Media and Blog Articles – Part 1 of 11 (to 26 May 2015)

3,971 thoughts on “Media and Blog Articles – Part 1 of 11 (to 26 May 2015)”

1. Does anyone know if the below passage is actually true, or is the NYT making stuff up again like they did about China tax?
   http://www.nytimes.com/2015/03/03/business/dealbook/a-century-old-tax-break-for-the-rich-and-mobile-in-britain.html?_r=1

   The origin of the status is rooted in the vestiges of Britain’s empire. In 1914, the chancellor of the Exchequer, David Lloyd George, introduced a budget that would tax wealth anywhere in the world — similar to the system in America today. But an exemption was passed for those in the far-flung reaches of the empire whose wealth might be subject to local taxes. Citizens of Britain, they were “domiciled” elsewhere. Now, they are here, with future plans to settle elsewhere.

2. http://hansard.millbanksystems.com/acts/finance-act-1914

   On the index you’ll find, to the far right, DATE.

   Scroll down to 1916-06-28, and you’ll find “NEW CLAUSE.—(Amendment of Section 5 of Finance Act, 1914.)”.

   The context of the discussion in The House indicates that yes, it appears to have been proposed, or it may have already been in place in the Finance Act of a prior Chancellor (it’s unclear from the text), that a taxation of assets held abroad would be subject to UK tax, regardless of place of residence.

   Notwithstanding whatever occurred in 1914, taxation of worldwide assets in the UK today only applies to those resident in the UK (Arising basis); or on assets earned in the UK and/or remitted to the UK from abroad if Non-Domiciled (Remittance basis).

3. @Eric,

   You are scaring me. The UK could change the rules and come after me for taxes. I don’t even have my US citizenship yet.

4. @Eric

   It’s the Finance (No. 2) Act, 1915, Section 31

   31. Provisions with respect to the charge of income tax on
   non-residents.

   http://www.legislation.gov.uk/ukpga/1915/89/pdfs/ukpga_19150089_en.pdf

   Although, it’s hardly comparable (or even similar) to US CBT of today.

5. @Neill
   I can’t see the British government taxing you on your U.S. income. The people in the article are getting a pretty crazy tax break. Take Richard Caring (please): he has lived in the U.K. for decade and yet he claims not to be domiciled in the U.K. (hope he has been doing his IRS filings religiously, because his father was a GI and he is claiming a U.S. tax domicile).

   Nobody is talking about citizenship-based taxation here. There are way too many obvious and more pressing things that need sorting. HMRC is reluctant to act against tax evaders: it only prosecuted one person who had a Swiss bank account at UBS. The only group of emigrants I could see them acting against is newly minted doctors going off to Australia partly to default on their student loans.

6. Senator Rand Paul introduces a bill to repeal some of the bad stuff in FATCA:

   http://sputniknews.com/us/20150305/1019074202.html
   The article is not open to comments but I wanted to mention it as it belongs in the bibliography.

   This story is confirmed on Senator Paul’s website:
   http://www.paul.senate.gov/?p=press_release&id=1305

   Am I the first with this scoop?

7. @Tom Alciere

   The bill was orignally done in I think 2013… it was sent to committee & its listed as died… he is re-introducing the bill… not sure this will get any further. On the last introduction…. only 1 person sponsored the bill… seems to me people all are gung ho to stop this mess… but nothing is being done… it just keeps going… Only thing I see is our canadian lawsuit… why is no one trying to get an injunction to stop this mess?? Once they receive the info…. if they are stopped… everyone will still have the info… umm… I burned it all… psst… give me your copy please…

8. Also, from JC: http://isaacbrocksociety.ca/media-and-blog-articles-open-for-comments/comment-page-125/#comment-5680593

   Thanks to you, Tom Alciere, and JC — I have put this in a new post: http://isaacbrocksociety.ca/2015/03/04/fatca-violates-americans-privacy-rights-impacts-us-economy-senator-rand-paul/

9. http://www.withersworldwide.com/news-publications/fifty-shades-of-fatca?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original

   …

   In our last newsletter Richard Cassell and Jaime McLemore saw so called ‘US FATCA’ as a scapegoat for all complexities of increased regulatory compliance. Americans are obligated to pay tax on a worldwide basis regardless of where they are living. In addition they are undoubtedly negatively impacted by a myriad of other issues e.g. PFIC rules and EU directives. The pain inflicted by the fifty shades of FATCA will be more far reaching than could ever have been envisaged at the outset of a regime which, for Americans has transpired to be a simple form filling exercise.

10. Benefit or burden? You decide!

    http://m.bbc.com/news/world-us-canada-31742996

11. America is a Big FATCA Liar

    http://www.valuewalk.com/2015/03/fatca-facts/

12. If you enter FATCA into Google and then click on the news tab that valuewalk article is #1. I have a comment in moderation.

    This is in the article:

    Given the pain and anguish FATCA is causing around the world, I predict that in the near future some nations will refuse to honor their FATCA IGAs on the grounds of lack of U.S. reciprocity. Some of those nations may be too big to kick out of the global financial system.

