Media and Blog Articles – Part 1 of 11 (to 26 May 2015)
You can access all years at this link:
http://isaacbrocksociety.ca/media-and-blog-articles-links-for-all-years/
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” too. [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.
2015.05.26
New Survey finds US expat voting could impact 2016 Presidential Election, Greenback Expat Tax Services, NASDAQ GlobeNewswire.
This congressional committee wants to hear all your FOIA gripes, Colby Itkowitz, Washington Post, US.
The black money recovery skills of IT department are nothing to write home about, Vivek Kaul, The Daily Reckoning.
2015.05.25
The Intersection of US Federal Tax Law with Collection of International Information- – Including Other Federal Agencies, Patrick W. Martin, TaxExpatriaation, US.
2015.05.23
America the not so brave: America has led the global assault on tax dodgers and their enablers. But the reality still lags behind the rhetoric, The Economist, UK.
Cash Banned from Chase Safe Deposit Boxes, Matt Chilliak, Live and Invest News.
2015.05.22
US Steuergesetz hat unerwartete globale Konsequenzen, Colleen Graffy, Geopolitical Information Service. Also at Consequences of US widening net to catch tax dodgers, Colleen Graffy, World Review.
The horse may have bolted … but, Angelo Venardos, Asia Asset Management.
Important Correction: Passports Required to Enter and Leave US — but SSNs May be Optional, Patrick W. Martin, Tax Expatriation, US.
2015.05.21
Americans working abroad face unexpected financial issues, Sarah O’Brien, NBC, US.
Senate tax reform groups get more time, Bernie Becker, The Hill, US.
2015.05.20
Malaysia will defer FATCA reporting, FSI Tax Posts.
America’s Self-Inflicted Wound, Moises Naim, The Atlantic, US.
Janice Mays: The Tax Guru Who Guides House Democrats, Alex Brown, National Journal, US.
Sen. Rand Paul Launches Filibuster in Protest of Patriot Act Renewal, C-SPAN, US.
@ All who do Twitter
JustMe seems to have left us behind (or is taking a loooong break) but I hope he comes across “The Diary of Aunt Fran” since he is featured there. He hasn’t tweeted since December 30th. Could one of our Brock tweeties send him one of those bitly equivalents of https://fbariswrong.wordpress.com/2015/01/26/diary-of-aunt-fran-in-hiding-from-fatca/ ? He twitters under Marvin Van Horn @FATCA_Fallout . Thanks!
Open for comments AND Comments are VERY needed on this article by Michael DeBlis at TaxConnections: http://www.taxconnections.com/taxblog/the-man-or-woman-without-a-country/#.VMkzHiwYFDQ
Wash Post: “Russia is hinting at a new Cold War over SWIFT. So what’s SWIFT?”
http://www.washingtonpost.com/blogs/monkey-cage/wp/2015/01/28/russia-is-hinting-at-a-new-cold-war-over-swift-so-whats-swift/
Swift and Russia
It really seems to me that we are already in an economic global war. I have also heard that many markets are being manipulated anyway. America has been embracing economic pressures with the rest of the world for a while now. Where will this lead? While America is catching up with economic growth, the fact that the EU cannot do business as usual with Russia is harming its economies as well. If it turns out that with all these thumb screws – in the end the only one to profit is the USA, then I would imagine that many countries might revert to watching out for their own economic interests before going under, instead of siding with America and letting it prosper while they don’t. Does anybody have any insight on this matter?
What to expect of the Conservative government…
Harper Government Spends $700,000 Fighting Veterans Class-Action Lawsuit
@Calgary411 I put this one in under taxconnections. Any better twist on this?
Why Americans are renouncing US citizenship:
To avoid 2nd class status and financial disadvantage in the countries in which they live.
To avoid 2nd class status and financial disadvantage compared to US persons living in the US.
Thanks, JC, for you and other Brockers and Blaze at Sandbox who put needed clarifications — and suggestions for a new title — at the TaxConnections blog: http://www.taxconnections.com/taxblog/the-man-or-woman-without-a-country/!
The Russians call a spade a spade.
