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.
Does anyone have any idea who the Canadian Choice Party is who threatens to rip up the FATCA IGA?
Thanks to JC for the discovery of this and the post above.
http://www.canadianschoice.com/
Here’s information about who they say they are:
http://www.canadianschoice.com/Preamble.html
@Blaze, No, but they sound an awful lot like people we know. Fellow Brockers perhaps?
It is interesting that they refer to themselves as CANADIANS Choice, yet the party is an ONTARIO provincial party:
” The Canadians’ Choice Party is the place for people, from all walks of life, to invent something new, having opportunities to collaborate with each other to plan their campaign and build momentum. Our focus is mainly on the concept of participation of independent candidates, across Ontario, for a better representation in Queens Park.”
As such, how are they planning to “rip up FATCA”?
I guessed right.
http://canadianschoice.com/John-Richardson.html
I thought so too, seeing one of his emails has the word “vote” in it, lol!
CNBC: Americans working abroad face unexpected financial issues. (I’ll say)
Open for comment:
http://www.cnbc.com/id/102672545
@WhiteKat: I have learned more about CCP since this morning. Yes, John Richardson was a candidate for them in the provincial Ontario election. However, he has no other formal affiliation with CCP.
Yes, CCP is a provinvcial party. They are hoping to register as a federal party but still have steps to go through for that to happen.
I had a refreshing conversation today with CCP founder and leader. Here is a brief synopsis.
http://maplesandbox.ca/2015/canadians-choice-party-gets-fatca-implications/
US Steuergesetz hat unerwartete globale Konsequenzen
US tax law has unexpected global consequences
http://geopolitical-info.com/de/geopolitics/us-steuergesetz-hat-unerwartete-globale-konsequenzen?utm_content=buffer7a1aa&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Mostly spot on except in conclusion that opposition to FATCA is fading. It gives GATCA as example of this. Fails to fathom ADCS and constitutional challenges to FATCA.
Says US persons living overseas are viewed as unpatriotic by Americans in the the US, and this view is combined with a view a paying a fair share of US taxes.
@JC I think many others think that the OECD transparency rules and FATCA are somehow twins. They dont realise that FATCA is so vicious due to CBT and the penalties.
Repealing FATCA is a bipartisan issue, but the Republicans are leading the charge:
http://www.asiaasset.com/news/Horse_boltedDS2205.aspx
@Polly
Fatca is more then vicious… its life altering… I still remember a story I think in the New York Times… English man, not sure naturalized citizen or GC holder, who was in the US… forgot an account in the UK… which by the way… can happen… I have done it before… it was only a few thousand from his deceased sister’s estate…. he had to pay over 16K as punishment… To top it off… he didn’t know who he could have turned to for help… 16k punishment… not including the cost of the legal help he got… There are lots & lots of stories that make horror movies sound tame compared to the horror stories & treatment by the US gov’t to the US person
http://www.thenational.ae/business/banking/regions-banks-squeezed-by-compliance-costs
@US_foreign_person
Yes- it is heinous and it amazes to no end that something like this can exist unopposed by the people who are supposed to be running the country and not corrupt. And all these draconian penalties have been ramped up just in the past decade! It really would be a different ballgame if the rules and regulations were anywhere close to tolerable. But as Nina Olson said: “Why are we TORMENTING our expats so?” Maybe there should be a thread on that question? Are we scapegoats for their frustrations? Just collateral damage in their eyes? Why ARE they going after expats so visciously that it does actually alter people`s lives? It feels like one is back in the Middle ages when there were fiefdoms, and local nobility could keep their vassals poor and dependent. Or maybe they just hate us for what they perceive as disloyal? I dunno. But nothing really explains this torture of expats except maybe some form of vengeance or greed. Envy? Maybe it is envy for those who still have something? All the arguments about “benefits of citizenship” just dont hold water in the face of just how life-altering and ruinous these penalties can be.
@Polly, I suspect that expats are considered disloyal.
