican party”
Senator Paul is hardly ‘lunatic fringe’ or ‘hopelessly dysfunctional’ let alone a ‘racist’ !
He is a staunch defender of the Constitution and in particular the 2nd Amendment , 4th and 5th Amendments and is the ONLY member of Congress to author a bill to repeal FATCA . This is a renewed launch of a previous bill which Senator Paul authored and introduced a couple of years ago.
His action support and reinforce our own efforts in our lawsuit to support not only sovereignty of nations, in particular our own, which is NOT defended by our own government, but rights of the individuals worldwide. ( why do you think many contributions come from outside Canada?. Up to this point our lawsuit is the ONLY thing with any hope of stopping this from ruining more and more lives across the globe)
And ‘anti-tax’???
Who The HELL is NOT anti-tax these days??
Along with the outrageous inroads governments have made into their efforts to confiscate the savings and retirement of millions,ruining the prospects of families and their children and grandchildren forever by their obscene spending, the onerous taxing of citizens and individuals
globally has absolutely no justification except to continue the insanity!
Hardly qualifies Senator Paul for such vitriol and in my humble opinion the kind of attack on another that is totally uncalled for and misplaced here at IBS!
PARTICULARLY on Senator Paul!
@Duke of Devon – If Rand Paul was Senator Satan and against FATCA, he would be good enough for me.
@Don
Convincing Americans to come over in droves to give birth in Canada when we can’t even get most people in the US to see the harms of CBT?
Regarding Rand Paul, I’ve always been a coffee drinker but lately I find myself enjoying the taste of tea.
@Bubblebustin – I agree but a one off story about someone going to Canada so their child can avoid the US tax system / FATCA might make interest fodder for the media. People won’t take this issue seriously until the 1099s or IRS tax demands start dropping through the door.
@ Don
Fatca-free babies eh? Many years ago when I worked in a women’s hospital it wasn’t uncommon for American moms to have their babies here in Canada. Dual citizenship was probably not a consideration. Most of them did not have medical insurance in the USA and our hospital fees were a bargain compared to the American hospitals (the higher U.S. dollar helped too). We did have Chinese moms wanting to give their babies a second citizenship though.
I think we should try to understand something about the US:
Inasmuch as it relates to Canada.
Canada has always been acutely aware of the US while the US simply does not make themselves aware of Canada except as a nice place to visit perhaps.
Unless one lives on the border or close to it, either side, there is little in the way of knowledge of the country except as perfunctory and superficially. Much as an elephant would be aware of a flea. We are viewed as poor cousins on the wrong side of the War of 1812!
Yet, without Canada there would have been NO Underground Railroad or freedom within Canada for those escaping slavery.
Something the US did not abolish until a bloody civil war ending in 1865, while the United Kingdom abolished it in 1833, thanks in large part to William Wilberforce who sacrificed his health for it.
For freedom we had to look to Isaac Brock. Laura Secord.
And an American Colonel who turned out to be a coward to ensure our borders remained secure against American aggression in the War of 1812.
Think of it: The most influential accomplishments in the War of 1812 and the abolishment of slavery can be attributed to four individuals : Isaac Brock. Laura Secord. William Wilbeforce. Abraham Lincoln. All who sacrificed greatly to achieve for us the security of our border and freedom for slaves and people around the world. It cost Isaac, William and Abraham their very lives. Not to mention those lives lost in the wars and enslavement itself.
Today, we can help achieve freedom for our fellow human beings around the world with far less sacrifice simply by standing strong, staying the course, contributing to our lawsuit, supporting the efforts in the US that actually intend to repeal this fetid sludge and showing appreciation for those who stand to lose a great deal if this lawsuit loses or goes sideways for any reason whatsoever: Ginny and Gwen!
And appreciation for those working so very hard to achieve for us all our freedom in many ways: John Richardson. Stephen Kish. Tricia Moon. Our lawyer and his team. EVERYONE who is standing steadfast arm in arm and will not be broken.
@FuriousAC. Here! Here! We have to get this done!