Sputnik International, January 28, 2015, “Russian Banks Cancel US Contracts Over Demands to Reveal Taxpayers’ Data”
What will Snowden do?
http://www.swissinfo.ch/eng/banks-face-expensive-us-tax–holding-pattern-/41220984
In addition, some clients are playing hard to get with banks when asked to provide proof that they have joined a voluntary disclosure tax scheme in the US – which would give banks some mitigating evidence to soften penalties. It appears that such clients are unwilling to help the bank save costs when they are facing a severe tax bill themselves.
…“It’s a bit like someone asking the pope to prove that they are a virgin.”
@Calgary411 Is that letter from WhiteKat to her MP (in Professor Allison Christians..) IBS feature material? A separate thread anyway. I have some suggestions in the comments for the letter.
@Calgary411
I would like to be clear on the Double Taxation aspects of your story and son. I am more upset than usual today about how some say tax treaties “eliminate double taxation.” These are exact words used by the Canadian Government in response to the ADCS claim. There was a book about tax diplomacy announced on Twitter today. In the summary it said how tax treaties eliminate double taxation. Perhaps the author could be forgiven somewhat as she is from Barbados and not a USP.
Maybe tell me again. Tax deferred disability savings account. You put in money but so does the Canadian Government. Then the US wants to tax that as a PFIC? on the annual gain? So that any contribution by the Canadian government is taxed as ordinary income? Does the Canadian Government put money in every year? And as you are guardian you get to pay that US tax? And do you have this account or because of the US you have been stopped and scared away from taking advantage of the account?
Attn: Brock Swat Team:
I just peppered the leading post on the Facebook page for the House Ways and Means Committee with more articles and comments about the plight of expats. The Ways and Means post is about Corporate Tax Reform and is written by, get this, SANDY LEVIN (brother of creator of FATCA Carl Levin) and JACK REED, creator of the infamous REED AMENDMENT, which bans people who renounce US citizenship for tax purposes from ever visiting the US again.
https://www.facebook.com/waysandmeanscommitteedems
This is our chance to get our message right into the belly of the beast. These are some of the main people directly responsible for making life unbearable for Americans living abroad. Lets break out of our echo chamber and give them a constructive earful!
I am determined to wake these people up about the suffering of expats!
Anyone interested in sending them a few comments or more articles please do so.
Here is the way the US tax lawyer that I (last) hired to get me into compliance and out the door, explained was the reason for my $3,661 to the US IRS.
(Does not refer to PFIC or not for the way I was taxed in bold.)
Here is what the Government of Canada MPs say about my son’s situation: https://www.youtube.com/watch?v=ANqVaEpRi_4.
A US citizen parent who saves for his/her child’s future higher education with a Canadian Registered Education Savings Plan (RESP) will be taxed the same way. A US citizen should NOT be the Holder of either of these Canadian tax-deferred investments for their children.
No one in my local Canadian *foreign financial institution* when I became the Holder of my son’s RDSP warned me (whether or not they knew that I was a *US Person* that the RDSP was only for first-class Canadians and that second-class Canadians (or *US citizens who happen to reside in Canada) are discriminated against in having such a Canadian registered account.
Despite the claim by the Canadian Conservative government that Canadian registered accounts are exempt from reporting (http://www.fin.gc.ca/n14/14-018-eng.asp), that *exemption* is only for the banks not having to report to the Canada Revenue Agency (CRA). There are no exemptions for the US- and Canadian-defined *US citizen who happens to reside in Canada* from reporting US citizenship-based taxation US tax returns, Foreign Bank Account Reports (FINCEN114) and IRS Form 8938! It seems to me like the Conservative government implying in their statement that what would be construed as US *tax evasion* is A-OK. (Or, explain to me, how they are not so implying.)
A commenter who explains it better than I do: http://www.taxconnections.com/taxblog/are-the-psychological-benefits-of-u-s-citizenship-an-adequate-justification-for-the-worldwide-taxation-of-nonresident-u-s-citizens/#comment-12600
JC,
I see that you have put a comment at http://isaacbrocksociety.ca/2015/01/29/professor-allison-christians-posts-responses-to-questions-on-canadas-adoption-of-fatca-iga/. I hope WhiteKat responds to you there.
