A new idea for FATCA reform has been suggested, and discussed by Democrats Abroad. Brockers might like to discuss it also. Is this a workable solution or just another complex piece of patchwork?
A new idea for FATCA reform has been suggested, and discussed by Democrats Abroad. Brockers might like to discuss it also. Is this a workable solution or just another complex piece of patchwork?
The US government is more worried about the AIIB than the World Bank is. From an article written October 31, 2014:
Geo-strategic Implications of the Asian Infrastructure Investment Bank
…”Surprisingly the US sponsored President of the World Bank, Jim Yong Kim, a Korean-American national told reporters last Friday at a breakfast in Washington hosted by The Christian Science Monitor, that he simply did not spend much time worrying about such risks and that the White House’s political push has carried little weight within the World Bank. Asserting that the bank is ‘not a political organization’ and that it is ‘actually in our articles of agreement that we don’t get involved in domestic politics,’ Kim declined to elaborate the US position but added that it is for Washington to clarify its stand on the Chinese bank. As for the World Bank’s position, he said, ‘my sense is that we can work with [the Chinese] very well and that the Chinese government began talking with us very early on, really sort of immediately after they had this idea that, especially in Asia, there’s nowhere near enough money for infrastructure investment.’5.”…
http://www.idsa.in/idsacomments/Geo-strategicImplicationsoftheAsianInfrastructure_rskalha_311014.html
Oops, typo, please correct, that’s Oct 31
That beacon of freedom ranks 12th in economic freedom, Canada, 6th.
http://www.heritage.org/index/ranking
In my opinion Canada should join the AIIB as well. Would Harper have the balls to pull that one off?
@Don
I knew France would join… they are still pissed about the fine they have to pay to the US… which I still find puzzling… its legal what the bank in France did in France… do business with Cuba… but its illegal in the US… so they fine them… When did the US become the master of the Universe? US laws are the laws for the World? Countries are getting sick & tired of this attitude… being told by their *friend* how to run their country
@Roxie
PM thinks he is the BFF of the US… no matter how they slap him around… U can tell the grade of the man… when there is a threat… he is in the closet, counting the toilet paper behind the mop… Another words… he will toss everyone under the bus to save himself
@USforeignperson
I don’t think France had any choice about paying the fine. The US were already holding the money as a pass through payment. That’s why the rest of the world is looking for an alternative.
Critical to ask ones self.
If a tree falls in the middle of the forest and no one is there to hear it, did it make a sound?
No sound is heard until the committee is written as well as 2 Sens and Rep.
And it is heard best when the letter says that you will vote according to their performance vs your issues.
@Heidi
My point that I was poorly trying to bring across…. US seems to think the world should follow their rules even though the rules of the foreign country is different… the US don’t care… play with my toy or we will hit u with a bat… typical bully…
Yum yum yum
France Italy and Germany have signed on to be (founding?) members of AIIB.
So the US begins to get a taste of its own medicine.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11476533/Joining-Chinas-World-Bank-is-in-UKs-national-interest-depsite-Washington-anger.html
The US believes it is ‘exceptional’ and the ‘Master of the Universe’ and Obama believes it with all his being.
The US dollar with all its regulations, fines, embargos, reporting requirements/FATCA, sanctions, risk of breaking US law and extradition to the US, it’s no wonder other countries are looking for another alternative.
In general the USD has become a pain in the neck to use, and China is willing to allow its currency to become internationlised at the US’ expense.
What’s remarkable is the US is doing this all to itself. All China has to do is set up the infrastructure and they’ll come.
Save Harbour doesn’t work in Europe, Africa or anywhere else where there are countries that are small in size – it is like a homelander being penalised for having a bank account in a different state.
As one of the early people who has supported Safe Harbour I still support over nothing at all. However, the whole thing has been totally butchered and watered down by DA to that point I don’t really see it as a real solution anymore.
Safe Harbour is BS. The only US policy changes I will lobby for are changes that are real.
RBT or bust!
@MuzzledNoMore
“My thanks to whoever added the *great* picture to this post!”
