For those that are in the position for reform, it is important to again submit input to Congress.
Remember that the last efforts have put us on the radar and placed RBT as a logical solution.
Some of us are tired. We should all know that any input is helpful. One can send in the previous submission or simply send in a few lines.
Or, send in a larger and more researched article. It’s all up to you.
Or, send in a pre-formatted letter such as AARO has recommended.
https://aaro.org/images/model_letter_def.docx
Hatch, Wyden Launch New Effort to Seek Input on Bipartisan Tax Reform
http://www.finance.senate.gov/newsroom/chairman/release/?id=3bcf1fcf-9dd8-47d4-9202-21a0870cd8d6
Stakeholders and the Public Asked to Submit Ideas to Working Groups
WASHINGTON – Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today announced a bipartisan effort to begin soliciting ideas from interested members of the public and stakeholders on how best to overhaul the nation’s broken tax code to make it simpler, fairer, and more efficient. The goal of this effort is to provide additional input, data, and information to the Committee’s bipartisan tax working groups, which are currently analyzing existing tax law and examining policy trade-offs and available reform options within each group’s designated area.
“By opening up our bipartisan working groups to public input, we hope to gain a greater understanding of how tax policy affects individuals, businesses, and civic groups across our nation,” Hatch and Wyden said. “In doing so, we will also equip our working groups with valuable input, and we hope these suggestions will help guide the groups through the arduous task of putting forth substantive ideas to reform the tax code in each of their areas.”
Individuals, businesses, organizations, and advocacy groups interested in submitting comments should send an email to the below bipartisan group or groups that relates to their area of interest. Please send submissions to each group of jurisdiction if an interest area covers more than one group.
Individual Income Tax – Individual@finance.senate.gov
Business Income Tax – Business@finance.senate.gov
Savings & Investment – Savings@finance.senate.gov
International Tax – International@finance.senate.gov
Community Development & Infrastructure – CommunityDevelopment@finance.senate.gov
Additional Submission Requirements:
- All submissions must be submitted as a pdf attachment. The attachment should be saved using the name of the organization/individual submitting the recommendations.
- Parties should list the name of the tax working group they wish to contact in the subject line of the email.
- Please include contact name, organization (if the submission is being submitted on behalf of a group), phone number, and email address, in the body of the email.
- Submissions will be accepted through April 15, 2015, and made public at a later date.
- If the above directions are not followed, the Committee reserves the right to not include the submission.
- If technical problems are incurred, parties can contact the Committee at 202-224-4515.
Each of the five bipartisan working groups is currently working to produce findings on current tax policy and legislative recommendations within its area, with the goal of having recommendations from each of the five working groups completed by the end of May. Submissions from stakeholders will be reviewed by the working groups and ideas can be incorporated into the each working group’s final recommendations. The five working group recommendations will be delivered to Chairman Hatch and Ranking Member Wyden, and will be considered in developing bipartisan tax reform legislation.
Thanks for posting this, Mark Twain.
I think we have a ‘friend’ now in the Senate Finance Committee as the Chairman (Senator Hatch), and it is well worth a full court press to get our story heard (again). It is very tiring but we need to raise the noise level again.
http://www.iexpats.com/fatca-list-march-01-2015/
Some parts of the world are in no rush to sign up to FATCA. China stands out with a low 1011 registrations. Would the Americans dared to withhold 30% on Chinese FFIs given they are now actively building, and seemingly succeeding building alternatives to the US dollar?
The US really has a choice. Withhold on China and push them to accelerate the rise of the RMB or ignore China’s low registration rate and tempt other FFIs to follow in China’s footsteps.
Especially in SE Asia where China is rapidly a building stronger monetary presence, complying with FATCA may become optional rather than mandatory. If Singapore, and others can purchase oil and other commodities with the Chinese RMB, who really needs to comply with FATCA?
@don- so far,unfortunately, almost every bank in Thailand, Malaysia and Singapore has registered.
Passed by another Brocker for posting here:
From “Deloitte Tax News and Views”, March 13, 2015
Up next – and last: International tax reform
Hatch told reporters on March 10 that the panel’s next hearing will consider how tax reform can make US businesses more competitive internationally. Witnesses at the hearing, which is set for March 17, will include Pamela Olson, who served as assistant Treasury secretary for tax policy during the George W. Bush administration; Anthony H. Smith of Thermo Fisher Scientific Inc.; Rosanne Altshuler of Rutgers University; and Stephen E. Shay of Harvard Law School.
This will be the last in the committee’s series of hearings on discrete issues in tax reform as the panel advances toward its goal of developing a legislative proposal, Hatch said.
***************
http://repository.law.umich.edu/cgi/viewcontent.cgi?article=1071&context=mjil
“lipstick on a pig” is a rhetorical expression, used to convey the message that making superficial or cosmetic changes is a futile attempt to disguise the true nature of a product.