13. People coming to the US to have babies. Forgive them Rand Paul. They know not what they do.

    http://abc7chicago.com/travel/us-cracks-down-on-maternity-tourism-from-china/543727/

14. http://www.forbes.com/sites/robertwood/2015/03/05/despite-fatca-u-s-companies-stash-2-1-trillion-abroad-untaxed/

    Real people and families outside the US are FATCAnized, but USpaper people profit and amass more swag.

15. Sounds like international representation on the Tax Advocate Office – a person in Switzerland.

    Americans Abroad ‏@ACAVoice 4m4 minutes ago
    Shelby Lyon is the first #Tax Advocacy Panel member to represent #AmericansAbroad http://bit.ly/NewTAPMembers #taxation #AmericanExpats #expats

16. Shelby is the CTO for ACA.

    https://ch.linkedin.com/in/shelbyhill

17. The IRS isn’t going to take your house in Canada. Mmm. History says they have taken a lot of your other stuff.
    http://business.financialpost.com/2015/03/06/dont-panic-american-citizens-in-canada-the-irs-is-not-coming-to-seize-your-house/

18. @Neill

    They may not take your house now… but they could put a lien on it so if try to sell… u got to pay them first… Yep… since they have all our accounts numbers.. where the bank is.. etc… they can just help themselves… cause I am sure the foreign govts will bend over backwards to help them… hmm… u look like a criminal… take it all… if its legally yours… u can hire an attorney to get it back… Social Security over paid or paid out to people who died… they are just taking the money out of their childrens’ money… not recently passed… over 10 yrs gone… google that one… surprised me… I thought once someone was gone… it was over… seems like it isn’t…

19. Hahaha, Neill, SKL is my legal firm. Boy they’re going to get an earful from me. I started in the comments.

20. Thanks for the link, Neill. Two more Brocker comments there now. MORE NEEDED: http://business.financialpost.com/2015/03/06/dont-panic-american-citizens-in-canada-the-irs-is-not-coming-to-seize-your-house/

    http://openparliament.ca/committees/finance/41-2/34/max-reed-2/only/ – Max Reed, also of Canadian IGA hearings before Parliament fame when he was practicing U.S. tax law at White&Case LLP, an international law firm based in New York City.

    Max Reed can also be heard in the compilation here: https://www.youtube.com/watch?v=slqAkW_eeUA. We all need a refresher from time to time == listening to this reminds us again what our fight is!

    Donate, donate: http://www.adcs-adsc.ca/

    I hope more people comment. Just think, he has more good advice coming up in the Financial Post / Max Reed *series* of articles.

    One million American citizens in Canada face double tax troubles. Max Reed explores these challenges in a spring series.
    

    The Financial Post falls down AGAIN on due diligence for accuracy of the facts on very important information that its readers absolutely need …

21. Trying to submit OR comment to the Financial Post (and in moderation still)…

    calgary411 • 3 minutes ago Hold on, this is waiting to be approved by Financial Post.

    Regarding your March 6, 2015 article, “Don’t panic, American citizens in Canada: The IRS is not coming to seize your house”…

    Printing and probably reprinting in other publications this inaccurate piece of information that is so needed to be reported correctly to *US-defined US Persons in Canada* is nothing but irresponsible.

    Again, you have not checked the statements presented by the author. Globe and Mail, Rob Carrick, seemed to get it correct on this very subject: January 12, 2015: “If Americans living in Canada sell a house for a gain of more than $250,000 (U.S.) per taxpayer, they must pay capital gains tax on it.”

    Please read all of the comments presented on this piece by your US tax compliance lawyer, Max Reed, who is among those who have moved to Canada to reap the rewards of the Conservative omnibus Bill C-31 implementation of US FATCA that makes Canada’s *foreign financial institutions* arms of the U.S. IRS.

    There are one million or more *US-defined US Citizens in Canada*. Add to that number of CANADIANS those who are related — spouses, children, business partners, etc. — this affects a whopping lot of people who need correct and responsible information.

    Please retract or correct the errors noted by commenters to Mr. Reed’s piece. And, consider perhaps someone else giving the Financial Post’s *spring series* on this subject.

    Very irresponsible and shameful that something like this AGAIN passes as journalism at the Financial Post.

    Thank you for your time.
    (Name and phone number given)
    What does “SLIDE TO COMPLETE” mean and what is one supposed to slide?

22. @All,

    Thanks for joining in. Comments are great!

23. @calgary411 Nice one on the US is not going after your house article. I posted one at the same time asking for the Financial Post to publish corrections/qualifications. I also asked the question if the numerous false statements could be grounds to relieve the author of their practicing qualifications. Lets see if they post all that.

24. @Calgary411 I pretty much slammed Max in my comment (as well deserved for inaccurate statements) yet he did have some interesting things to say in Parliament: the U.S. government may or may not, because we just don’t know, treat the tax-free savings account as something akin to a Cayman Islands trust. Yet while he asked for an nondiscrimination clause in the IGA, he did not go as far as to ask for protection from US tax for Canadian tax deferred accounts.

25. I wonder how the Financial Post will react to Mr. Reed having been officially Brocked? All journalists should be fearful of the Brock gnat swatters. Maybe one day they will realize they need to get their stories right or the wrath of Sir Issac will be unleashed upon them.

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