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

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

1. As usual, the journalists https://www.icij.org/blog/2018/07/irs-spent-380m-but-took-limited-or-no-action-on-offshore-tax-dodges/ don’t mention the extraterritorial abuse and arrogance that FATCA represents for the rest of the world held ransom by the US – while forcing everyone else to pay for its implementation and abrogate local law and rights. And where is the mention of US non-reciprocity and refusal to participate in the CRS?

2. Nobody considers, looks at or cares about any consequence other than those intended. Unintended consequences just do not register.

3. Chinese neuroscientist and ex-US-citizen Rao Yi had his applications for US visas rejected in 2016 and 2018:
   https://www.scmp.com/news/china/diplomacy-defence/article/2156063/chinese-neuroscientist-cries-foul-after-arrogant-us (archived https://web.archive.org/web/20180719162323/https://www.scmp.com/news/china/diplomacy-defence/article/2156063/chinese-neuroscientist-cries-foul-after-arrogant-us)

   Incidentally his daughter still lives in the US

4. @Eric
   Looks like it might be getting more difficult all around to get a visa. My concern is for those who gave up their US citizenship, but still have family there whom they might have to care for for an extended time.
   https://www.cbsnews.com/news/changes-to-federal-policies-pave-way-for-sudden-visa-denials-deportation/

5. Here’s another worrisome development that’s recently been uncovered:

   “Revelations by the Guardian that the Trudeau government is quietly expanding its use of an American anti-terrorism database have critics worried about Canadian sovereignty, privacy and civil liberties”
   https://www.theguardian.com/world/2018/jun/30/canada-us-tuscan-database-no-fly-list-trudeau

   Australia has a similar database-usage agreement, Tactics.

   Sovereignty, privacy and civil liberties? Weren’t those already out the window with FATCA and the IGAs? Tuscan is a problem in these respects, but FATCA isn’t? Weird.

   With things like Tuscan in place, it’s little wonder that there has been a significant increase in US/CAN border-crossing incidents/difficulties, yet I have never heard mention of it as a cause until now because it was kept secret. Makes one wonder what other programs are out there we don’t know about, but that we might be smart to anticipate.

6. @petlover

   “Sovereignty, privacy and civil liberties? Weren’t those already out the window with FATCA and the IGAs? Tuscan is a problem in these respects, but FATCA isn’t? Weird.”

   Quoting Spike Jones, “People are funnier than anybody”. For some reason, people are angered almost to the point of grabbing pitchforks over the NSA but think it completely normal for their personal financial data to be Hoovered up and shared. After all, “If ya ain’t done nothin wrong, what’s the worst that can happen, eh?”.

   “Makes one wonder what other programs are out there we don’t know about, but that we might be smart to anticipate.”

   Hey, hey, someone after my own heart! Been trying to get that point across for a couple of years now. May you enjoy better success.

7. Worrisome, I agree; but probably not personally worrisome for former US citizens. Renunciants will presumably have been checked against all the watchlists before the CLN got stamped.

   Another good reason to renounce.

8. Just to clarify my comment regarding the Washington Post article I quoted a day ago. I realized the authors intent to disallow citizenship to those born in the U.S. to non citizens. I was thinking as an aside that it might show recourse for those who left the U.S. as children to non U.S. parents.

   After further thought on the later Supreme Court decisions, I realize my hope was wrong.

9. Some Reddit threads today

   No answers yet: “Former citizens of a country, why did you renounce your citizenship / how did you lose it?” https://www.reddit.com/r/AskReddit/comments/91g55c/former_citizens_of_a_country_why_did_you_renounce/

   Already lots of good comments: “Thousands of bank accounts frozen and at risk of being closed due to foreign information sharing law” https://www.reddit.com/r/newzealand/comments/91fdhz/thousands_of_bank_accounts_frozen_and_at_risk_of/

   That thread is about a Radio New Zealand article, which is about CRS rather than FATCA: https://www.radionz.co.nz/news/top/362542/thousands-of-bank-accounts-closed-due-to-foreign-information-sharing-law

   Somewhat off topic: “why are so many americans offended that i don’t want to become a citizen?” https://www.reddit.com/r/AskAnAmerican/comments/91eqg4/why_are_so_many_americans_offended_that_i_dont/

10. The NZ accounts being closed/frozen, or at risk of being closed/frozen, appear to be accounts opened since NZ’s CRS agreements came into force a year ago – not pre-existing accounts.

    Whereas for US-born USCs trying to open an account, the birthplace question tends to get asked right at the beginning, so the account never gets opened and never gets closed/frozen.

    The global loss of data protection rights is deplorable, but at least the CRS rules don’t require anyone to buy a very expensive piece of paper before allowing them to open a bank account in their own country.

    “The New Zealand Bankers Association has estimated about 8 per cent of accounts opened since July 1 last year could be affected …”

    https://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=12081478

11. Now that it’s all being documented so obsessively, it would be interesting to see a table showing, for each CRS country, how many individual holders of accounts in a CRS country other than their country of residence, were born in the United States; and the amount of unpaid tax subsequently collected from the accountholder as a result of AEOI reporting.

    That would surely provide evidence as to the truth or falsity of the claim that birth in the US = genetic tendency to conceal cross-border accounts for the purpose of tax evasion.

