Today (11/16/2017) the floor of the House passed the House tax reform bill. The earlier version is here .
Today also the Senate Finance committee passed the Senate tax reform bill. See link
Do not yet have the final versions of either bill but suspect that we are not helped in the bills. Will post here final versions when they become available.
Listen to the C-span clip found by BB in which Residence-based taxation is mentioned by Golding and Brady in the House tax bill debate — none of this however, appears to have been incorporated into the House or Senate bills passed on 11/16/2017
Republicans Overseas (RO) continues to press on, to make changes in the final tax package that will help us. The fight is not yet over, but it continues, right from the beginning, to be an uphill battle — and the odds don’t seem very good right now. RO says: “Again we need to focus on the Senate side since this fight is far from over.”
Personally, it makes no sense to me to blame Solomon and the handful of people at Republicans Overseas for trying to make a change and, so far, failing. Yesterday a friend reminded me that there was this Ismene, who kept telling her sister Antigone that it was pointless to even “try”: “…but you’re bound to fail…No sense in starting a hopeless task…Go then, if you are determined, to your folly, etc. etc.” Antigone responded: “When I have tried and failed, [then] I shall have failed.”
@Japan
To repeat: It depends on the FATCA problem. Which depends on the country, other citizenships, degree to which the US can inflict harm, etc. Yes of course I’m aware that there are lockouts happening in some countries. However, the blanket statement “Once you start having FATCA problems, it is too late to renounce” is overly broad and extreme, in my view.
Though maybe that’s inspired a good slogan: “It’s never too late to renounce.”
Please note: I will regularly use irony, sarcasm, and exaggeration as rhetorical devices.
@Zla’od
“I pity any American or European who tries to get the Greek bureaucracy to do anything.”
Speaking from personal experience, Greek bureaucracy is truly awful. As Greek tax offices have been doing an abysmal job catching the affluent who had been dodging their taxes all these years, how on Earth are they going to manage the implementation of Fatca? It beggars belief…
@Nononymous
“On the other hand, I would be very confident in Greek banks and government being utterly uninterested in and incapable of enforcing FATCA.”
Finance Minister Tsakalotos simply signed on the dotted line; unbeknown to him, he had simply handed over the domestic wealth of innocent people to the IRS. (Whether this actually happens is another story.) I suppose he was too busy with more pressing matters (e.g. salvaging the banks as well as the national economy, keeping the country solvent, etc.)…
@Mike
“Greeks started getting FATCA letters years back.”
Yes, Citibank and HSBC started years back, but there was no IGA in place until 2017.
@Andrew
You wrote:
“Stupid website of false hope….”
“Most people I talk to say Alex Marino at Moodys is the guy to use when renouncing.”
It seems like your’e an compliance condor from the homeland. If yes, go screw yourself, carpetbagger. This site has helped thousands of people get their lives in order and to stay away from vultures like Moody’s.
@George (GB)
I think we could absolutely get Roy Moore on board with this, once he’s elected. The analogy is obvious:
Paying taxes to a country where you don’t live is just like having some guy in his thirties date your teenage daughter without your permission.
With allies like him, victory is assured!
@ George
I don’t know, if someone says they want to accomplish something, then tries but fails as it appears RO has done with TTFI, is that a lie? Tim says he wants “the FATCA IGA’ to get thrown out in Canadian Court” and we know he is trying but if he fails (we’re all hoping he doesn’t), I certainly will not think he lied. I don’t think the Republican Party alone owns FATCA, the IGAs, FBARs, CBT. There’s a power behind what we think is the power that owns all of these absurdities and has, for some reason I cannot imagine, decided they are useful tools in maintaining and extending their power. These are instruments of control and they control not only individuals but, with the arrival of FATCA, financial institutions around the world as well.
Congressman Holding’s comment on RBT Comments on RBT
https://www.c-span.org/video/?c4692161/congressman-holdings-comment-rbt
Roy Moore? You’re kidding right? He’s got much bigger problems.
Once again Lucy pulled back the football and Charlie Brown fell on his ass and Lucy said HA!!
Solomon Yue is still working his ass off for expats. Bashing him is entirely misplaced and unfair.
From Republicans Overseas:
https://web.facebook.com/republicansoverseas/photos/pb.187406564776480.-2207520000.1510880458./760330160817448/?type=3&theater
Looks like a message to Stephen Kish on the RO Facebook page:
Republicans Overseas
2 hrs ·
Stephen Kish, It means 9 million overseas Americans didn’t get anything in the House version of the Tax Cuts and Job Act. However, both Congressman Holding and Chairman Brady recognized that CBT is inconsistent with the current territorial taxation for corporations as well as U.S. firms competitiveness overseas. As a result, they pledged to continue to explore. It does demonstrate the commitment from Chairman Brady to get this done. Again we need to focus on the Senate side since this fight is far from over.
@Embee, with all due respect.
The Republican Party platform published for the 2016 election representing promises in WRITING stated that Republicans would abolish FATCA and adopt CBT if put into power.
They were put into power in all branches of Government.
They have not followed their own election manifesto of which people voted for.
Had they not won the Presidency or lost Congress they could have said too bad. But they published an election manifesto that said vote for us and we shall do this IF we contriol Washington and shazam they do control Washington.
