Media and Blog Articles Open for Comments – Part 3 of 11 (Year 2016)
You can access all years at this link: Media and Blog Articles – Links for All Years
If clicking on a comment link brings you to the wrong comment, click here to get on the most recent page of comments.(alternatively, to reach the most recent comment page, go to the url in the bar at the top of your browser and delete everything after http://isaacbrocksociety.ca/media-and-blog-articles-open-for-comments-part-3-of-3 )
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. You could mention such articles in the comment stream for this page, or if I see one on another thread, I can copy the link to here. I’ll keep adding to the list, 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.
Note also: JC suggests 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.
Be sure to read the comment stream for this thread — there are usually very recent articles mentioned there that aren’t on this list yet.
2016.12.29
Switzerland moves further to end bank secrecy, Financial Times, UK.
2016.12.23
How FATCA Infringes and Trammels our Statehood, Stephen Kangal, Trinidad and Tobago News, Trinidad and Tobago.
Barclay’s chief preparing to take a stand against US regulators over unduly high fines to European banks, James Quinn, The Telegraph, UK.
2016.12.22
Canada refuses to name bank that broke money laundering rules 1225 timtes, Mike De Souze, Robert Cribb & Marco Oved, National Observer.
Financial Intelligence agency gave bankers head up about money laundering disclosure, Mike De Souza, Robert Cribb & Marco Oved, National Observer.
2016.12.21
US citizens may pay double tax on Kahlon’s child savings program, Michael Zeff, Jerusalem Post, Israel.
Applying to be Swiss in the Trump Era, Steve Krump, SwissInfo, Switzerland.
2016.12.20
File That Tax, Boom Chicago, YouTube, Netherlands.
Tijuana City Councilman Faces US Money Laundering Charges, Sandra Dibble and Dana Littlefield, San Diego Union, US.
2016.12.19
Senate Report Finds IRS Agents Living Large on Public’s Dime, Guillermo Jiminez, Tax Revolution Institute, US.
AG to UNC: Come to Parliament first – a Joint Select Committee to deal with FATCA . . ., Ria Taitt, Daily Express, Trinidad.
Rand Paul criticizes framework of tax reform plan, Naomi Jagoda, The Hill, US.
Articles from earlier 2016 are at this link
Articles from 2015 are at this link
Articles from 2014 are at this link
Media and Blog Articles thread, Part 1 of 3, is at this link.
Media and Blog Articles thread, Part 2 of 3 is at this link.
My take (sorry)–
Nothing will be enacted which “might” hamper tax income being gotten. Never mind the amounts.
The bar has been so lowered that we’re in a spiral which is extracting value….
The super-wealthy aren’t just w/o empathy– they are ready to kill anyone in their way. Not kidding.
@Polly says:
First – for those who have already been reported, the cat is out of the bag – the IRS knows where they are.
For those not already reported – the publicity will be making it more and more difficult to claim non-willfulness, and this may scare some into compliance.
Then, there’s CRS. Yes, I know the US hasn’t yet signed on – but they may if FATCA is repealed.
The way CRS has been implemented in Australia, once the US signs on, they will get even more information than they have been getting under FATCA. My brief read of the CRS regulations shows that Australian banks have been instructed to collect tax residence from every account holder – and they’ve been told that US citizens could have TWO tax residences: the US AND wherever they live. Plus, they must report ALL accounts with non-Australian tax residence (including US citizens living in Australia), regardless of balance, to the ATO. The ATO will pass on information only to those countries who have signed on to CRS. The regulations are quite clear that CRS reporting is in addition to FATCA reporting and that accounts with US indicia must be reported on both (well, they can leave them off of the FATCA report if they are below the reporting threshold, but once CRS reporting is active it will just be easier to report everyone under both). The idea is to make it easier for the banks – they don’t have to worry about which countries have or have not signed on to CRS, and as long as they ignore the low balance threshold, they can just use the same list for FATCA and US-tax-residents under CRS.
Chump is an imbecile allowed to move forward with is Daddywarbucks. . He never meant to win & now is trapped, having his NPD questioned, over & over.
He, is mentally unstable & dangerous.
To think otherwise is just crazy.
@Karen – “Then, there’s CRS. Yes, I know the US hasn’t yet signed on – but they may if FATCA is repealed.”
