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candidates who support this tax act now need to justify to America why they support it; whilst those who want it repealed now need to articulate to voters why they believe it is fundamentally flawed and why they will move to repeal it.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.”
I really wish that CBT and FATCA would be debated by the Presidential candidates in an open and frank manner. I don’t see that happening. The only way out of this is through a legal challenge unless and until the Republicans get the White House and keep control of the Congress then perhaps we have a chance of fixing this mess.
Slow comment moderation on CPI Financial. Mine’s 8 hours and still “pending”. Maybe they didn’t like me mentioning ADCS. Hmmmm?
Would IBS admins like to create a short “living table” of where the various candidates stand?
e.g. Who is publicly against, who has publicly voted for, who appears sympathetic … I think the information is in the public domain and could act as an “IBS public service”. It might even be something DA/RA may wish to contribute to?
e.g.
Rand Paul – has gone public to repeal FATCA – http://www.washingtontimes.com/news/2015/mar/10/rand-paul-pushes-repeal-of-obama-tax-law-despised-/?page=all
Liz Warren (should she run) – shows little sympathy – http://theexpatwriter.blogspot.ch/2015/03/fatca-elizabeth-warren-you-havent-clue.html
etc …
other candidates listed here:
http://en.wikipedia.org/wiki/United_States_presidential_election,_2016#Declared_and_potential_candidates
I think a public announcement should be made that 7 million expats (and 13 million green card holders?) are voting this year for the candidate who will repeal FATCA. It has to become public knowledge. Nobody gets anything out of this if the people it pertains to don`t know. This has to become a big deal as 7 million is the population of 4 US states put together. It MEANS something.
Polly, you might consider rephrasing your statement to “… for the candidate who will fight to repeal ALL of FATCA AND ALL of citizenship-based taxation”.
Some time ago a person from Democrats Abroad (representing the FATCA party?) phoned me and said “Stephen, you really don’t want to repeal ALL of FATCA do you?” When I answered “That’s exactly what I want” the conversation abruptly ended.
@Stephen Kish – Thank you for sharing that frank exchange with the “FATCA party” Representative.
EmBee: Your comment (as well as a few others) is now up on the CPI Financial article. Well said!
Presidential Candidates Gain Tax Ideas During TaxConnections First Internet Tax Summit
“There is a great deal of excitement as we line up TaxConnections Tax Experts for the first Internet Tax Summit in history hosted by http://www.taxconnections.com September 21-25th 2015. We have reached out to several Presidential Candidates whose campaign teams are now contacting us to discuss scheduling and participation in the very first Internet Tax Summit in history. We are very encouraged by the feedback and hope to make our first announcement of a Presidential Candidate’s participation very soon!
During TaxConnections Internet Tax Summit one of our Tax Expert Speakers, Dr. George Mentz has agreed to discuss “10 Tax Ideas For Presidential Candidates That Will Turn The Country Around”. In addition, we believe that all of our Tax Expert participants will bring to light the problems faced by taxpayers today as they provide solutions to help taxpayers with a wide range of problems.”
http://www.taxconnections.com/taxblog/presidential-candidates-gain-tax-ideas-during-taxconnections-first-internet-tax-summit/#.VW8GvYhHarV
@StephenKish
Absolutely! I was in a rush. CBT is worst of all.
American politicians will beat us to death with silence on the FATCA issue. Even if they do answer a question about FATCA, the reply will be something about catching all those evil tax evaders. The only way forward is identifying US expats in your respective country and ask them to use their money, resources or influence against FATCA.
Rand Paul is one of the few who will speak against FATCA.
That’s because Rand Paul bases his opinion on principle, not what’s the party line. At least that’s my impression of him.
“That’s because Rand Paul bases his opinion on principle, not what’s the party line. At least that’s my impression of him.”
…and that…Bubble, makes him a rarity amongst politicians. A principled politician is a danger to the party who expects him to step in lockstep with the party line and a boon to those of the constituency whom he represents.
…and McCain referred to himself as the maverick of the Republican Party. Maverick schmavetick. At best McCain’s a RINO. Republican In Name Only.
Rand Paul proposes a flat tax on income earned only on the U.S. That would go far in solving our problems, wouldn’t it? I worry for his safety though. There’s a lot of money that wouldn’t like a President Paul.
I would like someone to tell me (maybe a presidential candidate) why it’s great to protect the privacy of homeland Americans through the Freedom Act but the privacy of expats gets trampled on by two governments through Fatca?!? I would like them to tell me why the courts ruled that they can’t double tax over two states but it’s ok to double tax expats in two countries?!
@ MuzzledNoMore
Thanks. I had to post my CPI again late last night so second time lucky. JC (DoubleTaxed) got another information-packed, URL-laden comment posted. I’m keeping it on file.
Right now, it seems that a lot of the world’s nations are operating on the “politics of fear”; a culture of fear that is endemic to society – Former US National Security Advisor Zbigniew Brzezinski argues that the use of the term War on Terror was intended to generate a culture of fear deliberately because it “obscures reason, intensifies emotions and makes it easier for demagogic politicians to mobilize the public on behalf of the policies they want to pursue” Make your populace fearful, make them fight one another and you will have them at your beck and call. And nowhere is it more prevalent than in the United States. If you refuse to pay an unfair tax, they call you unpatriotic and rouse up the masses against you.
@The Animal: Harper plays the fear card as well. One day in October he’ll come out of his closet and find out there really is nothing to be afraid of except fear itself. Goodbye Stevie au revoir!
I know that all too well, Ann, I live here. I hate Harper with a hate that is only rivalled by my hate for the United States. I will be voting ABC (Anybody But Conservative) this October.
Good questions @2terrified2sleep.
The answer may be because they are arrogant and unconcerned with what is fair and just. They think/know that they can get away with it. Easy to impose things on people who aren’t present, and to vote for things that only apply to other people – particularly other people “abroad” with either no ability to vote or de facto denial of the ‘right’ to vote (because of many state requirements which effectively deny that right by maintaining registration and voting laws excluding those who have never resided in the US), no true representation, no clout in the US, no organized lobby with sufficient influence, etc. They also use us as a scapegoat to flog in their politcal posturing for the masses inside the US.
The must not have ever been too many American demographics as large as the expats with a single issue occupying the top several places on their list.
@The_Animal Voting ABC is a good move I think BUT sadly the Trudeau Troop refuse to publicly state any support for the Charter of Rights … and indeed have voted FOR bad stuff in Omnibus Bills and most recently C51.
@Polly
Green card holders can’t vote, but they can give money to candidates.
@Publius
The whole system of giving MONEY to candidates is just soooooo bad. 🙁
@badger
Yes, but that is there battle cry…”pay your fair share!! It’s absolutely fair for you to pay for our streets and schools too”..they love the word “fair” until it goes the other way. What is “fair” about me having to pay up to 60% in the country where I live and then they want me to pay there too!! How much for example?? Another 15% or 20%?? That would put me at 80%. So basically for every euro I make I would take home 20 cents?? Oh yeah, that’s REALLY fair!! Especially considering that some of them pay little or nothing!! Even Mitt Romney only paid about 25% on all his millions!!
@2terrified2sleep
I’ve actually heard homelander’s say that we should keep paying tax in order to keep the lights burning and the place in good repair for us. Maybe we should talk to them about wear and tear.