I do understand that Solomon is fighting and having said that I appreciate his effort.
But having said all that……if Solomon is an honourable man he will resign from RO because Congress lied to him just as much as they lied to us.
The Republican Election manifesto was a written promise and the politicians have now turned their back on it.
I thought politicians had guts to turn their back on verbal promises but this is a flat out turn of the backs on a formal written promise circulated to voters to make an informed decision.
This was NOT the promise of Solomon it was the promise of the Republican Party to garner votes.
@JC, how oh how we have fallen.
In the summer of 2016……the RNC election platform gave us a written guarantee;
“We call for its repeal and for a change to residency-based taxation for U.S. citizens overseas.”
To…..a “pledge” to “explore;”
“As a result, they pledged to continue to explore.”
Yeh, when there was the possibility of President Hillary they sure talked a good game with strong words to get every last vote.
BOTTOM LINE…….had Hillary won…..it would not have been a dimes worth of difference for expats.
I have a question for Solomon of RO.
Why should any expat vote Republican in the Alabama Senate Race next month?
Why should any expat vote Republican in November 2018?
Should expats vote Republican in 2018 so we can get CBT and FATCA repealed? LOL LOL ROTFLMAO
Fool me once shame on you fool me twice shame on me.
Solomon Yue once pointed out that the RNC focus is on the Executive, and Election of the President.
Where you and I would think that platform was for the party.
Its still in progress.
@Andrew, re your endorsement above of a specific person from a specific tax compliance firm in terms of assistance with renouncing. I question the veracity of the statement that ‘most’ of the people you talk to endorse them (what is the sample size?) and I hope you are not advertising here on their behalf. We tend to try to refrain from assisting in driving people into the arms of the US Tax compliance industrial complex.
Most people do NOT need to pay someone similar to the specific person and firm you named. I have had firsthand experience of those costs – and I successfully finished my relinquishment and final filings on my own with the help, support and information here at IBS and other reliable resources. I myself had to correct filings, FBARs and other forms produced with errors generated by a very expensive US tax compliance firm here in Canada. I and many others here have successfully relinquished/renounced with or without US tax compliance without resorting to EXTREMELY expensive services such as those you named.
@Andrew
Your comments about the tax treaty, being covered and so on are known to all here. We have spent years studying this topic.
Some people here do feel its over. But none of us who do feel the need to insult those who don’t and certainly would not speak in such an arrogant manner. Why are you here doing this?
Most people here did not find it necessary to pay over $10k to renounce. It’s completely unnecessary. And add the professional fees for filing on top of that
Dumbest idea?
@ George
I’ve never taken any political party’s election platform (here, there or anywhere) as being a guarantee. One hopes they follow through, if the platform or a plank in their platform is something we want; and one hopes they don’t, if not. It’s a big party and we and our hopes are really not invited.
@Andrew,
“….80% of the people on this site are in complete denial. It wasn’t always like this. Wake up, do it the right way with trained help, and never look back.
Is anyone monitoring the crazies who post? Really beginning to undermine the credibility of the movement. Which by the way, is dead. Find a new cause.”
I am wondering if you’re actually a shill for compliance condors.
Thank you to @Patricia and the others here at IBS who continue to provide reasoned and reliable information to counter misinformation and the compliance industry and friends.
“Why should any expat vote Republican in the Alabama Senate Race next month?”
I should think that Roy Moore would be a big hit among the sexpats of Thailand.
The Platform said “We call for”
Call for is a lot different than we will abolish CBT and Fatca
and the platform calls for a lot of things. I never believed everything in the platform was a guarantee, just that they supported the cause.
The biggest problem was the speed. They wanted this passed before the New Year. it is very hard to get that kind of change in so quickly. Anyone who worked hard, tried their hardest. but it was always going to be a uphill battle and never easy.
Latest Tweet from Solomon Yue:
Solomon Yue @SolomonYue14m
As 9m expats didn’t get #TTFI inclusion, Rep. Holding & Chairman Brady recognized #CBT is inconsistent w/ territorial taxation 4 corps & US firms competitiveness abroad. Both pledged 2 continue exploring & showed their commitment 2 end #FATCA via CBT. Focus on SFC, Never give up!
https://twitter.com/SolomonYue/status/931354860204650496
I give up.
“#TaxReform comes once in a generation and the highest taxed families on the planet, by order of US law, were excluded. This is stunning. You had us on your side and then left us out. Why? #FATCA”
You wonder why? Here’s why.
“Here, you nice bull, come here, let’s be friends.
Oh, you’re nervous? Well don’t be. See, I’m holding some nice sweet hay for you, all yours. Other than that, I’m empty handed.
Here you go bull. See, that wasn’t bad, was it? You liked my gift? Let’s be friends.
Nice bull.
…
Now the bull’s even better.
Wow, that was great. So fresh and tasty.
And I’m full of bull.”
Schroedinger’s ballot box: Your vote is a vote for both RBT and CBT. It’s both at the same time. You won’t know which until the ballot box is opened and the wave collapses.
Heisenberg’s ballot box: Actually I had perfect knowledge of what wasn’t going to happen, I just couldn’t know how fast it wasn’t going to happen.
Here’s proof that America’s diaspora isn’t full of rich tax evading scum. If they were, the bill would have cut their taxes.