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Media and Blog Articles Open for Comments – Part 5 of 11 (Year 2018)

You can access all years at this link: Media and Blog Articles – Links for All Years

If clicking on a link brings you to the wrong page in the comment stream, click here to get to the most recent comments.

Media and Blog Articles

EmBee suggested that it would be good if there was a thread for new articles, so that people would be aware of where to comment.   So, I created this permanent page.   I’ll make a permanent list of links posted here and keep adding to it,  but not deleting, so we’ll end up having sort of a  “bibliography” of FATCA/CBT articles.  [Note:  Some articles are not open for comments]

For more articles on FATCA, enter FATCA into Google then click on the link “more news for fatca” just below the most recent featured article.

Notes:

From JC:   To see #FATCA on Twitter for latest breaking news.  JC finds that is quite a good source and there even are some international articles that one may read using Google Translate.   Others may help certain tweets and articles remain in elevated position by retweeting them.

From Badger:   On an important archival note, please use the Internet Archive Wayback machine https://archive.org/web/ (see bottom right ‘Save Page Now’ box to enter URLs of webpages you want saved for posterity, and try to save backup copies of articles and other items of interest in some other form – such as a datastick or external drive. Some important and very significant webpages and the fulltexts of articles are no longer available (although some can be retrieved if someone using the Wayback machine saved them).

Be sure to read the comment stream for this thread — there are usually very recent articles mentioned

2018.12.23
New bill could lessen tax woes for Canadian residents with US citizenship: but the outlook is bleak for thousands grappling with Trump’s repatriation tax, Elizabeth Thompson, CBC News, Canada.
2018.12.21
Tax Fairness for Americans Abroad Act of 2018!  Let’s Get This Passed! Anthony Parent, John Richardson, Keith Redmond, IRS Medic. US.
TTFI bill introduced today, great news for Americans living in Canada, Reddit Forum.
FATCA: Significant Relief in New Proposed Regulations, Jeremy Naylor, Amanda H. Nussbaum and Martin T. Hamilton, Mondaq.
2018.12.20
Tax Fairness for Americans Abroad Act, Democrats Abroad.
2018.12.19
TCJA and US Expats, Karen Alpert, Fix the Tax Treaty, Australia.
2018.12.18
Why Banks Have Become Judge, Jury & Prosecutor and will Shut you Down Judged Guilty for Nothing That is Actually Illegal, Patriot Rising.
20`18.12.17
IRS Issues Proposed FATCA Regulations, Adrienne M. Baker, Joseph A. Riley and Jeff J. Kang, Lexology.
2018.12.13
IRS Issues Proposed Regulations on FATCA, Other Reporting Conditions, ABA Banking Journal, US.
2018.12.11
How the IRS as Gutted, Paul Kiel and Jesse Eisenger, ProPublica, US.
2018.12.08
December 2018 International Tax Reform Updates- FATCA -GILTI – TTFI, Anthony Parent interviews Keith Redmond and John Richardson, IRS Medic. (video)
2018.12.05
Explaining GILTI – Individual Impact, Karen Alpert, Fix the Tax Treaty, Australia.
2018.12.03
Luxembourg: Exchange Of Information Vs Data Protection: A Brave New World Of Transparency, Antoine Dupuis and Guilles Sturbois, Mondaq.
2018.12.00 (December 2018 edition)
EU parliament versus FATCA, Financier Worldwide.
Newsletter, Purple Expat.

 Articles from earlier in 2018 are in the Media and Blog Articles 2018 Archive.  Links to previous years’ archives are also at that link.

1,714 thoughts on “Media and Blog Articles Open for Comments – Part 5 of 11 (Year 2018)”

  1. Message from Grover Norquist:

    Americans Abroad
    There will be another tax cut bill next year. Moving to residency based taxation will be front and center—if the community makes itself heard.
    This was on the List of problems to fix in 2017…but we lost out to louder (not always larger) groups
    We’ll win
    #FATCA

    https://twitter.com/GroverNorquist/status/1011919223734636545

    There was some talk of a #taxreform 2.0 with collection of bills in August. That means this will not make that package? It will need 60 Senators to vote for it.

  4. Solomon Yue
    ‏ @SolomonYue
    21m21 minutes ago
    Replying to @newmant360 @JCDoubleTaxed and

    Truth is Grover meant to say THIS year. Congressman Holding’s #TTFI Discussion Draft – Taxation of Americans Abroad is on its way 2 be scored by JCT. Chairman Brady asked Holding 2 submit it 4 W&M consideration. The Hill reported. New Preamble is attached. http://thehill.com/policy/finance/394163-gop-chairman-envisions-tax-reform-20-as-a-package-of-bills …

    https://twitter.com/SolomonYue/status/1012108821190152192

  5. Solomon Yue
    ‏ @SolomonYue
    1m1 minute ago
    Replying to @JCDoubleTaxed @pvdploeg @GroverNorquist

    #TTFI will be partially paid by the foreign earned income & housing exclusion elimination. It will still cost revenue. Plus ending double taxation 4 9 million overseas Americans by moving from #CBT 2 TTFI is a tax cut. Last time homelanders got their tax cut. It is your turn now.

    https://twitter.com/SolomonYue/status/1012115236290060288

  6. And what happens if they get rid of the FEIE without switching to TTFI, or (more likely) putting in place something needlessly complex? This is my main worry, since I–like huge numbers of us who don’t live in Canada, Australia, or the EU–rely mainly on the FEIE to keep my US tax compliance simple (at least for me it’s a thousand million zillion times simpler than using foreign tax credits) and owing nothing.

