Nigel Green, CEO of the deVere Group, is calling on all U.S. presidential candidates to explain their positions regarding FATCA and GATCA ahead of the 2016 election.
As reported by Matthew Amlôt in CPI Financial’s news site:
Mr Green comments, “FATCA adversely affects millions of hardworking, middle class Americans around the world, plus U.S. companies that operate internationally – and, therefore, it impacts U.S. jobs and the American economy.
“Presidential candidates who support this tax act now need to justify to America why they support it; whilst those who want it repealed now need to articulate to voters why they believe it is fundamentally flawed and why they will move to repeal it.
“It is an issue that must play a major part in the national conversation ahead of the election.”
For the deVere Group, which operates in more than 100 countries and has more than $10bn under advice, what are the principal flaws of FATCA?
Mr Green continues: “It’s claimed that FATCA was designed to catch tax evaders. This is, of course, a noble and worthwhile aim. Yet FATCA’s dragnet, untargeted approach means it cannot possibly achieve this.
“However, what it does achieve is giving us all a masterclass in the law of unintended consequences.
“For instance, FATCA brands the 7.6 million Americans overseas, Green Card holders and so-called ‘accidental Americans’ as financial pariahs. They are now routinely rejected from foreign financial institutions, such as banks in their country of residence, because FATCA’s costly and burdensome regulations mean they are now typically deemed more trouble than they are worth.
“No wonder that a deVere Group survey undertaken earlier this year revealed that a massive 73 per cent of Americans living overseas are tempted to give up their U.S. passports.
“In addition, U.S. firms which operate in international markets as well as in the U.S. are now often branded with a leprosy-like status. Of course, this can only be detrimental to America’s global competitiveness, and could, as such, seriously and negatively affect American jobs and the long-term growth of the economy.”
He adds: “Questions should be asked about the imperialist characteristics of FATCA. Governments and foreign financial institutions have been coerced into complying with its expensive, onerous, privacy-infringing, sovereignty-violating regulations by the U.S. – or face heavy penalties and the prospect of being effectively frozen out of U.S. markets.
“With its host of serious, unintended, adverse consequences, presidential candidates need to set out their stance on FATCA.”
The deVere CEO insists, “I would also urge Americans who care about prosperity and freedom to take up the call to seek to have FATCA repealed. Not only because it is, arguably, one of the most toxic and potentially damaging laws passed in recent times, but because I suspect it is a blue print for worse to come.”
Mr Green explains, “FATCA is paving the way for GATCA, the Global Account Tax Compliance Act. The Organization for Economic Cooperation and Development (OECD), which is based in France and is the defacto world tax authority, is proposing that accounts opened by foreign nationals be routinely reported to that individual’s homeland tax authorities. It is thought approximately 65 countries could ultimately be involved.
“GATCA – which for Americans would arguably violate the Fourth Amendment – is FATCA on steroids.
“It would take authorised government snooping into innocent people’s financial affairs to a whole new level, it would lead to increased government and statism, it would lead to higher tax burdens for all, it would pose a risk to human rights and a serious threat to data protection, and it would trample all over time-honoured sovereignty, amongst other serious issues”
He concludes: “The best way of halting the dangerous overreach of GATCA in its tracks is to repeal FATCA. As such, presidential candidates owe it to American voters to firmly set out their intentions on this crucial issue.”
Maybe we should ask them why they were so irresponsible when they bought $750,000 houses with 4 bedrooms and a swimming pool that they couldn’t afford on their salaries and then they dumped their mortgages on the banks and ran off in the middle of the night taking everything out of the house including the oven and fridge!! I was there in 2008 and saw what happened during the housing crisis with all the people upside down on their loans. So then they had to look for “new money” to help the poor banks against their own homelanders and decided the champagne sipping, yacht cruising expats were the perfect choice for this home made disaster!!!!
@nervousinvestor, Considering how the Libtards (Liberal Party) chose to support Harper with C-51 and Justin Trudeau’s writing off of those affected by FATCA – by stating that Canada doesn’t get involved in American taxation – I don’t bother trying to read the political baffle-gab from that idiot. Don’t worry. I won’t be voting Liberal either. Right now it’s either the NDP or the Greens.
‘FATCA’s Potential Role in the U.S. Presidential Race’
June 4, 2015 by Eugene Grygo
“The Foreign Account Tax Compliance Act (FATCA) is not going away quietly although the limited bandwidth of the mainstream media is blocking a broader discussion of this very controversial effort by the U.S. Treasury Department and Internal Revenue Service. However, it’s possible that one or more of the 19 or so Republican presidential candidates could bring attention to this issue…”
ACA isn’t on my “good guys” list either since they keep tweeting:
“The IRS has streamlined filing #compliance for any US citizen who has non-willfully neglected to file their #taxes”
Who the hell does the US think it is to say that my wife is “neglectful” not paying taxes on her Canadian-earned income which rightfully should go into the Canadian economy which she does pay her Canadian taxes. And who the hell does the US think it is…thinking that it has the right to peep into MY financial dealings just because she and I have a joint account together?
Yeah F* U USA and your homelander scumbags too.