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.
@ bubblebustin
Ah that’s clearer. Thanks. 🙂
Something’s afoot in Russia. All of a sudden dual citizenship is taking on a whole new significance in Russia. All dual citizens there must now declare themselves or face criminal prosecutions. It’s probably mostly a reflection of the increasing mistrust of outlanders in Russia since the US instigated sanctioning began but it could be tangentially related to FATCA too.
http://www.reuters.com/article/2014/05/20/us-russia-bill-dualcitizens-idUSBREA4J0MJ20140520
Hi – Not sure where to post this question…. A while back there was a pointer to a document – possibly through a FOIA request? – that illustrated the $100 Bln number being thrown around was not a definitive number, with very little substance to how it was obtained. Can someone please point me to this official source? THANKS!
@ Questions
All I could find is a reference to the $100billion in this article:
http://danieljmitchell.wordpress.com/2013/08/11/more-americans-going-galt/
That number was probably just like the $800billion tag they put on the first bank bail-out. They needed a big number so they just made one up.
Sorry I can’t point you to the official source but maybe Badger or someone can help you out with that tomorrow.
CBC, May 22, 2014: Five bills to watch before Parliament breaks for summer, including Bill C-31
Last (but not least?):
Roy Berg Testimony at Standing Committee on Finance
http://www.youtube.com/watch?v=TtYjCcNc_Uk
Is Roy Berg even a Canadian citizen? He sure seems to like FATCA.
WAPO
http://www.washingtonpost.com/business/economy/it-is-getting-harder-to-hide-money-from-uncle-sam-offshore/2014/05/22/4e3f28de-dfba-11e3-810f-764fe508b82d_story.html
“Wilkins of Citizens for Tax Justice sympathizes with Americans who may have made honest mistakes in declaring their overseas accounts, but she suspects they are a minority.”
Watcher suspects that Ms Wilkins of CTJ is blowing smoke.
@Watcher
The comments on the article are typical of 99 percent of American home landers. Very uninformed. I come to the conclusion it is a waste of time to comment to such biased articles. I agree with you about Wilkins.
Citizens for Tax “Justice” actually acknowledges that expats exist and might have real problems with FATCA? Well, at least it’s progress from two years ago when they tried to claim that everyone complaining about FATCA are “lobbyists” for tax evaders …
http://isaacbrocksociety.ca/2012/05/10/tax-justice-and-tax-compliance/
Something moderately interesting with Mr. Wood over a Forbes today under a totally un-FATCA related article: http://www.forbes.com/sites/robertwood/2014/05/23/with-3-3-billion-owed-should-tax-delinquent-federal-employees-including-irs-be-fired/?utm_source=alertsnewcomment&utm_medium=email&utm_campaign=20140523
To my comment he replied:
Well, I admire you for connecting this mess to FATCA! I’m no fan of FATCA either….
When asked how he felt re FATCA:
I do intend to address FATCA on another day when I have the energy! At least he has committed himself finally and it would be mighty sweet to have an anti article in Forbes.
USD 100 billion is the number communist Carl Levin likes to throw around.
Josef Goebbels is credited with saying something like, “if your’e gonna tell a lie, tell a big one. It will be more believable.”
Just the title of this piece by Kim Moody seems to imply that Moodys-Gartner has the market cornered on the ” Canadian perspective”. Apparently we, among others, have been flooding the “internets” with something other than the “Canadian perspective” and we need to cool our hot little heads which are simply not capable of understanding the complexities of FATCA like Roy Berg, Kim Moody and the other Moodys-Gartnerites do. Anyway, read it and rage, Brockers.
http://www.moodysgartner.com/fatca-a-canadian-perspective-commentary/
@Em
Moodys seem to be full of self importance and hubris …… just like the United States of Arrogance that they serve.
Kim Moody explicitly says that she is a numbers person and nothing else. Well having said that- she should refrain from giving any other comments on the topic, because obviously that is all she has considered on any deeper level.
@ Polly
Kim Moody is a he but other than than your comment is spot on.
http://www.altrolevy.com/all/financial-post-border-shakeup-could-have-tax-consequences-for-snowbirds/
New rules will have passports swiped upon entry and exit between USA and Canada, and the info shared between each.
I think this confirms that simply not crossing the border is the best solution.
Kim Moody’s solution is to simply renounce US citizenship! Keep up the hard work making sure people like him end up on the wrong side of history, my fellow hotheads.
