Senator Rand Paul and Congressman Mark Meadows sent a letter this week to US Treasury Secretary Mnuchin and Director of White House Management and Budget Office Mulvaney.
Letter of Senator Paul and Congressman Mnuchin to Secretary of The Treasury and the Director of White House Management and Budget Office
Co-Leader of the Campaign to Repeal FATCA, Nigel Green, comments that:
“Mark Meadows and Rand Paul Letter to White House and Treasury Urging Executive Action to Nullify FATCA Is a ‘Landmark Moment’ and that “The Foreign Account Tax Compliance Act “has only rolled on because of legally unauthorized ‘intergovernmental agreements,’” so cancelling them would “doom this terrible, toxic law.”
The full text of Mr. Green’s commentary are at PressWire and at ValueWalk.
These are compliance condors not homelanders. Homelanders are not aware of even what FATCA is. For compliance condors it is their bread and butter to make sure laws like FATCA keep on making money for them. There are several thousand compliance condors spread all over the world who rely on CBT to generate money for them. If FATCA and both CBT are both repealed they would loose their jobs and businesses and move back to US as other citizen expats don’t need them. How many British experts or EU experts or even your own Canadian experts you meet in other countries? Zilch, zero since they don’t tax expats. For condors living in US this also represents a major blow to them too. They will fight through their nail and tooth to make sure repeal acts are not passed ever and unfortunately they have leverage above us. The choice is ours now.
It’s commendable action on the part of both Rand Paul and Mark Meadows to get these acts repealed. Plz email or post on their websites that they are doing a good job for expats as expats are being told by various banks, brokerages etc that they are too expensive to keep for bank and brokerage compliances to US govt. I was told by several banks and brokerages over the years sorry your US govt makes it impossible for us to have you as our client. Ditch the passport and come back to us. They don’t want to deal with US companies, US citizens resident overseas and foreigners even with US source income now which some banks compliance team told me as US govt is hitting them hard with regulations and huge fines.
If you rely on sane logical people to repeal the Marxist Tax code or any part of it, You will have the politicians in this country enhancing the bad effects and minimizing the good, if there are any. They will accuse every expat of being the evil rich who pays no taxes, knowing it is a bald faced lie. We wouldn’t have an Income Tax if the Marxists who came here from Europe in the early 1900’s and spun their lies in order to get the 16th amendment passed and an Income Tax law passed. They didn’t leave, they simple became politicians, professors, preachers, teachers and lawyers. The proof is the way they are teaching our children to love Marx and hate capitalists.
nonomonyous wants to hear about Engels as well as Marx.
They were bothe above the middle class in Germany and because the were more than friends, their parents hated the fact and tried to stop their activities. They both resented it and set about the destruction of the middle class as punishment in order to destroy their parents and the whole middle class they belonged to. They set in motion a destruction of the only economic system that can be sustained-CAPITALISM– will go on and on when socialism destroys the incentives of individuals and when the use up all the ”capital” it fails and has failed wherever tried.
Marx and Engels were evil people that the world would have been better of if they had died s infants.
Trotsky was pretty cool though.
OOOH, can we hear about him too?
Americans obviously didn’t get taught about that cool dude at school 🙂
If not Marx, Lenin, Engels and Trotsky, then
the political theory of communism would have been concocted and tried by others in another place. It is a pity that the experiment had to be in a country as large and as influential as Russia. I don:t think you can catagorize them as evil (unlike Stalin), they were intellectual products of their time brought about by a reaction to the brutal conditions suffered under the reign of the TZars.
Please stay focused on the issue at hands. Even Russia in its past or present form did not tax or required reporting from Russians living overseas. However the issue is with Eritrea and US with US being the most threatening to all financial transactions for the whole world not just US citizens. Even people living elsewhere with no US indicia or foreigners have told me their transactions have been halted for weeks due to USD transactions. I know several people in financial industry now due to attending social events . They are using other currencies now that are stable and do not touch US as all USD transactions go through swift and correspondence banks in NY mostly.
Even my comment earlier went off from FATCA subject. Let’s stay focused and only on FATCA and how people are not being accepted at foreign banks and brokerage houses due to FATCA. This repeal along with repeal of CBT should be number one priority who my friend said you can’t beat our condors. You don’t have the financial power and congressional support behind you. We own the congress. This was an open challenge to us all. Please email or call Mark Meadows and Sen Rand Paul’s team to pass these resolutions and beat the condors or we would have to take drastic steps and resign from the US govt.
A big warm hug to you all from a non Canadian.
Mr wjt lives in the US and wants to push for the fair tax solution. It is tempting to goad him, but he should really be ignored, he can’t let go of his anti communist mantra but I think he means well 🙂
@Heidi – “It is tempting to goad him, but he should really be ignored.”
Indeed. Mea culpa 🙂
The sucking sound you hear is your money being taken from you to fill their pockets for doing a job that need not be done.
If we would only adhere to the faithful call of the FairTaxers and go back to the intent of the founders, but then where could that vast army of Tax Lawyers, accountants, preparation office workers and their families. It is estimated that somewhere between 80 and 100 million have a vested interest in keeping the Marxist Income tax. It is a revolting number who collect a luxurious salary for doing a job that should not ever exist
Lenin wanted a VAT. That’s why Stalin had him killed.
I’ll stop now.
How apropos! 100 years to the day.
“One must sympathize with the position of the bank but that position is the result of its election to carry on business in more than one country and that cannot influence the application of Canadian law……..”
This makes me laugh so much.
The courts just told the banks. “You decided to conduct business in the US …and now you got stuck with FATCA and now you want to freeze Canadian bank accounts with people you suspect are dual citizens… No f*ng way. Too bad for you…tough luck…suckers!”
If the fair tax reigns in uncontrolled US consumerism then I am all for it. I am from the time of repairing shoes, saving string and brown paper, my parents even had their toasters and umbrellas fixed but I don’t think it will fly in the US as there is nothing that excites an American more than a new, big gas guzzler car and that will come with a big premium under fair tax.
But I really don’t care, I don’t live there, and where I live is a much more balanced egalitarian society.
But I applaud your efforts.
‘The courts just told the banks. “You decided to conduct business in the US …and now you got stuck with FATCA and now you want to freeze Canadian bank accounts with people you suspect are dual citizens… No f*ng way. Too bad for you…tough luck…suckers!”’
The version I heard was:
The courts just told Canadians. “You decided to have parents from the US …and now you got stuck with FATCA and now you have frozen Canadian bank accounts because you people are suspect dual citizens… No f*ng way. Too bad for you…tough luck…suckers!”