Why are they going after expats……
Simples….
With trillions of dollars of deficit , they need the money .
We are an easy source of revenue with no representation or recource.
@Polly, @monalisa1776
I don’t think it has anything to do with being disloyal… its called easy mark… as a US citizen… who will listen to you… even with your vote… to the politicians… it don’t mean as much as homelanders vote… Immigrants to the US have no vote, say, or representation… u were granted this huge favour of living & working in the US… Homelanders think all immigrants come from 3rd world countries who should worship the ground of real homelanders for allowing them to come in & immigrants should hand over everything to them… its their due… use the words tax evader… it brings up images of rich people… who have tons of money & don’t do nothing for it… unlike real homelanders who work hard for it or some who make their money in the US, don’t even bother to pay their taxes…
Here’s the scenario
America is broke, it spends most of its gross domestic product on it’s war machine. Social security is broke, 47% of homelanfers don’t play taxes and most are on benefits.
Someone comes to Obummer and says “I can find you a great source of revenue. There are 7 million Americans living abroad and only 450,000. are sending in tax returns. We have CBT and we don’t know what they are earning or what assets they have. Let’s get that info on them and put some penalties in place to sting them and bring them into line . We control the world’s currency so we can control the banks”
I don’t think homelanders with foreign assets were the only target.
I think the only thing they hadn’t reckoned on was that banks would reject their American customers.
@Heidi
That sounds about right to me.
I also think that they didn’t take into account that people would try to fight back. Frankly, I think it is amazing what we have accomplished so far (even though there is so much more to do – obviously). They risk having the US’s “good name” (ha ha, such as it is) dragged through the mud, comparisons with East Germany, North Korea, USSR, Nazi Germany, etc., condemnation by the UN and others re. human rights, and the rest of the world coming to the realization that being a vassal to the US of Arrogance might not be the best way forward for them (or for anyone).
I think they planned on quietly killing the chicken behind the woodshed. Who could have guessed that the chicken has lawyers!
I hope and believe this is going to blow up in their faces one of these days.
That already seems to be happening with civil forfeiture to some degree.
@Heidi
Well, the U.S. federal government spends most of its money on medicare and social security, with defense nowadays a clear third. 47% don’t pay income tax (there are other taxes). We scold them when they are inaccurate about us, so need to be careful Still the general point is true: Americans in the U.S. are clearly living well beyond their means. FATCA came in as the babyboomers hit 65, and things are really going to hit the fan badly when the younger boomers and Generation X starts retiring, since they are less healthy and wealthy. I agree that the U.S. probably just thought of all the money they could suck in from abroad, either in penalties or in Americans moving their money back to the U.S. (as if).
Blaze. It looks like an offshoot of the Canadian Conservative Party. Remember Sinclair Stevens? Archbishop ( and Elvis impersonator) Dorian Baxter.? A waste of our time.
@Publius
Well I am not an economist but didn ‘t Mit Romney make the faux pas of being heard saying that he wasn ‘t banking on the 47% who didn’t pay income tax voting for him. There was an outcry but it was proven to be true.
I wonder what % of revenue comes from income tax alone.
Corporations seem to be deserting the US for greener pastures.
@heidi:
I wonder what % of revenue comes from income tax alone.
Download http://www.irs.gov/pub/irs-pdf/i1040gi.pdf and go to page 100 for your answer.
@Heidi and @Publius, I also wonder if maybe their actual main target is the foreign banks, using FATCA as a means to hit them with HUGE penalties for failing to root out all US -connected accounts. They can his us with $10,000 fines but banks with fines in the millions if not billions!!
@Mona
Well if I was a bank such as BNP and was fined millions for breaking a US law but wasn’t breaking any laws in my own country, I would be looking for an alternative ASAP.
It won’t be long until others will be doing the same. Money is like water , it will flow in the route of least resistance. The US have always had a short sighted policy in all their dealings.
US persons abroad have been “weaponized.” We are pawns.