  7. Barbara,

    I have similar concerns. I could easily see them eliminate the FEIE and requiring compliance to overly complex, time consuming and privacy destroying documentation that I certainly would not be able to accomplish.

    The longer this drags on and the more it is discussed, the less optimistic of anything not absolutely terrible coming of it.

  8. In many high tax countries, including Australia, elimination of FEIE will hit those on low Incomes. Australia’s tax free threshold is higher than in the US so those earning between roughly 10k-20k would owe US tax but no (or very little) Australian tax. Of course, the devil is in the details, and we haven’t seen any details.

  9. Hi folks
    Just heard that Trudeau passed c21 last night. So the noose just got tighter for duals crossing the border.

  10. With C21, wonder what happens when you enter each country on its own passport, like you’re supposed to. I’m sure they thought of that.

  11. “That Palantir diagram is an eye-opener though. Google reveals they recently opened their first office in Europe (in London).”

    How this is news to anyone in this day and age is incredible. Any one whose eyes were opened by this article needs too wake up and smell the coffee.

    This too, tain’t new.

  12. https://www.twitter.com/NPR/status/1012501403644973057

    It’s nearly Independence Day. If you’ve recently emigrated, what does your American citizenship mean to you?

    Apparently they mean people who emigrated from other countries to the US, juding from the article they linked in the tweet
    https://www.npr.org/2018/06/28/624004947/tell-us-if-youre-a-new-american-citizen-how-are-you-marking-july-4th

    It’s nearly Independence Day, the day when Americans gather around grills, don red white and blue, shoot off fireworks and celebrate the United States’ independence from Britain. It can also be a day to reflect on what it means to be an American.

    If you’ve recently emigrated, what does your American citizenship mean to you? Weekend Edition wants to know.

    Let us know below, and tell us a little about how you’ll be spending the Fourth. Your responses may be used in an upcoming story, on air or on NPR.org. A producer may reach out to you to follow up on your response, too.

    But in any case, you can still submit comments in the form at that npr.org link, or reply to them on Twitter

  13. I commented on the NPR page, listing myself as EMIGRATING from the USA, and said I’d be spending July 4 at work, since it obviously isn’t a holiday in most of the world.

    Methinks the semi-literate homelander who wrote the question, and misused emigrate when they meant immigrate would also likely call me an ex-patriot.

  15. More Americans are considering cutting their ties with the US—here’s why, Lorie Konish, CNBC, 30 June 2018.

    • “A steady stream of American citizens have renounced their citizenship since the implementation of stricter tax rules.
    • Many Americans who live in other countries face higher tax bills, difficulty in obtaining and keeping financial accounts and complex retirement savings rules.
    • Some advocates urge the U.S. government to tax its citizens based on residency instead of citizenship to reduce those obstacles.”

    The article goes on to quote Greg Swanson of Purple Expat, who US Citizen Abroad referred to in his new post here today, and several other US citizens living permanently in Europe.

  16. One for the geeks:

    “https://federalnewsradio.com/tom-temin-commentary/2018/01/irs-clutches-its-modernization-holy-grail/amp/”

    Tut tut. Younger generation. IBM assembly code is easy-peasy and what’s more it’s extremely well-documented.

    Instead of trying to double-tax pensioners, the IRS should be begging for our help. 🙂

  18. Correction, the resolution will be put to a vote on Thursday. From the article:

    On Wednesday July 4th, the European Parliament in Strasbourg will debate a resolution that could have a significant impact on the tax plight of “accidental Americans” and a vote will be held on Thursday.

    “This is a very important day,” Lehagre, who left the US when he was two, told The Local. “If the EU backs the resolution, it will show that they back us and then we might have a chance of becoming an exception to the tax

  24. @Japan T wrote: “I have similar concerns. I could easily see them eliminate the FEIE”

    In 1976 the near-elimination of the FEIE and the taxation of housing, cars and other perks offered by employers in high-cost, skewed currency rate-of-exchange countries led to certain relatively low-paid expatriates — school teachers in Nigeria and english-language tutors in Japan, to my personal knowledge — owing more in U.S. income tax than they earned in cash wages. I remarked on this to the IRS attaché in Paris in 1977 and he answered that he and his colleagues avoided looking for such people. https://www.americansabroad.org/history-of-us-taxes-abroad-from-1787-to-2001/ That was long before Big Data, and enforcement depended on self-reporting.

    A similar tax crisis hit employees with incentive stock options when the dot.com bubble crashed: tax debts beyond the ability to pay. When Congress refused to provide relief the only solution for many was to wait out the 3 years and file for bankruptcy. https://blog.sfgate.com/dgreenberg/2012/06/22/tax-advice-from-the-dot-com-bubble-beware-of-isos/ (“a number of them lost their homes and retirement savings, filed for bankruptcy, left the country, got divorced, even committed suicide.”) Other links: https://www.google.com/search?q=stock+options+tax+relief+bubble+crash&oq=stock+options+tax+relief+bubble+crash

    Pockets of tax hardship, however severe, rarely generate interest and concern in Congress or among the American general public. Politics has been corrupted; lobbying is costly. See what David Cay Johnston and Peter Schweizer, among others, have to say on the subject.

  25. @Andy05

    As I am in one of the two groups of low earners you mention, I am not at all positive about my future.

    In addition to what those people went through 30-40 years ago, we now have big data (as you point out) and automatic processes set in motion by the data thus collected and shared, passport revocation, loss of all privacy and a lot more.

    The fact that Congress and Homelanders don’t know or care just shows how important it is for the US government to actually stay within the restraints of the constitution. The fact that it illegally ignores these restraints with no real penalty is truely scary.

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