International tax reform Hatch told reporters on March 10 that the panel’s next hearing will consider how tax reform can make US businesses more competitive internationally. Witnesses at the hearing, which is set for March 17, will include Pamela Olson, who served as assistant Treasury secretary for tax policy during the George W. Bush administration; Anthony H. Smith of Thermo Fisher Scientific Inc.; Rosanne Altshuler of Rutgers University; and Stephen E. Shay of Harvard Law School. This will be the last in the committee’s series of hearings on discrete issues in tax reform as the panel advances toward its goal of developing a legislative proposal, Hatch said. “I think we’ve had enough hearings, now it’s time for us to sit down and start doing…what has to be done.” he told reporters. “And we’re going to do that. I just hope we can have some support from the [Obama] administration; but if we don’t, we’re going to do it anyway.
For submissions, its important to raise the issue that most filings generate no revenue. I remember that ACA documents used to use a number like 82% of filings yield no tax revenue. Anybody know where those references are_
Where are the best constitutional and statutory justifications (an hence limitations) in the Constitution and laws:
for taxation, period?
for tax upon income?
Anybody know where those references are?
(typo)
“Hatch told reporters on March 10 that the panel’s next hearing will consider how tax reform can make US businesses more competitive internationally.”
Once again, Sen. Hatch speaks about international tax reform with regard to *businesses*. Will he also speak up at the next hearing about the ordinary suffering citizen?
“I think we’ve had enough hearings, now it’s time for us to sit down and start doing…what has to be done.” he told reporters. “And we’re going to do that. I just hope we can have some support from the [Obama] administration; but if we don’t, we’re going to do it anyway.”
….. yes, but have he and the committee heard *us*? I’m happy for the corporations that seem to have Sen. Hatch’s ear but I’m looking for evidence in print that this committee intends to “start doing” tax reform that is going to free everyday, flesh and blood human beings from this nightmare.
@Mark Twain, The reference is from the Taxpayer Advocate’s 2012 report to Congress: “About 82 percent of U.S. taxpayers abroad did not have a U.S. liability.”
Article 1, sections 8 and 9 of the constitution allow taxation in general, with three limitations: “indirect” taxes must be uniform throughout the US, “direct” taxes must be proportional to the population of each state, and exports cannot be taxed. The 16th amendment allows income tax not proportional to population even if it’s a “direct” tax. The laws that impose federal taxes comprise the Internal Revenue Code (title 26 of the US Code).
@MuzzledNoMore, The committee has heard us. I don’t expect them to publicly mention RBT because it’s a very minor issue within the entire tax reform, but that doesn’t mean they are not going to do it.
In trying to find out my Congressional rep to do some writing in, I discovered he is Luis V. Gutierrez and the district (4th) he represents in Chicago is this weird “ear phone shaped” district that “the court assembled” in recent history to, aggreate hispanic areas of the city and I guess allow for someone to be elected to represent their interests. My rep was then elected to this district and I gather is a bit of an hispanic hero. Wow, imagine if a court were to do that for us expats. A gerymandered global shape (imagine the shape!) created from which someone could be elected to Congress to represent our interests!
http://en.wikipedia.org/wiki/Gerrymandering
Today I finally got a response from one of my senators, to whom I wrote in February and October last year. The response does suggest that the senator has started to get a lot of mail about this. Despite what this response suggests, my letters have not been primarily about myself but about the areas where CBT causes the kind of hardship that might even a fairly left wing Democrat wince (poor individuals being miserable because they can’t afford compliance or renunciation; the inadequacy of the tax treaties meaning that foreign social policy programs and government-mandated pensions get treated as foreign trusts, the taxation of social benefits, taxing citizens who don’t even know they’re citizens, desperate housewives). I was thinking more about The Animal’s problems. Well, at least this letter suggests that my senator is getting a lot of letters about FATCA now.
Dear X,
Thank you for contacting me to share what happened to you while trying to obtain financial services overseas and your concerns about the Foreign Account Tax Compliance Act (FATCA).
As you may know, President Barack Obama signed FATCA into law on March 18, 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. The purpose of FATCA is to prevent overseas tax evasion by U.S. persons holding assets in offshore accounts. Under the statute, U.S. taxpayers must report their foreign assets to the Internal Revenue Service (IRS) if the total value exceeds $50,000 and certain foreign financial institutions — such as mutual funds and banks — must report annually on the accounts held by their U.S. clients.
I recognize that FATCA implementation has not been perfect, and it troubles me that financial institutions overseas would deny services to Americans out of concern over FATCA compliance. However, according to the U.S. Senate Permanent Subcommittee on Investigations, the U.S. Treasury may be losing more than $100 billion in tax revenues every year as a result of offshore tax havens. I believe measures like FATCA clamp down on overseas tax evasion and help make sure that everyone pays their fair share of taxes.
Thank you again for your input and for sharing your story about what happened to you personally. I will be sure to keep your thoughts and story in mind.