Signing up to CRS might be difficult for the USG. FATCA’s minimal “reciprocity” provisions don’t cause a problem for tax-haven states. CRS would be very bad news for Delaware et al.
That’s one of the reasons I’m sceptical about FATCA being repealed.
“Rand Paul criticizes framework for tax reform plan”
“Sen. Rand Paul (R-Ky.) on Monday criticized Republican lawmakers’ focus on revenue-neutral tax reform, arguing that Congress should instead pass tax cuts that lower federal revenue and reduce taxes for all Americans.
[..]
The senator, who had sought the GOP presidential nomination, said he liked that Trump “ran on a big, bold tax plan, that cut taxes for every American, and it was NOT revenue neutral.”
[..]
He also said that “the most successful Republican Presidents (and a few Democrats) led off their agendas with tax cuts, to send money back and to try to get government to live with a little less.” Paul specifically praised tax cuts from Ronald Reagan and George W. Bush, saying they stimulated the economy.
http://thehill.com/policy/finance/311109-gop-senator-criticizes-revenue-neutral-tax-reform
I hate to mention it was following Reagan’s tax blitz that CBT first appeared in US passports.
@iota –
It’s possible that the new regulations mentioned here (http://www.lexology.com/library/detail.aspx?g=35ff04a6-a8a8-4212-b776-0753d75f59d7) are a first step in preparing the US for reciprocal reporting. If they are allowed to stand, then a foreign-owned Delaware LLC (or other disregarded corporation) will be required to file information returns directly with the IRS (with the standard $10,000 penalty for failure to file).
I think there will be a fair amount of political pressure on Congress to follow through on the Republican platform promise to repeal FATCA. Who knows whether repeal will actually pass, but the likelihood is much greater now than it has ever been. And, if FATCA is repealed, CRS may be easier to push through if the IRS is collecting more of the required data under these new regulations.
As I said above, given the way CRS is implemented, it may do just as good a job at enforcing CBT as FATCA.
@ Iota
“I hate to mention it was following Reagan’s tax blitz that CBT first appeared in US passports.”
Does anyone know when it was first noted in a US passport?
Reagan was 81-89.
I just went through all our old expired passports. I have one that was valid 82-87, and nothing about CBT
The first I see is in 1997. (Clinton was 93-2001)
Methinks the US will come to regret the CRS monster that FATCA has spawned. The US had resisted CRS and the banks had been fighting implementing the costs of global tax compliance software until FATCA and its 30% withhold was hoisted upon them. Now the US may well be forced into CRS if FATCA is overturned.
@heidi – it’s in my 1985 renewal.
No, my mistake – that’s the ’95 I was looking at.
So you’re right, it must have been inserted during the Clinton administration.
@iota and Karen: what do you mean, CBT appeared in passports?
@ Iota.
Hubby’s 87 renewal does not have it
Child 1. 91 does not have it.
Child 2. 92 does not have it.
These were all issued in the US.
Perhaps yours was issued ‘abroad’, could this be the reason?
@ Fred
I think they mean the warning (only recently written in the back of US passports) that US persons abroad have to file tax returns in the US.
@heidi – it was my mistake. The first passport I’ve got which has the IRS statement was issued in London in 1995. So, about 20 years ago. But who reads the information pages? I should have, but never did. 🙁
@iota
“who reads the information pages?”
The IRS would agree – I don’t know of anyone being refused Streamlined based in the fact they’ve renewed their passport since ’95.
@Bubblebustin – yes I don’t think it makes any difference to one’s situation vis à vis that IRS. But if I had noticed that page in 1995, I could have renounced without all this stress.
“It was having a chilling effect not only on us being able to do business abroad but certainly from expats [who] are running into regulations. I don’t believe they were the intent of the law originally,” ~ Mark Meadows
Oh, the cretins who enacted the law knew exactly who would fall into the trap and they were salivating over the penalties to be issued against those soft targets. Easy money. Completely abhorrent tactics. And there was hardly any Democrat or Republican congressmen who voted against the HIRE ACT. This kind of excuse makes me want to vomit.
Certainly Meadows has to be commended for speaking up about the unfairness of FATCA but until he starts speaking about the abolition of Citizenship Based Taxation, it’s too little, too late.
