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.
@Bubblebustin,
> Washington state
As you can tell by my stuff above about DelBene that’s where I live. Send her a note.
@Neill
Just as non-resident US citizens are forced by stupid rules to obtain citizenships of countries they wouldn’t under normal circumstances choose to obtain if the US treated its citizens reasonably and as those other nations do.
@Neill
My congressman is Bill Posey in Florida, as that’s the last state I lived in. He’s opposed to FATCA. don’t know his position on CBT, though (I’ve asked).
I know this off topic but it does relate in a privacy invasion sort of way. And so it begins …
http://traveller24.news24.com/Flights/kuwait-to-dna-test-and-tag-all-tourists-20160423
Just what every tourist wants (NOT) … their DNA in the hands of a despotic little kingdom.
http://www.globalresearch.ca/the-gulf-state-despots-ten-facts-about-saudi-arabia/32285
Canada, under the Trudeau government, continues to aid and abet the Saudi killing spree in Yemen and Kuwait is one of their partners in crime.
http://rabble.ca/blogs/bloggers/shenaz-kermalli/2016/02/saudi-arabia-isnt-only-despotic-gulf-state-canada-helping-opp
@EmBee
There is no place I would want to go if if I have to give up DNA… Watch… the US will start bitching about the privacy violation of US citizens…
@ US_Foreign_Person
They will be bitching on the outside but envious on the inside. This is exactly what the shadow ruling elite in the USA want … Kuwait is doing the beta testing.
For you tax haven US people:
http://www.theguardian.com/business/2016/apr/25/delaware-tax-loophole-1209-north-orange-trump-clinton
This is interesting. Tax people as US residents if they aren’t resident anywhere else:
http://blog.intltaxcounselors.com/u-s-taxation-of-gains-realized-by-nonresident-alien-individuals-on-sale-of-real-estate-firpta/
Thanks for that link @Neill;
loved this;
“…The process of setting up a company in the state [Delaware] can be completed in just a few hours and requires less paperwork than registering for a library card in the state. There are more than 1m companies registered in the state – more than Delaware’s population of 935,000. …”..
Contrast that with the demands an ordinary individual living outside the US faces even if they try to be/come compliant – for ex. the process of trying to complete a 3520/3520A for our children’s Canadian government sponsored registered education savings plan (RESP).
Regarding the 3520-A the IRS says:
The time needed to complete and file the form will vary depending on individual circumstances. The estimated average time is:
Recordkeeping
29 hr., 25 min.
Learning about the law or the form
53 min.
Preparing and sending the form
to the IRS
1 hr., 25 min
But I could register a secret corporation in Delaware in just a few hours.
Are you now (in Canada) or are you still a Canadian (in the US)?
http://www.zerohedge.com/news/2016-04-24/bad-news-canadians
@Neill
Because of CBT, being born in the US is also a “tax trap”, many are only just become aware of.
@calgary411,
Do we know why Canadians are being kicked out? New regulations north of the border? This would be a major problem if they closed my accounts because I am from the UK. I guess I am all set up to renounce though now.
Neill, someone here may know. That someone is not me though. May not be government-related but brokerage-related?
I did some quick searching, and can’t come up with regulations. It appears, however, that Canadians resident in Canada are not to be using US brokerage accounts. Canadian law going back a long time. Brokerage must be registered in Canada. Protectionist law for the industry in Canada? Consumer protection capabilities?
Long pre-dates FATCA, regardless.
Maybe Tyler Durden’s being ironic. Someone should ask him.
First they’ll milk you dry and then it’s still not enough.
Increased cost of living likely if Caribbean banks lose relations with US, Europe
http://demerarawaves.com/2016/04/25/increased-cost-of-living-likely-if-caribbean-banks-lose-relations-with-us-europe/
Both Congressman Brady and Senator Hatch lay out their principles for tax reform:
Brady:
1.Make tax code “simpler, fairer, and flatter.”
2.Close loopholes and “special interest provisions” to lower rates for all.
3.Make system competitive.
4.Encourage business activity in US & move from worldwide to territorial system.
5.Pro-growth tax reform.
6.Reform to improve tax system, not to address spending problem.
Senator Hatch (wants broader base, lower rates and territorial system):
1.Economic growth.
2.Fairness.
3.Simplicity.
4.Permanence.
5.Competitiveness.
6.Promote savings and investment.
7.Revenue neutrality.
https://www.taxconnections.com/taxblog/tax-reform-in-2016/
Both support a territorial system (at least for businesses), promote “fairness”, but don’t their #6’s conflict with each other?
A territorial system for business is a step forward as the tax code considers US businesses “US Persons.” So maybe some wording to help businesses will be for US persons that might actually help the real US persons.
Paper on FATCA:
http://econpapers.repec.org/paper/cesceswps/_5f5863.htm
Paper predicts more tax evasion be foreigners because their tax compliant investing costs rise.
@Neill
That paper is a whole lot of words and formulas to say just what you did. I guess we could use it as possible mathematical proof what we know already – that FATCA is a stupid law that only benefits the US!
“The basic mechanism is that the additional FATCA requirements that FFIs must undertake on behalf of US tax enforcement increase their costs. In essence, they must comply simultaneously with the information reporting requirements of their home government and those of the US. Assuming a competitive financial sector, this correspondingly raises the fees charged by FFIs to accountholders. Consequently, tax- compliant behavior – such as investing via the domestic financial sector – becomes more costly for F residents. In contrast, USFIs face only one set of information reporting requirements – that of the US – and so their costs are unchanged by the unilateral FATCA system. For F residents, the cost of evading via USFIs is unchanged, while the cost of tax-compliant behavior increases. This leads to a larger fraction of F residents engaging in cross-border evasion in equilibrium. The model is more complex when a haven jurisdiction is added, but the central intuition remains basically operative here as well.”
Now what happens when that “haven” also happens to be the USA?
UPDATE: This is now a feature story.
Registration required to read the rest of the article.
Here’s a Forbes story from October 2015 about the same lawsuit:
Rand Paul Suffers Setback In Foreign Reporting Lawsuit
OECD suggests taxes are bad when it isn’t arguing about how it should be able to tax:
http://www.cnbc.com/2016/04/27/brexit-would-be-like-tax-on-uk-economy-says-oecd.html
It’s not just FATCA, it’s the entirety of the complexity of US tax laws which is the gift that keeps on giving taxpayers’ hard-earned dollars to the US tax preparation industry, both inside and outside the US borders.
https://taxrevolution.us/how-irs-complexity-gifts-21-billion-to-cpas/
The clout we certainly don’t have – LOBBYING. There will be many, many examples in the FATCA / IGA story, such as http://business.financialpost.com/news/fp-street/canada-signs-agreement-to-dull-impact-of-u-s-crackdown-on-tax-cheats. Follow the path to where the money is made.