Sincerely,
@ Publius
Oh no, there’s that bogus 100 billion number again. I swear someone said, “Quick, what’s a good number to toss out there to convince people about our losses to tax havens?” The answer came back, “Well sir, 100 billion is usually high enough for such things.” Same someone replies, “Oh good, 100 billion it is then. Now we need something for the new unemployment number. Next number please?”
Was this reply from Senator Elizabeth Warren, Publius?
If it is from Elizabeth Warren and I believe it is almost word for word the same as another letter I saw from Warren can this be emphasized on Brock front page for a day or two.
“The response does suggest that the senator has started to get a lot of mail about this.”
@ Publius
Was there something missing in your quote because I just don’t see that. I only get the impression that someone looked up what FATCA is and threw out the party line. I read between the lines and hear these words regarding the feigned sympathy for your plight. “Well those silly foreign banks. Why would they do such a thing? Deary me, they actually drop US tainted clients like toxic hot potatoes? Whatever did we do to them to make them punish our citizens so? All we ask is perpetual tax tributes from everyone. It’s only fair (to our Treasury).”
It is exactly the same one posted on American Expatriates FB (I know these are two separate people)
Donnalane NelsonAARO: Association of Americans Resident Overseas
From Elizabeth Warren who should know better. We need to deluge her.
Dear Donnalane,
Thank you for contacting me to share what happened to you while trying to obtain financial services overseas and your concerns about the Foreign Account Tax Compliance Act (FATCA).
As you may know, President Barack Obama signed FATCA into law on March 18, 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. The purpose of FATCA is to prevent overseas tax evasion by U.S. persons holding assets in offshore accounts. Under the statute, U.S. taxpayers must report their foreign assets to the Internal Revenue Service (IRS) if the total value exceeds $50,000 and certain foreign financial institutions — such as mutual funds and banks — must report annually on the accounts held by their U.S. clients.
I recognize that FATCA implementation has not been perfect, and it troubles me that financial institutions overseas would deny services to Americans out of concern over FATCA compliance. However, according to the U.S. Senate Permanent Subcommittee on Investigations, the U.S. Treasury may be losing more than $100 billion in tax revenues every year as a result of offshore tax havens. I believe measures like FATCA clamp down on overseas tax evasion and help make sure that everyone pays their fair share of taxes.
Thank you again for your input and for sharing your story about what happened to you personally. I will be sure to keep your thoughts and story in mind.
Sincerely
https://www.facebook.com/groups/AmericanExpatriates
re that bs line: “……However, according to the U.S. Senate Permanent Subcommittee on Investigations, the U.S. Treasury may be losing more than $100 billion in tax revenues every year as a result of offshore tax havens….:
Show us the accounting for that figure they pulled out of someone’s nether regions.
And as FATCA is designed to be enforced on the entire globe, that is saying that the entire world outside the US is an offshore tax haven – and the US intends for the rest of the world to pay for it.
So Publius asked about CBT, and Warren’s legislative assistant responded with a stock reply about FATCA, which can be paraphased as, “Sorry about your problems, but we consider you to be acceptable collateral damage. Have a nice day.”
That about the size of it?
If she is content with sending such a callous, unfeeling response, would it be too much to ask that she at least address the actual question that was asked?
Similar to the maddening stock replies we got from all of our own Conservative government representatives. The party line!
There are estimates of $100B being lost from corporate loopholes. seems to be a popular figure to throw around.
http://www.taxconnections.com/taxblog/a-legislative-update-from-capitol-hill-continuing-coverage-of-2015-comprehensive-tax-reform/#.VQoIRYhHarV
@EmBee
What struck me is that I last wrote her five months ago about the problems CBT was causing for people who don’t have very much and all of a sudden there is a not terribly germane response. That’s why I figure that something had changed and that they had had to come up with a form letter. I am disappointed because I thought she might just be clever enough to see beyond the spin. I know that they don’t want to lose money, but slapping the label of foreign trust on foreign government-supported accounts for their tax residents just drives up compliance costs. It’s not like American billionaires are off-shoring their funds into accounts for disabled Canadian taxpayers, elderly Australian taxpayers or sick Singaporean taxpayers.
@Calgary411
Well spotted! I am not Donnalane and didn’t realize her letter had been posted. For a moment there, your comment freaked me out: how does Calgary411 know so much about me?
@foo
I should answer the question, too: Yes, it was Senator Warren This is a very complicated area, so I didn’t really expect her to have a solution. I just wanted to flag up that this policy is doing some things that are very, very wrong. This letter very obviously wasn’t for me.
@ Bubblebustin
Aha, there it is again! FATCA, of course, is not about corporate (paper DNA, as Just Me would say) loopholes. It’s about the accounts of individuals with real, flesh and blood DNA. The sins of the corps or a few genuine, homeland “cheaters” should not be the casus belli for an attack on all US citizens/persons having legitimate, LOCAL bank accounts. That 100 billion dollar came precisely from the dark place badger described. Show us your calculations, USSPSOI (U.S. Senate Permanent Subcommittee on Investigations). Betcha you’re off by multiple billions.