@Jane,
You’re mad. Trump wanted the presidency. He was working like a mad at the end while Clinton took it easy since sh ‘had it in the bag’. Think how much he wanted to stick it to Obama after he had to sit though all that ridicule.
Clearly you’re an Obama voter and you gave us this FATCA mess.
I voted for Obama, and would do so again.
I would never vote for a person like Trump for anything
@Neil, I hate to wade into politics on other than the core issue of IBS….. That said, you are 110% Correct.
Name and Shame List-Pres Clinton
FATCA-Pres Obama
FATCA IGA-Pres Obama.
My family has been immensely harmed by ONE US POLITICAL PARTY.
I have seen far too many older folks in my neck of the country who are ready and I do not mean this in jest or figuratively but are ready to take a hot bath and slit their wrists because of this financial warfare. That lies at the feet of Obama and his party!
Here is one more—–
We were in the USA not that long ago…kids got sick and medical bills were $500 plus so I put in a travel insurance claim.
The claim was DENIED because……the kids are US Citizens who naturally entered the US on a US Passport. The claim was denied because the travel insurer has the right to deny claims because they are not an Affordable Care Act compliant insurer and we should have sought out appropriate health insurance for US Citizens!!
When we left the USA our family plan that I paid for myself as a non-group policy with Blue Cross the premium was less than $500. Today, the “same” plan is over $3,000 per month.
One more thing as I am on a roll….Hillary was surrounded by the neocons who would have taken the USA into another bloody war. There is a reason why uniformed personnel overwhelmingly supported Trump!!
I am so sick of Americans and Europeans who are so damn eager to go rah rah rah over going to war to spread democracy when they are the ones who are shopping and the One Percent are doing the bleeding.
It amazes me that the activists that help end Vietnam now are the same ones who want war war war.
As I end this rant, and I am sure you will agree…… IF Trump and the GOP bachtrack on the manifesto I and I am sure you, will scorn them at the top of your lungs. But right now they are the ONLY game in town. Thank heaven for wikileaks where we got to see Podesta on FATCA with the let them eat cake position of Clinton.
The court case in Canada excuse me does not mean shit in the end because Trudeau is going to find a work around. Want someone to condemn, I wish these Canadians would clean up their politicians before worrying about Trump.
I have a simple philosophy in life and I look at others if they have hurt me or my family. I can state with CERTAINTY that Donald J. Trump has not harmed me or my family in ANY manner. Unless and until he does, I can inflict no scorn on him.
No Democratic voter knew that Obama would give us this FATCA mess. I was a Democrat all my life but would NEVER vote for Obama or Clinton now, they knew very well what the problems were with their citizens abroad and refused to even acknowledge their mistake. I can still recall Mrs C’s obfuscation when asked about CBT. Bernie seemed sincere but the Democrats never met a tax they didn’t like, fair or not. Trump may yet surprise us, just like Reagan did, but this is all academic, the US will have to live with their choice. I am thankful that I do not .
@ George
Agree 100%
@George
Agree 100%
“I wish these Canadians would clean up their politicians before worrying about Trump.”
What would you suggest – the Kennedy solution? As a Canadian, I’d like YOU to tell me what solution you propose to “clean up their politicians”.
“I have a simple philosophy in life and I look at others if they have hurt me or my family.”
That is the same philosophy I hold in life. I hold Obama in complete and utter enmity because of the harm that he has inflicted upon my family. As a foreign spouse of a US expat, I am furious that the US seeks to claim our Canadian-born children as US citizens just so that they can leech off their income. We don’t have the money to “renounce” so we hide. That has resulted in increased emotional stress, wondering if our everyday actions can come back to bite us.
Just so you are aware, George, I VOTED in this election (Canadian) and the party that I voted for, did not get in. Just so you are also aware…my vote went to a party that I believed in, and that vote also went to remove the CPC out of office.
You, as anyone, should be aware that political parties are corrupt, no matter who gets into office. If you want whole sale clean up of political parties, you’ll find nothing but corpses hanging from trees. And even then they are a self-sustaining bunch. The next bunch of politicians who get in regardless of the cleansing will be just as much of self-serving, lying scumbags as the last. And anyone who thinks otherwise is just FUCKING STUPID!