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The Isaac Brock Society

Media and Blog Articles Open for Comments – Part 4 of 11 (Year 2017)

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-4-of-4)

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 there that aren’t on this list yet.

2017.12.28
It’s time to address the double standard about tax havens, Angela Wrights, Macleans, Canada.
The US Is Becoming the World’s New Tax Haven, The Editors, Bloomberg View, US.
2017.12.21
Rep. Dina Titus Supports Americans Abroad Tax Reform, Democrats Abroad, US. 
Now That The GOP Tax Bill Is Approved, The IRS Gets Busy, Brian Naylor, NPR, US.
2017.12.20
Taxpayers will have to wait to find out how they fare under new legislation , Renae Merle and Aaron Gregg, Denver Post (reprint from Washington Post), US.
U.S. Shareholders –Take Action by December 31, KPMG.
2017.12.18
Have You Ever Felt Sorry for the I.R.S? Now Might Be the Time, Patricia Cohen, New York Times, US.
2017.12.12
EU finance ministers issue warning to Trump over tax reforms, RTÉ, Ireland.
2017.12.11
Banque: les consequences étonnantes de l’accord FATCA, Edouard Lederer, Les Echos, France.
2017.12.10
As Australia ousts MPs with dual citizenship, Canada’s Parliament embraces many in its ranks, Kathleen Harris, Canada. (mentions MP who “assumed his U.S. citizenship was automatically rescinded because he did not meet several requirements for continued citizenship. [But when travelling to Washington] was told he was ineligible to enter the U.S. on a Canadian passport because he was a U.S. citizen. He was . . . allowed in on a one-time basis . . . it cost him $3,000 to later sort out the administrative requirements.”)
2017.12.09
The American Diaspora: Outreach and Organization, Victoria Ferauge, The Franco-American Flophouse, Japan.
2017.12.08
Foreign-owned banks to be hit by US tax rules, Financial Times, UK.
Trump Tax Plan Worries Europe, Christian Reiermann, Der Spiegel, Germany.

For articles earlier in 2017, click here.

1,720 thoughts on “Media and Blog Articles Open for Comments – Part 4 of 11 (Year 2017)”

  1. http://www.americanthinker.com/articles/2017/05/the_tax_reform_no_one_talks_about.html

    “Specifically, the IRS requires a complete U.S. federal tax filing, along with a copy of the tax return filed in the country of residence so the two can be compared. If it is found that the filer would have paid more in tax under the American system, the taxpayer is expected to send the difference to the U.S. Treasury – again, even if that person has never been to the United States.”

    Okay that’s news to me. It doesn’t compute though because a foreign tax return could well be in a foreign language and certainly in a foreign currency and I don’t think the IRS does translations or currency exchange calculations. Other than that one paragraph Theo Caldwell’s piece is pretty much spot on and it’s always nice to read something from an actual dual citizen, actually living beyond the borders of the USA. He is Canadian/American and lives in Toronto.

  2. @EmBee – I’ve never attached my foreign return to a US return. AFAIK it is not required. But otherwise it’s a pretty good article – clearly explaining the problem and need for reform.

  3. Including foreign tax returns does not help to determine how much US tax is due because some tax exemptions aren’t not always reportable on the “foreign” tax return, such as the case in Canada on the sale of your principal residence up until last year.

  4. The US considers US persons to be their taxpayers first and foremost regardless of where they live. They allow exemptions, but it’s up to the US person to claim them – subject to IRS audit of course.

  6. I know that @ DoD. I just wanted to make sure anyone reading the article, which is overall very good, didn’t panic about yet something else they didn’t do right. Strangely enough my husband used to include a copy of our Canadian Notices of Assessment which in hindsight was not smart since our Canadian SI numbers were on those summaries. He just wanted to show that everything was reported. We did a lot that was not smart but nothing that was intended to be evasive of taxes.

  8. @ Patricia Moon
    Good advice. Trouble is we did not have an accountant or lawyer. Indeed we didn’t even know creatures calling themselves US tax experts even existed in Canada. We thought everyone was pretty much on their own to figure things out … without, at that time, the benefit of the internet to search for answers. We did go to what was billed as a US tax seminar (mid 90s) at the US consulate. (That was before it became an ordeal to enter that building.) He was supposed to go line by line through the 1040 answering our questions but he never got past the first few lines because people were sent into a state of panic when he told them they would have to file 13 years of US taxes to get caught up if they had never filed before. Yes, that’s what the guy said — 13 years! I guess that was our one and only experience with a so-called US tax expert. So, we just bumbled along on our own, trying to apply logic to a system which is not based in logic.

  9. ACA and Grover Norquist on the same page. This is progress of sorts.

    The ACA’s open letter to the President, Treasury Secretary, Speaker of the House, and Chairmen of the House Ways & Means Committee and Senate Finance Committee, calling for RBT now. Co-signed by ACA, ACA Global Foundation, Asia Pacific Council of American Chambers of Commerce, Swiss-American Chamber of Commerce, AmCham Abu Dhabi, Americans for Tax Reform, and US Wheat Associates.

    https://www.americansabroad.org/news/open-letter-on-tax-reform-to-administration-and-congress/

  10. Barbara: That is, indeed, a step forward for ACA. For once they didn’t state, in print, that they urge the committee to read ACA’s own concept of the implementation of a switch to RBT. As we know, THAT concept is just as bad as sticking with the current mess. I’m very glad to see ACA add this clear and concise call for RBT to the chorus.

  11. @MNM

    That is in fact a turnabout from endorsing CBT through their FATCA SCE proposal!

