151 thoughts on “Ways & Means Urged to Hold a Hearing on #FATCA”
@heidi
FYI, the original letter didn’t include a reference to bank lock out. It’s only after input from Americans Abroad it was included. I wonder how many of these ignorant reps at the first hearing heard back from their constituents in an attempt to educate them. I doubt not many, if any.
I’m not meaning to blame the victim here, but without our input they’ll never learn. That said, there will come a time that even I, the eternal optimist will give up if something significant doesn’t happen soon.
That is precisely why, “all roads still lead to renunciation.”
I said:
“The choice of Beyer as one of the signers looks interesting because of Beyer’s history as the Democratic politician landed with the fallout in Switzerland.”
Or it might just be because Beyer as Financial Director of the Democrats findraising committee is aware of an impact on contributions from overseas Democrat donors as a consequence of FATCA.
The Washington Post said when Beyer was appointed:
Beyer, who in 2014 won a Northern Virginia-based seat long held by Democrat James P. Moran, is a former ambassador to Switzerland and Liechtenstein who has strong ties to the Democratic donor class.
So. Not very interesting after all. Just another bit of electioneering, it seems.
@Polly
Bank lockout or service restrictions can, depending on the country, be a problem for anyone with a US birthplace or foolish enough to disclose US citizenship.
CBT, double taxation, investment limitations etc. is only a problem for those who are compliant – a small minority of US persons outside the US.
@plaxy
Back in 2012 there was a big fundraiser for Obama headed by George Clooney in the hope of attracting a big crowd. It was poorly attended, only about 30 or so people showed up. Someone on the English forum remarked that those idiots would have to show up with cash in carrier bags as they wouldn’t be able to write a cheque as they had all had their Bank accounts closed.
PS.
fundraiser was in Geneva.
Heidi – sounds pretty bad. I expect the Democrats blamed the banks.
@plaxy
I believe it was glossed over by Beyer and the Dems as being a great success.
I often wonder if Clooney now has an appreciation of the problems with a British wife and a house on an island in the Thames. Maybe it’s all in his wife name.
Seriously? Of course George Clooney doesn’t have FATCA annoyances, why would he!
Well there would be capital gains to pay on any house sale, and how would Amal feel about that and any shared UK financial account , wouldn’t that be an annoyance? Certainly Markle’s problems were outlined , why would Amal’s be any different? I thought Clooney would certainly now be aware of the situation and perhaps Obama’s part in it.
Clooney maintains very close ties to the USA. They spend a lot of time there. And he has even talked about a political career. And he is worth millions and has an army of advisors. and he had foreign assets before he was married. I doubt Amal cares about all this at all. They live their jet set life and their accountants handle everything. Markle’s main issue is having to report on accounts by the Royal family.
It is the ordinary person that is affected by these issues, not these celebrities that can bank wherever they like and do whatever they like and live a luxury lifestyle.
Clooney and Markle are both America’s good will smbassadors . You can see it in their smile
Their well paid accoutants take care of any financial woes thay might otherwise have .Please do not disturb their tranquility. They are of another world of which one can only envy.
“there would be capital gains to pay on any house sale…any shared UK financial account , wouldn’t that be an annoyance?”
That’s not a FATCA annoyance.
A FATCA annoyance is when a USC can’t open a bank account and can’t afford to renounce.
George Clooney is not in that situation.
Actually, in Europe the banks seem to have calmed down quite a lot, since CRS arrived. Now they have to do the due diligence on all their customers, not just the ones born in the US. Everybody’s a suspected tax cheat, nowadays.
@plaxy
“That’s not a FATCA annoyance”
FATCA was an enabler of CBT it would be the means by which their financial life including any non US house sale would be reported.
I know they can afford accountants to ameliorate any problems but the problems still exist and I would think they would be now aware of them however rich they are.
FATCA’s not forcing Clooney to pay US taxes.
He presumably is paying US taxes, and would be paying US taxes if FATCA had never been invented.
@plaxy
Yes, but Amal wasn’t, unless she had a green card. As far as I know she is legally resident in the UK if she spends more than 3months/yr there. As a UK citizen resident in the UK I would not want to pay capital gains on my primary residence or have any account shared with spouse reported to the US.
What makes you think she’s not paying US taxes? And, er, why on earth do you care?
More on Clooney Amal from Brock in the past https://isaacbrocksociety.ca/2014/04/28/two-faces-of-american-emigrationexpatriation/comment-page-1/
I don’t care, I just remember he being such a staunch supporter of Obama and having the gall to come to Switzerland and ask Americans for financial contributions after most of them couldn’t pay their utility bills for lack of a bank account. I and others wondered if the penny had dropped with him and his wife.
She is an international human rights lawyer and hopefully would appreciate the problems of others.
I doubt if American politicians would feel concerned about low turnout at a foreign fundraiser. The significant donations don’t come from the audience at such events. The audience was probably the local branch of Democrats Abroad.
“She is an international human rights lawyer and hopefully would appreciate the problems of others.”
I can’t see why you think an international human rights lawyer would be worried about the banking problems of Americans in Switzerland.
I am arguing the point that being married to an American brings its problems wherever one lives, or however much money one has, except you live in the homeland with no connection to anywhere else.
Of course she wouldn’t be concerned with Switzerland but she would be alerted by her own situation.
Your counter arguments are obtuse.
@plaxy
You keep shifting gears. You asked my why I cared about the Clooneys and I told you why I was incensed re the fund rsiser in Switzerland then you asked me why I thought the Clooneys cared. Of course they won’t care a tinkers cus about Switzerland but they would certainly care about their own situation.
