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.
@Barbara,
I am actually in favor of anything that causes somebodies tax bill to become negative being cut. The tax code shouldn’t be a revenue source. My deductions (those not phased out and the child tax credit certainly is for me) offset taxes owed and a pretty insignificant portion of taxes owed.
@Neill: In fact, I agree with you. I never took the child tax credit in the past, even though I think we may have qualified, partly because of the added complexity of reporting (and our mantra has always been Thoreau’s: “Simplify! Simplify!”), and also because I didn’t feel right to take something from the US government, when all along I felt they should not be taking from me.
My point, however, in highlighting this article is that it seems that US citizens abroad have become the #1 target to solve the US deficit. I mean, after all the submissions to the Senate Finance Committee about CBT and FATCA, what’s the first thing we hear? “Change the tax code to nab more money from expats.”
@Calgary411 Ok Thanks for sorting the information out. I did put your story in there on The Chicago Tribune article.
@Neil @Barbara. Re: Child tax credit. They will likely not get all the money they expect. In some ways US persons living overseas may be lazy. They use the FEIE when they just can use tax credits – as they live in higher tax jurisdictions. Most US persons with children don’t live in low tax Singapore or Dubai, they live in high tax Canada, UK, Australia etc.
Someone might put the above in there on a Facebook comment to the AARO.
Overall disappointing. Instead of loosening the noose we hear early news of a tightening of the noose.
@JC: The child tax credit issue is also an indication that CBT remains Holy Writ.
Barbara: “My point, however, in highlighting this article is that it seems that US citizens abroad have become the #1 target to solve the US deficit. I mean, after all the submissions to the Senate Finance Committee about CBT and FATCA, what’s the first thing we hear? ‘Change the tax code to nab more money from expats.”’
Indeed. And they wonder why we’ve filed a Human Rights Complaint against them!
Heads up. One one the subjects of Eric’s posts has turned up on another thread you may not be following:
http://isaacbrocksociety.ca/2013/04/17/immigration-reform-bill-would-repeal-ina-provisions-on-renunciation-of-u-s-citizenship-during-wartime/comment-page-1/#comment-6019273
I’m no fan of HSBC. It is largely their shenanigans that, if not triggered, at least provided many of the excuses for FATCA.
But what the f— business is it of America’s to threaten HSBC over its possible move to Hong Kong? It is not an American bank. HSBC was founded in China, moved to Hong Kong, then 20 years ago moved its HQ to London, and now it’s pondering returning “home”. By what rights, then, does the USA have to butt in with threats of, yes, taxes, if they make such a move?
http://www.thisismoney.co.uk/money/news/article-3055343/US-regulators-scupper-HSBC-Hong-Kong-assets-190bn.html
This, and Obama’s recent remark that “the USA alone should write the rules for the world economy” convinces me more than ever that the US government has all the characteristics of a sociopath. The entire government should be locked up, sedated, tied with a straightjacket and left to wallow in its own drooling ravings.
@Barbara
You got me researching just how indebted the US is to China.
The right amount of anti-China rhetoric is good for America – but not too much:
…”According to the U.S. Treasury Department, at the end of August 2014, more than a third of the debt was owned by foreign countries (34.4%). The largest foreign holders of U.S. debt were Mainland China (7.2%) and Japan (7.0%). What is the consequence of having such a large percentage of debt held by foreign nations? It depends. It depends on the relationship between the U.S. and the specific foreign country. It also depends on the global interest rate environment. Finally, it depends on the geo-political climate and the degree of fear around the globe. This is the case because when fear rises money flows into U.S. Treasuries which is viewed as a safe place to invest. The percentage of debt owned by countries that are less friendly to America is about 10%. This includes China, several oil exporters (Ecuador, Venezuela, Iran, Iraq, Libya, etc.), and a few others. The worst case would materialize if the largest holders decided to sell their Treasury securities at the same time. This could potentially decrease demand which would push yields higher. If yields rose, the federal government would find it more difficult to service the debt, pushing the deficit higher. If the deficit rose, the total debt burden would accelerate and, unless demand for U.S. debt were to increase, it could get ugly. Will this transpire? It’s not too likely. At least not for the foreseeable future anyway”…
@Barbara
HSBC was doing business legally in their countries but could be considered illegal in the US… But now because of their issues… HSBC is bending over backwards to help the US… When my elders opened accounts in HSBC in HK a few yrs ago… it was the most nicest experience they had… now the elders can barely get any service… can no longer do any banking other then basic… Good luck in finding a bank if u have the US taint in HK or any other countries, no one will touch u… they are US persons & don’t understand why they are being shown the door… they are not rich…
http://business.financialpost.com/personal-finance/taxes/uncle-sams-corner-max-reed-fbar#__federated=1
@BubbleBustin:
http://the-holocaust.info/40002-01.htm
@Tom Alciere Perhaps a bit more introduction
The FBAR tax plight: The maddening implications of when Uncle Sam deems you have signing authority.
