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.
Interesting article for those following the AIIB on how we got where we are, and whether China poses an immediate threat to the United States as “underwriter of the global economic system”.
“Empires rests on big wheels, and it takes a strong force applied over an extended period of time before an entire revolution can take place. The agreements struck during World War II marked the culmination of a long process in which the United States rose and Britain weakened. China has indeed undergone a remarkable transformation over the past three decades, but it is not yet in a position to effectively challenge the pillars upon which the United States’ global hegemony rests.”
http://www.talkmarkets.com/content/us-markets/chinas-new-investment-bank-a-premature-prophecy?post=63457
My latest thought. Americans are so proud of their Freedom. One way we may frame the injustices is in the context of Freedom :: Cage of Freedom
Steven TRACY favorited your Tweet
2h: @TPPatriots America has created a “‘Cage of Freedom” Don’t try to leave else punished harshly #FATCA https://ca.news.yahoo.com/americans-in-canada-racing-to-give-up-their-passports-132339567.html … @SenateFinance
Stephen Kish also likes “Life Control”
Interesting read…
http://www.emergingfrontiers.com/article/20329-why-uncle-sam-doesn-t-want-to-join-china-s-new-club
@Dreamer
Thanks for pointing out that (irritating) comment.
The whole article is a hodgepodge and not very accurate in some ways. The author certainly added his own touches to the WSJ article which wasn’t helpful.
Though I doubt it will make any difference, I did choose to respond. I only scanned over the 200+ comments but a lot of them looked a great deal more supportive than comments from other yahoo news articles.
From your posted article, USFP:
…”From the introduction of FATCA – the most onerous and arrogant tax enforcement system ever devised – to the weaponization of the dollar as a tool against its adversaries, the US government is practically encouraging other nations to develop those alternatives. Recent attempts by the UK government to deny Russia access to the (supposedly non-partisan) global SWIFT network will only accelerate this trend.
For the moment, DC policymakers are content to maintain the status quo of unabated money printing and “take it or leave it” burdens like FATCA. It’s important to remember, though, that the rest of the world does not channel their frustration like Americans do — the Chinese will not scream incoherently and vent their rage via Twitter hate-rants. They will do what they are already doing exceedingly well, which is to play the long game. Beijing will continue to smile and work within the confines of the American-led financial system, while introducing gradual but unmistakable initiatives that continue to chip away at dollar market share.”…
Bloomberg editorial “End the American Expat Tax”:
http://www.bloombergview.com/articles/2015-04-24/end-the-american-expat-tax
No to FATCA, Rand Paul moves up in poll from #6 to #3 at 10%.
http://www.foxnews.com/politics/2015/04/24/fox-news-poll-rubio-jumps-to-head-2016-gop-pack-clinton-honesty-questioned/
End the American Expat Tax
http://www.bloombergview.com/articles/2015-04-24/end-the-american-expat-tax
Bloomberg editorial “End the American Expat Tax”:
http://www.bloombergview.com/articles/2015-04-24/end-the-american-expat-tax
That one is on Disqus. Comments open!
Re: Bloomberg. If you are not commenting, then please just upvote my comment.
There will probably be a backlash, but it is so nice to read articles which support what we have been saying for years now.
Kind of a curious illustration to go along with the Bloomberg article–a Chinese junk? Maybe they meant it to represent a pirate ship.
Nevertheless, the Bloomberg article is nice in that it is an editorial by “the Editors”, not just that of an individual contributor, which makes it Bloomberg News Service’s official position on the issue, or at least that of one of its imprints. Another little drop of rain to nourish the seedling of anti-CBT sentiment in the somewhat mainstream media.
Next hurdle: get the Washington Post to write the same!
Another article about freeing US persons overseas with focus on the economic benefits of this.
The Prosperity Corps: Millions of Americans Selling Products and Services Abroad | Commentary
http://blogs.rollcall.com/beltway-insiders/the-prosperity-corps-millions-of-americans-selling-products-and-services-abroad-commentary/
Comments open on Disqus. If not commenting, uptick the ones you like. I suggest upticking mine, as I have a big plug for IBS and ADCS.
@JC
Some good responses on the yahoo article… but some… umm… seems to be a few fries short of a happy meal…. At least they didn’t all say… don’t let the door hit u in the butt on the way out…. free-loaders… etc… Also… in talking to someone… I didn’t realize seniors get screwed worse… they don’t work.. so there is no real income other then their pension, investments, & bank accounts…
Canadians, Liberland & then some!
https://en.wikipedia.org/wiki/Liberland#Economy
@ US_Foreign_Person That foreign income exclusion for earned income really confuses people. Homelanders seem to think that money is not taxed anywhere, not even your home country and that it applies to all income, not just earned income. Also the peculiar way the US allows foreign tax deductions to be applied against foreign income is hard to explain, one can pay higher total taxes in their home country and still owe US taxes. The US only allows the foreign tax deduction for same type of income, if the US taxes something your country does not, you pay taxes to them, there is no foreign tax credit that can be applied
Those of us who did not know we were considered US citizens/persons and/or were unaware of our US tax filing responsiblites are doubly hit by US taxation and its penalties. We are caught having our names on joint accounts and homes (with a non-US spouse) that we may not have contributed even a dime to, holding mutual funds (PFICs) and investments in other government tax deferred savings accounts, all of which are taxed/punished by the US. US citizens knowing their tax status will avoid doing these things, we can’t change the past.