I am betting that if this woman had some money the IRS would be pretty sure she was a tax payer because of the GC but not an SS recipient.
http://www.tampabay.com/news/dunedin-woman-waits-wonders-why-social-security-is-denied/2215786
The ADCS Communications strategy needs some tweaking.
We have a Major call to action by ADCS to send in personal stories/videos by February 14 to be submitted to a US Senate committee.
Why is this not a key message on Isaac Brock Society?
Why isn’t it a top call out on the page referenced below itself?
Why isn’t this broadcast on the home page of ADCS?
Is this call to action clear on the Facebook Page?
It is not clear on Twitter
https://adcsovereignty.wordpress.com/2015/01/26/seize-the-day-3-senate-finance-committee-forms-working-groups-americansabroad-organize-toronto-feb-2815/
Re: call to action:
If you don’t’ want to appear on video or if you don’t want to come to Toronto, you can prepare your own video testimonial and forward it to us. If you don’t want to appear on on video, we still want your written statements.
We need your story.
some people have invested considerable time in posting “educational comments” on various blogs (especially Robert Wood’s blog). I suggest that the comments of some of the most prolific commenters should be organized and included. In many cases, the comments on the blog posts are actually better than the posts. If you are one of those commenters, we need you! We need you to organize your comments by theme. We need you to help identify who are the consistently best commenters. Those comments need to be organized and become part of the record.
http://isaacbrocksociety.ca/2015/01/26/senate-finance-committee-forms-working-groups-americansabroad-organize-toronto-feb-2815/comment-page-2/#comment-5394546
There are three of us opening articles in this Media and Blog Articles thread and sifting through comments to send back to Tricia. It is a huge undertaking that we have split up.
Tricia Moon has invited those who can help to email her at nobledreamer16 at gmail dot com.
clever move!
http://www.theguardian.com/us-news/2015/feb/01/obama-budget-tax-big-corporation-overseas-earnings
… and end to deferred taxation to corporates?
@orwell – you know what this means? Instead of inversions, companies will just leave the US altogether. This along with FATCA will speed the demise of US economy
@Orwell
The article says that this is a “mandatory tax on previously untaxed foreign earnings, regardless of whether the earnings are repatriated”. As ever, the US only speaks the language of force. Repatriate the earnings to the US and pay a “one-off” 14% tax or don’t repatriate the earnings and still pay a “one-off” 14% tax. Your choice. Just pretend that the gun pointed at your head isn’t really there. This is legalised theft.
I can imagine the rest of the world is just thrilled at the prospect of the forced repatriation of $2tn out of the local economies where it currently resides and back to the US. This is potentially a huge issue for the countries where this money resides.
I’m not sure how to think of this in the context of the Senate Finance Committee making warm noises about corporate tax reform. On the one hand, it would be just like the US to tax every dollar of corporate profits residing outside the US before switching to a territorial system. An “entrance tax” for corporations in keeping with the “exit tax” for individuals. On the other hand, this is wildly in opposition to the concept of territorial taxation for corporations.
Either way, there seems little prospect of the democrats giving up on the idea that the foreign earnings/income belonging to US individuals or corporations is anything other than “free money”.
“The Diary of Aunt Fran in Hiding from FATCA” which was at fbariswrong.wordpress.com is missing. Does anyone know what happened to it? I thought it was an excellent piece and now I wish I’d saved it in a WP document.
Obama Budget Proposes $478 Billion Public Works Program
http://www.newsmax.com/Newsfront/public-works-program-obama/2015/02/01/id/621933/
“This time, the budget will call for a one-time 14 percent mandatory tax on the up to $2 trillion in estimated U.S. corporate earnings that have accumulated overseas. That would generate about $238 billion.”
My comment:
US companies operating overseas get taxed in the countries in which they get the profits and benefit from government services in those countries. BY TAX TREATIES, then if the tax rate is higher in the other countries then there is no tax liability to the US as the liability is higher in the other countries, and there is a full tax credit against US tax liability. The tax treaties were agreed to ‘prevent double taxation.”
Therefore, the $238 billion figure is “pie in the sky.”
Embee,
this is the cached version I think:
http://webcache.googleusercontent.com/search?q=cache:vgFAX0b5LAoJ:https://fbariswrong.wordpress.com/+&cd=2&hl=en&ct=clnk&gl=ca