Of course Amal would pay tax in the US on her US earnings but I believe she is still a UK resident so I suspect their UK finances are divided.
Nuff said, I am off to get a life. 🙂
@heidi
FYI, the original letter didn’t include a reference to bank lock out. It’s only after input from Americans Abroad it was included. I wonder how many of these ignorant reps at the first hearing heard back from their constituents in an attempt to educate them. I doubt not many, if any.
I’m not meaning to blame the victim here, but without our input they’ll never learn. That said, there will come a time that even I, the eternal optimist will give up if something significant doesn’t happen soon.
That is precisely why, “all roads still lead to renunciation.”
I said:
“The choice of Beyer as one of the signers looks interesting because of Beyer’s history as the Democratic politician landed with the fallout in Switzerland.”
Or it might just be because Beyer as Financial Director of the Democrats findraising committee is aware of an impact on contributions from overseas Democrat donors as a consequence of FATCA.
The Washington Post said when Beyer was appointed:
So. Not very interesting after all. Just another bit of electioneering, it seems.
@Polly
Bank lockout or service restrictions can, depending on the country, be a problem for anyone with a US birthplace or foolish enough to disclose US citizenship.
CBT, double taxation, investment limitations etc. is only a problem for those who are compliant – a small minority of US persons outside the US.
@plaxy
Back in 2012 there was a big fundraiser for Obama headed by George Clooney in the hope of attracting a big crowd. It was poorly attended, only about 30 or so people showed up. Someone on the English forum remarked that those idiots would have to show up with cash in carrier bags as they wouldn’t be able to write a cheque as they had all had their Bank accounts closed.
PS.
fundraiser was in Geneva.
Heidi – sounds pretty bad. I expect the Democrats blamed the banks.
@plaxy
I believe it was glossed over by Beyer and the Dems as being a great success.
I often wonder if Clooney now has an appreciation of the problems with a British wife and a house on an island in the Thames. Maybe it’s all in his wife name.
Seriously? Of course George Clooney doesn’t have FATCA annoyances, why would he!
Well there would be capital gains to pay on any house sale, and how would Amal feel about that and any shared UK financial account , wouldn’t that be an annoyance? Certainly Markle’s problems were outlined , why would Amal’s be any different? I thought Clooney would certainly now be aware of the situation and perhaps Obama’s part in it.
Clooney maintains very close ties to the USA. They spend a lot of time there. And he has even talked about a political career. And he is worth millions and has an army of advisors. and he had foreign assets before he was married. I doubt Amal cares about all this at all. They live their jet set life and their accountants handle everything. Markle’s main issue is having to report on accounts by the Royal family.
It is the ordinary person that is affected by these issues, not these celebrities that can bank wherever they like and do whatever they like and live a luxury lifestyle.
Clooney and Markle are both America’s good will smbassadors . You can see it in their smile
Their well paid accoutants take care of any financial woes thay might otherwise have .Please do not disturb their tranquility. They are of another world of which one can only envy.
“there would be capital gains to pay on any house sale…any shared UK financial account , wouldn’t that be an annoyance?”
That’s not a FATCA annoyance.
A FATCA annoyance is when a USC can’t open a bank account and can’t afford to renounce.
George Clooney is not in that situation.
Actually, in Europe the banks seem to have calmed down quite a lot, since CRS arrived. Now they have to do the due diligence on all their customers, not just the ones born in the US. Everybody’s a suspected tax cheat, nowadays.
@plaxy
“That’s not a FATCA annoyance”
FATCA was an enabler of CBT it would be the means by which their financial life including any non US house sale would be reported.
I know they can afford accountants to ameliorate any problems but the problems still exist and I would think they would be now aware of them however rich they are.
FATCA’s not forcing Clooney to pay US taxes.
He presumably is paying US taxes, and would be paying US taxes if FATCA had never been invented.
@plaxy
Yes, but Amal wasn’t, unless she had a green card. As far as I know she is legally resident in the UK if she spends more than 3months/yr there. As a UK citizen resident in the UK I would not want to pay capital gains on my primary residence or have any account shared with spouse reported to the US.
What makes you think she’s not paying US taxes? And, er, why on earth do you care?
More on Clooney Amal from Brock in the past
https://isaacbrocksociety.ca/2014/04/28/two-faces-of-american-emigrationexpatriation/comment-page-1/
I don’t care, I just remember he being such a staunch supporter of Obama and having the gall to come to Switzerland and ask Americans for financial contributions after most of them couldn’t pay their utility bills for lack of a bank account. I and others wondered if the penny had dropped with him and his wife.
She is an international human rights lawyer and hopefully would appreciate the problems of others.
I doubt if American politicians would feel concerned about low turnout at a foreign fundraiser. The significant donations don’t come from the audience at such events. The audience was probably the local branch of Democrats Abroad.
“She is an international human rights lawyer and hopefully would appreciate the problems of others.”
I can’t see why you think an international human rights lawyer would be worried about the banking problems of Americans in Switzerland.
I am arguing the point that being married to an American brings its problems wherever one lives, or however much money one has, except you live in the homeland with no connection to anywhere else.
Of course she wouldn’t be concerned with Switzerland but she would be alerted by her own situation.
Your counter arguments are obtuse.
@plaxy
You keep shifting gears. You asked my why I cared about the Clooneys and I told you why I was incensed re the fund rsiser in Switzerland then you asked me why I thought the Clooneys cared. Of course they won’t care a tinkers cus about Switzerland but they would certainly care about their own situation.
Of course Amal would pay tax in the US on her US earnings but I believe she is still a UK resident so I suspect their UK finances are divided.
Nuff said, I am off to get a life. 🙂
I think we’re at cross purposes.