@heartsick
We can’t change the past, but we can sure pay for it, like Boris and I have on the sale of our principal residences. GOTCHA!
What twisted logic goes on in the mind of the homelander when believing that there are no tax liabilities for non-residents, they still find the justification for taxing us? Do they just want us to go through the exercise to prove that we would pay if we had to?
@heartsick
Thank u for the additional explanation… none of us knew we would be in this terrible situation… we all lived, invested, & saved… now we find out… we did it all wrong… should have put everything in hard assets & put the rest under our mattress…
@Bubbles, some on this board are not believers, some are, some will become. As a Christian, I believe that the Old and New Testament provide all that is needed to know.
Homelanders and their Government have broken The Law. Because The Law has been broken as part of God’s plan, they will not prevail. CBT is clearly coveting your neighbors property and its clearly reflected in their actions and more important their very language.
Exodus, 20:17, the Ten Commandments,
““You shall not covet your neighbor’s house; you shall not covet your neighbor’s wife, or his male servant, or his female servant, or his ox, or his donkey, or anything that is your neighbor’s.”
@Heartsick and @US-Foreign Person and @Bubblebustin, many already know here that I got all caught up in a tax mess because I wound up owing over $10,000 in taxes to the US because of having local mutual funds…my accounting bills came to approximately $20,000 to clean all this up!!!
I got innocently caught up in all this because I was already in the system because had been a DIY filer and had assumed that ALL my income was protected by the FEIE and the tax treaties…hadn’t been aware of FBAR or all the PFIC issues until I had already been inventimg for 16 years….
I felt like a deer caught in the headlights and was terrified that I’d be forced into OVDI back in 2011 which would have wiped me out.
I then learned that if I wanted to retain my dual citizenship that I was going to face heavy restrictions on my financial planning and very expensive annual accounting fees to stay compliant…realistically probably in the £2000-£3000 range even though my annual income is only around £20,000.
I concluded that I just couldn’t afford the ongoing compliance burdens so renounced even with the blessing from all my American re
@monalisa1776
Your situation is not unique… that is the sad part… u were put in the situation where u had to opt in or out to keep your US person… it was not an easy decision… but what choice did u have? None… if u wanted to live like a normal person…. Sad to say… I have a feeling it will get worse… I have spoken to others who have lost out on business offers because once people hear… US person… its basically… need not apply… we don’t want u… Banks won’t even touch them… U made the best choice u could with the choices that u had laid out in front of u… no one can fault u for that…
Things are getting entertaining over at the Bloomberg article. There seem to be a couple of trolls there who are really giving Brockers an excellent opportunity to explain the ridiculousness of CBT. 250 comments so far and active.
US_Foreign_Person, exactly. I also wanted to add that initially, I was worried that my family would be appalled with my decision but my mother especially encouraged me to do what would make pragmatic sense.
So my US relatives felt badly for me and felt that I’d been screwed, both by the CBT and my ‘compliance vulture ‘. My accountant played the role of ‘good cop’; she was kind and sympathetic but as an Enrolled Agent, she had to go by the book and conservatively calculate the taxes in such a way that I’d inevitably owe money to the IRS.
A lawyer told me in private that if I had entered into a covel agreement with him that he would have presented my case anonymously to an accountant and possibly suggested not that I should have calculated my investments in the simple usual way rather than PFIC calculations…
He would have said that it wasn’t legal for him to advise that but I should be aware that many others have made these private arrangements via attorneys and thus avoided a lot of tax by taking a calculated risk that the IRS wouldn’t bother auditing a minnow, even if they believed they could get perhaps
Sorry, I was cut off, but was trying to say that the IRS will be aware of many minnows acty’all owing significant taxes from real estate or PFICs but will concentrate on whales. However, they might assess more penalties for not filing as it would be simple and easy for them to try and raise revenue from fines.
They will probably also go after foreign banks who will, in turn, hassle and possibly freeze US Person accounts and even penalize their accounts too
@monalisa1776
I remember the issues u went through… u declared things I had no clue about… I learned from u… here is the biggest thing I learned from the mb… hire an attorney… they are no better… when I was chatting up with people… all I saw in their eyes was ker-ching… ker-ching… we have vultures all around us… no clue who to trust… at least with an attorney… u have some hope whatever u say won’t be used against u… I have gotten very poor info from these so called professionals… its this rock sitting on my chest… what to do… my decisions not only effects me… but my entire extended family since we share everything… what I refuse to do… is give it all up to the US gov’t… we all went without to save for the future… I refused to be robbed… this entire situation is legal robbery & no one is saying anything… that is why this lawsuit is very important…. they have forced us into a corner where we have to use the courts to do something to stop them…