This is the Max Reed series in the Financial Post. This one about FBAR. The past two were slammed by brockers for inaccuracies. I am not seeing inaccuracies here, just the omission on the injustices of it all and that FBAR represents the interference into the internal affairs of other countries.
http://business.financialpost.com/personal-finance/taxes/uncle-sams-corner-max-reed-fbar#__federated=1
@ JC
Max Reed might have pointed out that if you have more than 25 accounts you do not have to list all of them on the FBAR … unless that changed when it went to the risky, mandatory e-file. I still don’t know how people without internet access can manage an e-FBAR, particularly if they live in a non-English speaking country where no U.S. tax preparers exist.
@EmBee
25? Ok.. how stupid am I… I wanted to make my life easier… so we got rid of a bunch of small accounts then dumped them into one… should have kept the crap I had before… scattered all over… would have been better… but no… I had to try to be neat…
@ US_Foreign_Person
You still have to keep all the records in case the Lards of the Treasury ask for them. Some people actually have to build additions onto their house to do this. 😉
source: https://soundcloud.com/bloombergview/end-the-american-expat-tax
FATCA Fears For Americans Selling Homes In Canada
http://www.iexpats.com/fatca-fears-americans-selling-homes-canada/
Comments open
@EmBee: doesn’t having more accounts make one more at risk of an audit?
@ Fred
Who knows? Having a lot of accounts doesn’t imply anything sinister. Anyway they’re the ones who want you to list every account and everything that might resemble an account. They’re the ones who revel in complexity. They’re like a pack of dogs rolling in a field full of cow pies when it comes to data — just can’t get enough of the stuff.
US tax law a strain on marriages, retirement savings, pride in American citizenship for expats:
http://www.taxconnections.com/taxblog/americans-change-kingdoms-to-evade-taxation/#.VT_RWIhHarU
@Embee, @Bubblebustin, and @Fred, my FBAR filing was actually made much easier by having over 25 accounts each year in that I was able to file a simple version of FBAR that simply checked that I had over 25 accounts and a blank space where I listed the actual number.
I suppose they might think that a tax evade hiding money offshore would be more likely to have a small number of large accounts rather than loads of tiny ones….but I found it odd that my accountant felt it necessary that I count virtually everything with a potential cash balance as an FBAR -reportable accounts, including travel cards, gift cards, credit cards, PayPal, and even telephone prepaid some card account balances!!
Needless to say I was terrified because could have faced over 40 sets of $10,000 violations each year for SIX years, thus subjecting me to FBAR fines north of $2 million….however, she sensibly believed (as did I) that to be fined this much for a mere footfall would be unconstitutional.
It’s been four years and so far, and haven’t been assessed any fines though still have two more years before these still open statutes of limitations finally close for the quiet disclosure.
Woo Hoo Lynne and Victoria:
http://thehill.com/blogs/congress-blog/economy-budget/240259-americans-abroad-need-tax-justice-too
Brockers might want to comment at:
http://thehill.com/blogs/congress-blog/civil-rights/240191-failed-argument-about-a-fundamental-american-right
Wonderful! Lynne and Victoria have teamed up again. It’s a good day on The Hill. And a good day for the hunted and haunted when an article advocates for justice, rather than harps about compliance.
I read the Hill article and the comments and I get the idea of “preaching to the choir.” All the usuals are commenting plus a few more. No naysayers, yet.
Let’s not forget this objective: Grow the Isaac Brock Community. This means telling US persons to visit the website, at nearly every opportunity. I do it. Yet I am not likely to be everywhere or around to land early comments on an article.