You can blame me. A picture is worth a thousand words and that one is my essay about the DA’s latest waterlogged proposal.
@TheWilderness: I second that!!!
HERE IS WHAT IS REALLY HAPPENING!
http://www.forbes.com/sites/robertwood/2015/03/05/despite-fatca-u-s-companies-stash-2-1-trillion-abroad-untaxed/
The real solution is to lower US corporate tax rates instead of going after the small fry the Expats represent.
So, lower US corporate tax rates to competitive levels and change CBT into RBT. Complicated? I don’t think so.
@Eric: oh come on! Are you actually suggesting that the US take simple measures that everybody could understand, would decrease bureaucracy and dependence on the compliance industry, leave more people alone, and increase competitiveness?
(Sorry, I should have been more clear; moderators please delete previous post)
Actually, it would be easier for the USA to level the playing field and apply the same rules to ALL American citizens. After all, “terrists” and tax cheats can just as easily bank in the USA as in the Caymans. And what’s the best way for them to avoid getting caught by FATCA? By banking in the USA! Right? And what about those awful domestic tax cheats like the waitresses who under-report tips? Those daily windfalls have to be banked somewhere, right? So, if we want to catch them dirty terrists and domestic tax cheats AND be “fair”, let’s apply the same rules to everyone, regardless of domicile.
In other words, make every American inside the USA and every non-US citizen living, studying, or even on holiday in the USA, report every domestic bank account, every credit card, every insurance policy, every department store and supermarket loyalty card, every office betting pool–make kids report their piggy banks where they hide unreported earnings from lemonade stands–and so on, to the government.
After all, the US government doesn’t repeal laws, they only expand them. So “US persons” worldwide should quit the quixotic task of lobbying against FATCA, and instead be lobbying to make everyone subject to such laws.
Then sit back and watch how soon the public rises up in revolt.
(I’m only kidding, but not completely)
@Barbara
I’m sure the USG would love to do that, but fears repercussions. You’d first need to work out how you can weaken homeland voters’ influence – just as it has always been weakened for expats. Also, they’d need to ban protests, or somehow make them just as weak as protests against the USA from outside the USA are. Maybe only allow protests somewhere like death valley, while blocking any internet access and banning press coverage…
@Fred. suggesting is one thing, believing is quite another. If you never make suggestions or recommendations nothing will ever happen. I am sure as hell glad that the reactions on this subject have been so many and loud and clear including some harsh comments. Do you think anybody in DC takes a sneaky peak at these blogs?
There is no good solution bar the repeal of FATCA. The law is inherently evil and contrary to everything that America stands for … Privacy of the Person, Freedom from Tyranny, Freedom of speech, Freedom from unwarranted search and seizure and the Sovereignty of the person in whom the Constitution of the US places such. The US was never intended by the Founders to be a top down Tyranny … rather it was intended as a bottom up allocation of limited powers to each State and even fewer limited powers to a central federal administration. The PERSON was to be Sovereign. The US Bureaucracy and Government have in substantial areas upended the Constitution.
The evils of FATCA have been enumerated on this site and in comments on a multitude of media over the last few years. FATCA must be rejected by Canada and other Countries claiming their own Soverignty and be repealed where it was born in the US. Any versions of FATCA including GATCA must similarly be rejected. All of this must be done PEACEFULLY without any resort to violence.
I keep saying and I know that some agree with me … the TAXATION side is nothing more than a PR screen … a false flag. The real danger of FATCA / GATCA / DATCA is to personal freedom and safety …. directly as a consequence of loss of privacy. There can be no safety for people without privacy. Stop the rot … repel the buggers … force repeal of the bad laws.
@Eric: I was being playful. I agree with your suggestions… I believe they are necessary and useful. I hope that things will improve. But do I believe we will go in the right direction? No. Nevertheless we must continue to protest, suggest, believe.
@Nervousinvestor: you are right, financial privacy, and many other types of privacy, and liberty, are dying, or dead. The founding fathers were remarkable in their defense of these things. But frankly, financial control is irresistible to governments. Now that they finally have it, …