I’m not sure support from a wingnut is a good thing. Any port in a storm, I guess.
@EmBee – if someone lives in Detroit, crossing the bridge to Windsor should be a no brainer. The US should be ashamed of itself if people would ever consider going to Windsor to give a child a different tax life so to speak.
@Duke of Devon
Although I had the up most respect and admiration for Thomas Jefferson and the principals he put forward, in the founding of the constitution, I could never understand his principle on the right to bear arms (although now I can now somewhat understand the idea of rising up against a government that has become too powerful). Men are not black or white, good or bad but a combination of all things. Rand Paul sees through this travesty and for that, I support and applaud him.
Very well stated, Furious AC. Thanks!
@ Shadow Raider:
“Rand Paul’s bill does repeal what people call “FATCA”, entirely. He is being overly technical, and confusing the public unnecessarily, by saying that it only repeals the “anti-privacy provisions” of FATCA..”
Yes, correct, it is a total FATCA repeal. The reason for Sen. Paul’s mention of “privacy provisions” and sovereignty in the bill’s title is not to be technical but to give some explanation of why he objects to FATCA. A bill simply saying “to repeal FATCA” wouldn’t mean much because almost nobody knows what FATCA is. The reason for the “strike this section” etc is because of the weird way FATCA was drafted into Title V of the HIRE Act, with a bunch of non-FATCA stuff interspersed through the same section. Sure, it might have been cleaner to repeal the entire Title V, but that would have meant picking a bunch of unnecessary fights over other stuff having nothing to do with FATCA. So instead, after a lot of work with someone called the Legislative Counsel (a technical specialist at the Senate) language was crafted to scalpel out all the FATCA language while leaving the non-FATCA language alone.
@ Jim Jatras
Nice to see you still have FATCA on your mind. Are you going to be making any more important additions to the repealfatca.com site, now that there are definite moves afoot to do just that? You tried so valiantly to prevent the implementation of FATCA … if only governments and financial institutions had listened.
@FuriousAC – THANK YOU!! 😀
@Don – “Senator Satan” OMG I had a long and tear filled belly laugh from that one! (I am still chuckling)
Strange how FATCA seems to end up in the FIVE section. It’s Title V of the HIRE Act and Part V of Bill C-31. When I think of FIVE I think of fingers but everyone knows that FATCA is really a ONE finger salute to the sovereignty of other nations and the privacy rights of individuals in those nations.
@James Jatras,
Nice to see you keeping tabs over here. Your efforts to stop FATCA are highly appreciated.
During last week’s CPAC speech Rand Paul said that he’ll soon be announcing a proposal for the biggest tax cut the US has ever seen, one that will get the IRS out of our hair forever.
http://youtu.be/kfw46xdBCd0
The fact that Dick Cheney considers Rand Paul to be the most dangerous man in politics is enough for me to want to support him:
http://www.usnews.com/opinion/blogs/lara-brown/2015/02/27/why-rand-paul-is-the-most-dangerous-man-in-politics
@EmBee, FromTheWilderness
Thanks for the kind comments. Yes, I do keep up with developments, such as they are, and hope the opportunity will come to make a difference in the outcome, not just dabble. Fingers crossed.
@ mr phyzix
I really don’t think of politicians as rightwing/leftwing anymore. When they get to Congress they almost all push for the same agenda and that agenda is bad news for Americans and the whole world — good news for the global banking/corporate cabal though. However there are degrees of corruption and there are a few who hover in the lower degrees. Ron Paul and Dennis Kucinich I believe were in those lower degrees and although Rand Paul is a sycophant to the Israeli lobby I would still classify him as being in the low to mid degrees, simply because he does talk about the value of freedom and privacy. Will he walk the talk? I’m still waiting to see. One thing’s certain to me though, we should at least tentatively embrace anyone who appears to oppose FATCA because too damn few do.
@ Bubblebustin
Good point! If Sen. Rand is the anti-Cheney then that’s a VERY good thing.
Bubbles Thanks for posting Rand Paul’s speech. I rest my case.