12. Too early yet. I don’t remeber how long it took, but FBAR were being termed a bluff for quite some time before he first fines were levied. There was a side bar here telling how FBAR is not a bluff.

13. Japan T:

    I think you’ve missed my point. My comment doesn’t concern the US, or US taxation or tax penalties.

    The question is whether normal countries are justified in treating residents / citizens as suspected tax evaders based on birthplace; and denying access to financial services to those who can’t afford to buy a piece of paper documenting the individual’s confession and remorse; a plea bargain, as it were.

    If the CRS data shows that individuals born in the US are no more likely to be evading taxes by concealing a cross-border account than individuals born elsewhere, that could be useful to a court challenge

14. Sorry, I should have added this. I agree that that would indeed be useful, but how long has CRS been up and running? I think we’ll have to wait a bit longer for that.

15. The first tranche of countries exchanged reports for the first time in 2017; the second tranche are exchanging reports for the first time in 2018. It definitely is not too early to start making this analysis if one had access to the global data; but that would perhaps be an if too far.

16. The Senate Finance Committee held a hearing to consider the nomination of Charles P. Rettig to be commissioner of the Internal Revenue Service.
    …

    Notably, Mr. Rettig’s lack of government experience and in-depth knowledge of IRS operations was on display at various moments during the hearing. Rather than provide detailed answers as to how he would address the various problems plaguing the agency, the nominee’s responses were generally just affirmations that issues existed.

    For instance:

    Sen. Toomey (R-PA) outlined his disapproval of the Foreign Account Tax Compliance Act (FATCA), claiming that the provision places undue burdens on American citizens abroad. Mr. Rettig declared that he would work with the committee to lessen the burdens that FATCA or any other cumbersome provisions place on American taxpayers.

    https://www.takestockblog.com/wp-content/uploads/sites/496/2018/07/6.28.18-Senate-Finance-Committee-Charles-Rettig-Confirmation-Hearing.pdf

17. During his opening statement, Chairman Hatch (R-UT) highlighted the IRS’s aging technological systems and workforce as the key issues he believes Mr. Rettig should plan to address without delay, if confirmed.

    Sounds like they’re afraid everybody old enough to code in assembly language or mend the tape drive is going to die or retire before they can implement the TCJA.

18. “He’s gonna work to less those burdens (FATCA, CBT, etc etc). Yup, and the check’s in the us mail..

    Nothing will change substantively. Just more: rhetoric, letter writing, “social” media blather, barristers/lawyers hosting fake chat shows, folks selling agita, crapliance industries selling fear, more empty promises, someday talk..etc..etc… Nothing will change.

    Renounce. If the huge us empire fees to renounce are a burden–then beg, borrow, do whatever to break ties with the us empire of hustling, ontologic emptiness, and endless imperialism.

19. “Nothing will change substantively.”

    It might, if the donors have been promised e.g. that something will be done about FATCA.

    Long shot though.

20. A large portion of the IRS workforce is nearing retirement, with 27 percent eligible to retire by the end of FY18. Moreover, the group that represents our next generation — those aged 25 or younger — makes up less than half of one percent of our workforce

    https://www.irs.gov/about-irs/strategic-goals/cultivate-our-workforce

    I wonder what percentage of the current workforce will have retired or be eligible to retire by the end of 2028. Lots, by the sound of it.

21. “Renounce. If the huge us empire fees to renounce are a burden–then beg, borrow, do whatever to break ties with the us empire of hustling, ontologic emptiness, and endless imperialism.”

    There are barriers other than just the cost of buying one’s freedom.

22. Lvg the us empire 100% and not being attached in any way.

    There is a piece of mind that comes from knowing you won’t get shot at a cafe or that a trip to the hospital won’t bankrupt you. It’s also a relief to know that looking all around you at a cafe or street fair that there is more to live than work, hu$tling, or corporate us empire ‘achievement’ but simple living among neighbours, friends, and family. You work to live, not live to work.

    you give up nothing when you leave the USA and all its false, propaganda promises. A real and better ontologically fulfilling life awaits you once you lose the ‘hustle’ and can finally focus on the important things in your (very short) life.
    Peace and love to all,

23. I said:

    “I wonder what percentage of the current workforce will have retired or be eligible to retire by the end of 2028. ”

    Over 40% by 2019, according to Koskinen speaking in 2016.

    https://www.irs.gov/newsroom/commissioner-koskinen-speech-before-the-national-press-club

24. This is a bit off topic but I think it is interesting. William “Bill” Browder is a man of two tales who is without a doubt a very cagey fellow. He was even smart enough to take out UK citizenship and ditch his US citizenship, hence no FATCA/FBAR worries for him. I believe Russia’s version of the events (they provide some pretty convincing documentation) over Browder’s version but others can believe whatever they wish. (Note: Browder never became a Russian citizen but managed to live in Russia for a decade on a simple tourist visa.) It certainly explains why Putin brought up Browder’s name and others in the Trump-Putin press conference. I think if Browder’s version is correct Putin would not have wanted to do a highly public airing of this whole affair.
    https://www.voltairenet.org/article202140.html
    Please don’t get into a debate about this. It’s not appropriate for Brock. I just thought others might be interested in seeing how the big guys go about doing real tax evasion AND get away with it. My little head could never think THAT big.

25. If you don’t want to debate it, why mention it in the first place?

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