  12. It’s too bad they stated they are endorsing RBT vs just saying they support a switch from CBT – Republicans Overseas may have supported it. Wouldn’t it be something is US lawmakers were brought to fight over which to choose, RBT or TBT?

  13. Wasn’t there supposed to be some kind of decision from the court on the 19th of May? Did I miss it somewhere?

  14. @ Polly
    Yes you’re right (I’d forgotten). If there has been an update I’m not sure where it is. The government team has received more than enough information from our plaintiffs so I hope this stalling tactic (one of many) was denied.
    <blockquoteOn May 19, 2017 there will be a teleconference with Government, Case Management Judge, and our side to deal with the Government Motion to compel further documents from the three plaintiffs (we oppose the motion).
    http://isaacbrocksociety.ca/2017/05/13/may-13-2017-canadian-federal-court-fatca-iga-lawsuit-update-motion-for-summary-trial-now-submitted/

  15. Polly,

    There was a teleconference held on May 19 and I hope to have a post on the motion to compel more documents from the plaintiffs this week.

  16. Court records show the following:
    “Vancouver 19-MAY-2017 BEFORE Roger Lafrenière, Esq., Prothonotary Language: E Before the Court: Motion Doc. No. 87 on behalf of Defendant for production of documents and better particulars Result of Hearing: Matter partially granted held by way of Conference Call Duration per day: 19-MAY-2017 from 09:30 to 10:49 Courtroom : Judge’s Chambers 8th Floor-Vancouver Court Registrar: Julia Orchard Total Duration: 1h19m Appearances: Mr. Arden Beddoes (FARRIS VAUGHAN WILLS & MURPHY LLP) (604) 684-9151 representing Plaintiff Mr. Lorne Lachance/Mr. Oliver Pullyblank (DEPT OF JUSTICE VANCOUVER) (604) 666-2061 representing Defendant Draft Decision to be submitted by Defendant Comments: DARS back-up recorder used Minutes of Hearing entered in Vol. 975 page(s) 136 – 143 Abstract of Hearing placed on file.”

    It appears that the government was at least partially successful on its application. However, it also appears that their application contained two parts – a request for more “particulars” of the plaintiffs’ claims, and a request for disclosure of more documents from the plaintiffs. Without requesting copies of court documents (which anyone can do) it is not possible to determine which which parts of the application were granted.

  18. @Polly, the government is perhaps counting on the delays working in their favour – or else they wouldn’t be doing this. It works for them in several ways – for one as a way of trying to wear down their fellow Canadians – the ordinary (but in fact EXTRAordinary) Canadians they were sworn to serve – like our brave and steadfast plaintiffs.

    This also works for the government by delaying and so continuing to give the US what it wants for the longest possible time. Because any information sent under the IGA – even Canadian personal and financial data sent in error against the terms of the IGA is information their extraterritorial foreign masters – the US, didn’t have before.

    The delays eat away at our hard-earned Canadian taxpayer revenues and via the banks, raise our accountholder fees – eating away at our own Canadian post-tax dollars in order to bolster and defend and enable the FATCAnatic faith and ideology towards filling the coffers of a foreign country with Canadian made and sited assets.

    Both tactics by this Glib government (and the CON one before it who put this in place) shamefullyt waste OUR legal local Canadian earned, taxed and held taxpayer revenue in defense of their abuse our constitution and our Charter rights.

    We continue to pay so that our own government can aid a foreign power against us. Isn’t that treason?

    We’ve now been here since 2011. That is probably much much longer than the CONs and now the Glibs ever thought. We’ve amassed records and the many witnesses who’ve been reading and participating here and at Maple Sandbox and other sites, and I don’t think they can outlast the memory and experiences of all of us. Now there are also others – ex. in the EU, and in Australia.

    This isn’t going away as the government may have hoped it would.

  20. Keep it up people.
    As a non-Canadian I hope you can get your rights upheld — it will be an example for other countries.
    You are a shining star that the world (of FATCA victims) is watching.
    Israel, France, the EU and others will surely take note when you succeed! It will also give ammunition to those brave souls in the US who maintain that the IGAs are illegal and that FATCA is a farce.

  21. I found this on this Wednesday’s #fatca Twitter campaign:
    http://www.newsmax.com/Finance/NigelGreen/US-Trump-Un-American-Shackles/2017/05/24/id/792155/

    The American tax policy is not the global norm. And there’s a reason for this: it is fundamentally unjust to tax a people for their national identity alone.

    If Mr. Trump is serious about wanting to shake things up in Washington and truly wants to fulfil his objective of “serving the people”, moving to abolish CBT would be a landmark moment in achieving this on so many levels.

    Basically Nigel is saying that Trump should dump CBT and I absolutely agree.

  22. https://www.forbes.com/sites/greatspeculations/2017/05/18/the-5-costliest-financial-regulations-of-the-past-20-years-a-timeline/2/#5934760f13b5

    May 18, 2017 @ 04:21 PM
    ‘The Little Black Book of Billionaire Secrets
    The 5 Costliest Financial Regulations Of The Past 20 Years: A Timeline’

    FATCA made this Forbes top 5 “Costliest Financial Regulations Of The Past 20 Years: A Timeline’ ” and as we know, no cost/benefit analysis was ever done. All the IRS numbers thrown around are mere speculation as to the actual ‘benefit’.

  23. A big thank you to Nigel Green! It’s great to see him expanding his FATCA-repeal efforts to include the real crux of the matter, the abandonment of CBT. Wonderful!

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