Kim Moody is an arrogant A..! I wish HE was an accidental so he could have “some sympathy” for himself and find out how “easier said than done” it is to renounce and tell HIMSELF “it is what it is”. What an ignorant SOD!
Say it as it is (in German):
http://www.bilanz.ch/unternehmen/einbuergerungen-beliebte-schweiz-378913
http://www.expatbriefing.com/expat-news/Overseas-Pension-May-Mitigate-FATCA-Fallout-For-US-Expats-64759.html
What is this all about? Is it new? Does it matter?
“Among other benefits, a supplementary overseas pension contract recommended for US taxpayers with assets abroad, will allow the holder to permit a qualifying expat to make annual contributions to a pension fund over and above USD51,000 – which is not possible within the current US tax-approved regime; to take advantage of tax-deferred investment growth; and to benefit from the opportunity to invest freely into Passive Foreign Investment Companies (PFICs) without incurring US tax penalties and burdensome tax reporting procedures,” DeVere said.
@ Charl RE http://www.expatbriefing.com/expat-news/Overseas-Pension-May-Mitigate-FATCA-Fallout-For-US-Expats-64759.html
Sounds like a FI’s adaptive attempt to work “just within the system”, to bring in US Person’s money within some creative framework that they think will be acceptable to the new regime (just like the adaptations that business people had to make historically when a new king was crowned in the 11th -17th centuries). Likely offered to higher-level execs who are placed in foreign countries for lengthier non-permanent residencies. Likely not for minnows, but that may come later……
@Questions, you might find something on Levin’s site, using the keyword ‘FATCA’ or ‘offshore’, etc.
Ex.
http://www.levin.senate.gov/search/?q=fatca&x=0&y=0&access=p&as_dt=i&as_epq=&as_eq=&as_lq=&as_occt=any&as_oq=&as_q=&as_sitesearch=&client=levin&sntsp=0&filter=0&getfields=&lr=&num=15&numgm=3&oe=UTF8&output=xml_no_dtd&partialfields=&proxycustom=&proxyreload=0&proxystylesheet=default_frontend&requiredfields=&sitesearch=&sort=date%3AD%3AS%3Ad1&start=0&ud=1
He likes to highlight some of his statements there. And also here;
http://www.hsgac.senate.gov/subcommittees/investigations/hearings/offshore-tax-evasion-the-effort-to-collect-unpaid-taxes-on-billions-in-hidden-offshore-accounts
There is this letter re FATCA;
http://bsmlegal.com/PDFs/CarlLevin.pdf
and an interesting letter from ACA regarding the offshore jihad against all those living outside the US with local bank accounts and assets http://americansabroad.org/download_file/view/615/1/.
Can you give more description of the figure and what it is purported to represent? That would help us to find it.
@badger
In all your reading, have you ever come across Mr Levin making reference to Americans living abroad?
Mr. Wood has a new FATCA article at Forbes. Kudos to him for keeping it in the spotlight. This one gives some of the ugly truths. Maybe the swat team can give him some positive feedback.
http://www.forbes.com/sites/robertwood/2014/05/25/even-on-memorial-day-some-americans-wish-they-werent/?utm_source=followingimmediate&utm_medium=email&utm_campaign=20140525
Good new article in Toronto Star by Tim Harper:
“U.S. tax deal jeopardizes Canadians’ privacy: Harper”
(the “Harper” in the headline is the author of story, not PM)
http://www.thestar.com/news/canada/2014/05/26/us_tax_deal_jeopardizes_canadians_privacy_harper.html
Excerpts:
“OTTAWA—If one wants another clear-eyed illustration of the power imbalance between Washington and the federal Conservatives, one need look no further than a tax deal signed between the two countries last winter.”
“It is a deal which imperils the privacy of up to a million Canadians and creates a two-tier level of citizenship in this country, discriminating against citizens based on their ethnic origin.”
“It could include so-called border babies, Canadians whose mothers gave birth across the border for medical reasons; Canadians who have returned after holding green cards for work in the U.S.; Canadian snowbirds who could be deemed “U.S. persons” based on the length of their stay in the sun; and Canadians born to a U.S. parent who may have never set foot in the U.S.”
“The Conservatives have likely set themselves up for the courts to again ultimately decide on the constitutionality of this move.”