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.
I and most of us I’d bet think you beautiful, bubblebustin, and in true and better ways than the pageants and the advertising industry dictates to us is the definition.
Thanks so much, BC Doc. The irony is only visible to U.S. Persons Abroad.
You’re welcome, BC Doc. Your question clearly illustrates why the Canadian Charter Challenge should be an important issue for EVERY CANADIAN!
Thank you, Calgary. Sometimes I feel like a snarky old crab. I suppose even crabs have their charm 😉
India Caves:
http://www.business-standard.com/article/markets/sebi-s-draft-fatca-norms-greater-scrutiny-ahead-for-high-value-us-a-cs-114042300932_1.html
Might want to comment on what they are really getting themselves into. Mr. FBAR was not mentioned in the article.
See: http://isaacbrocksociety.ca/2014/04/24/associated-press-adam-geller-interviews-persons-who-dont-fit-the-stereotype/
More renounce US citizenship, but deny stereotype, Adam Geller, AP (Sioux City Journal), US.
Three or four people, including Carol Tapanila, are interviewed in this.
Note: Preview of article, mainly photos. Full article due
AugustApril 27th.US banks asking for FATCA delay:
http://www.fsitaxposts.com/2014/04/24/major-u-s-banks-request-6-months/
Things are really heating up in Russia:
http://www.themoscowtimes.com/business/article/russia-races-to-dodge-sanctions-by-adapting-law-to-fatca/498875.html
Why is Russia, of all countries, bending over backwards for the USSA???
@ GwEvil
Good question. Here are my guesses:
1. Russia doesn’t mind a bit ratting out Americans in Russia (probably not too many of them there anyway).
2. If Russia does get reciprocity reporting about Russian citizens’ offshore accounts in the USA it gets better control over these citizens. Russia likes to control people just like the USA does. Russia would of course pick and choose which Russian citizens to follow-up on, depending on whether the leadership considers them to be friend or foe.
3. Russia hasn’t at this point weaned itself completely off of US currency so it doesn’t want to rock the boat and risk losses due to 30% withholding.
@Em – all very good points and they make a lot of sense. I just hope the third one is true. I hope they are buying time before they dump the US dollar.
@Em
Thanks for the possible reasons why… I didn’t get it either… but from reading the article… its the banks rushing & leaning on the gov’t. Foreign gov’t should start dumping their US investments rather then their US clients. I would be surprised how many americans there maybe… but in the last few yrs.. there have been a large movement of immigrants such as Russian & Romanian into the US. They tend to wave the bird at the gov’t… they don’t like them… they don’t trust them.. And they go out of the way to piss them off…
Why Thousands of Americans Gave Up Their Citizenship Status Last Year. Rich Tucker, The Foundry.
An insightful turn on events illustrated in this piece in Financial Express. It shows how the FATCA model of applying a
40%30% withholding on payments becomes an acceptable for of leverage to extract data from “non-compliant FFIs”http://m.financialexpress.com/news/india-acts-tough-on-black-money-may-levy-30-withholding-tax-on-swiss-investments/1244151/
correction: 30% — but that’s not the point. Rather the model vein applied by India on CH is almost 1:1 the same as US on rest of the world.
I knew India would be the first to get creative and copy the Americans. International commerce will grind to a halt if more and more countries start doing this.
Like the financial crisis wasn’t enough, politicians have to go and make everything far worse.
Americans will come to regret the Frankenstein they created.
@omgheestillanamerican
Did this move surprise u…. monkey see… monkey do… India thinks this move will help them gain more funds… They have the poorest citizens… but the middle class is opening up… From what I understand… the rich still got alot of power there… Could be more yadda-yadda then reality.
The article says:
“Subjecting a huge withholding tax liability on outbound payments to another country is a tactic increasingly being deployed by major economies to elicit information on accounts held in that country by its citizens who do not report to the tax authorities at home.”
It says this tactic is already being deployed by major economies. Other than the US I am not aware what other major economies are doing this.
There are a lot of Indians in Canada who choose to retire in India while collecting Canadian pensions. They come back to Canada a few weeks a year to visit their children and to meet whatever obligations they have to the Canadian government to maintain their status.
I’ll bet the government of India is already thinking of ways to exploit Canadians from India. They probably represent at least 1 million people in Canada.
Imagine this scenario: A retired Canadian couple originally from India moves to India during their retirement. They build a big house and because India has been having a property boom their home increases greatly in value. All their children live in Canada and when the couple dies the children are to sell the house and take the money back to Canada. The Indian government could pass some law that imposes a massive tax on this money should it try to leave the country. Goodbye inheritance! By the way almost all the money was earned in Canada since the retired couple worked all their lives in Canada before moving back to India.
Will the Canadian government betray Canadians of Indian descent just as they betrayed Canadians of American descent? YES they will. In a case like the one I just presented the Canadian government won’t be able to do anything about it.
@omgheestillanamerican
Not that u are incorrect… Majority of asians do the same thing. They go back to their home country… because money does go further then in their host country such as the US & Canada… And there is still plenty of family around. The inheritance issue is a big thing to asians… They want & need to leave their goods for the next generation for them to have a better future then they did…
Don’t forget the elections in India. On which case, either this will filzzle or explode, depending on the administration that gains power! I can strongly recommend this white paper on black money that gives some backgrounder:
http://www.prsindia.org/parliamenttrack/report-summaries/white-paper-on-black-money-2345/
… and for those in the Beltway: wapo.st/1fEgJyv
@ NotThatTara
It’s good and it’s going places — WAPO now. Having an AP writer do this piece is a good thing, I’d say. This is an interesting and compelling collection of renunciation experiences. Thanks Carol and Peter for contributing — again!
…and John Richardson, who says
Good finding, NotThatTara. Thanks to you and all who read this — particularly those within the USA. It tells the story that is not being told.
Wonder why no comments are available at WaPo
The spate of articles enumerating 5 recent court cases where the Harper government sought to circumvent democratic/Parliamentary process, public debate, etc. and lost, are good places to highlignt the FATCA IGA as another egregious example of a case in which the federal government is seeking to further their own agenda without public consultation – despite a compelling public interest and substantial public cost and harm to Canadians – and where FATCA may not even be legal under the Charter/Constitution.
Ex.
http://www.cbc.ca/news/politics/five-recent-supreme-court-setbacks-for-the-harper-government-1.2622521
http://www.mississauga.com/news-story/4485579-supreme-court-5-conservative-government-0/
Not all media versions are open for comments.
Maybe also a good topical tweet – making link to announcement of FATCA Challenge?