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.
The comments are still coming in steady at the CBC article (almost 1000 so far). Maybe some Brockers will want to go over to help keep up the momentum.
http://www.cbc.ca/news/politics/fatca-tax-deal-forces-canadian-banks-to-send-info-to-irs-1.2690039?cmp=rss
CFOs try to figure out how to withhold and how FATCA affects their non-U.S. employee plans
“CFOs and their tax departments should consider working together to develop an actionable plan to address FATCA and mitigate the risks of non-compliance.
With the Foreign Account Tax Compliance Act (FATCA) effective as of July 1, 2014, CFOs also confirmed that they still have work to do on preparation and implementation for the Act. Only eight percent of CFOs reported that they have processes in place to make the necessary withholdings as of July 1, and only nine percent that their companies have figured out how FATCA affects their non-U.S. employee plans. Overall, 14 percent have completed the classification effort, while 23 percent report that the process is underway.
These articles are so far apart that it is hard to believe they refer to the same law.
MotherJones: The IRS Is Coming For Your Offshore Bank Account
http://www.motherjones.com/mojo/2014/06/offshore-bank-accounts-fatca-irs
The Boston Globe:IRS crackdown starts with penalty on overseas banks
http://www.bostonglobe.com/business/2014/06/30/offshore-crackdown-kicks-off-with-penalties-for-banks/zFgnlUQpf5pmAaMHXSEHzK/story.html
Some great stuff happening over here, need more Brockers
http://www.forbes.com/sites/robertwood/2014/07/01/fatca-is-finally-here-even-in-russia-china/
‘Imperialistic’ FATCA is here, ‘dark day’ for U.S. Expats
http://www.valuewalk.com/2014/07/fatca/
2014.07.01. FATCA Tax Deal Angers Canadians, Aleksandra Sagan, CBC.
http://www.cbc.ca/newsblogs/yourcommunity/2014/07/fatca-tax-deal-angers-canadians-concerned-about-privacy.html
Putin Signs Last-Minute Law to Satisfy FATCA
http://www.themoscowtimes.com/business/article/putin-signs-last-minute-law-to-satisfy-fatca/502732.html
US citizens in Israel brace for new tax act
http://www.timesofisrael.com/deadline-day-for-fatca-filers/
India to Implement FATCA
http://www.india-briefing.com/news/india-implement-fatca-8652.html/
China Agrees to FATCA Compliance
http://www.china-briefing.com/news/2014/06/30/china-agrees-fatca-compliance.html
Fines loom as US deadline for reporting foreign bank accounts hits
http://www.jpost.com/Business/Business-Features/Fines-loom-as-US-deadline-for-reporting-foreign-bank-accounts-hits-360959
https://www.facebook.com/republicansoverseas/posts/269602166556919?fref=nf
Sixteen RNC members, including six members of the 9-member RNC Resolution Committee joined Solomon Yue, Vice Chairman and CEO of Republicans Overseas to propose the following RNC resolution in order to end double taxation and FATCA for 7.6 million overseas Americans.
Resolution Supporting “Residence Based Taxation”
WHEREAS, Residence-Based Taxation, (RBT), is a fair, equitable, and efficient taxation of American Citizens living overseas because it taxes their worldwide income only once in the country where they actually reside and receive government services;
WHEREAS, RBT would not only align U.S. law with the other industrialized countries, but also eliminate complex requirements and tax forms, such as the Foreign Account Tax Compliance Act (FATCA) and the Report of Foreign Bank and Financial Accounts (FBAR); and, it would significantly reduce IRS administrative expenses;
WHEREAS, The United States is the only industrialized country in the world that taxes foreign-source income of its citizens living overseas by Citizenship-Based Taxation (CBT), resulting in double taxation; all other industrialized countries only tax foreign-source income of their citizens residing in their home country (Residence-Based Taxation or RBT);
WHEREAS, The complexity of a U.S. tax return for an American living overseas and the significant additional penalties applicable to
Americans living overseas requires these U.S. Citizens to hire expensive tax preparers; the cost of this double-taxation along with the costs of preparation and compliance put American job seekers at a competitive disadvantage to other non-American workers, thus costing American jobs;
WHEREAS, The higher cost to hire American workers resulting from CBT causes multinational corporations, even those headquartered in America, to hire fewer Americans, to have less of a connection to America and purchase fewer American goods and services, thus decreasing American exports;
WHEREAS, The Foreign Account Tax Compliance Act (FATCA), implemented as a result of CBT, has caused banks, both U.S. and foreign, to deny access to banking and other financial services to the 7.6 million Americans overseas, thus denying employment and investment opportunities and forcing them to choose between U.S. citizenship and their livelihood;
WHEREAS, The implementation of FATCA to enforce CBT promotes the abandonment of the U.S. Dollar as the global reserve currency and hurts the U.S. economy; and
WHEREAS, History reveals that replacing Citizenship-Based Taxation with Residence-Based Taxation will raise net Federal tax revenue because of increased economic growth, therefore be it
RESOLVED, The Republican National Committee urges Congress to repeal Citizenship-Based Taxation and its supporting legislation such as FATCA and FBAR;
RESOLVED, The Republican National Committee urges Congress to permit restoration of citizenship for those who were compelled to renounce their citizenship because of the crushing burdens of FATCA and FBAR; and
RESOLVED, The Republican National Committee urges Congress to align U.S. law with the laws of other industrialized countries of the world by limiting taxation to Residence Based Taxation on American Citizens living overseas which will encourage increased employment of Americans and increased export of American goods and services.
Chief Sponsor – Solomon Yue, Jr., Republican National Committeeman for Oregon (Vice Chairman and CEO of Republicans Overseas)
1st Co-Sponsor – Carolyn McLarty, Republican National Committeewoman for Oklahoma (Chairman of the RNC Resolution Committee and Member of Republicans Overseas Board of Governors)
2nd Co-Sponsor – Jeff Kent, Republican National Committeeman for Washington (Vice Chairman of the RNC and Member of Republicans Overseas Worldwide Advisory Committee)
3rd Co-Sponsor – Demetra DeMonte, Republican National Committeewoman for Illinois (Secretary of the RNC and Chairman of Republicans Overseas Legal Action Fund Committee)
4th Co-Sponsor – Helen Van Etten, Republican National Committeewoman for Kansas (Member of the RNC Executive Committee and Secretary of Republicans Overseas)
5th Co-Sponsor – Melody Potter, Republican National Committeewoman for West Virginia (Member of the RNC Resolution Committee)
6th Co-Sponsor – Bruce Ash, Republican National Committeeman for Arizona (Chairman of the RNC Standing Rules Committee and Chairman of Republicans Overseas)
7th Co-Sponsor – Roger Villere, Jr., State Chairman of Louisiana (Vice Chairman of the RNC)
8th Co-Sponsor – Rosie Tripp, Republican National Committeewoman for New Mexico (Member of the RNC Executive Committee and Republicans Overseas Board of Governors)
9th Co-Sponsor – Pat Longo, Republican National Committeewoman for Connecticut (Member of the RNC Resolution Committee)
10th Co-Sponsor – Raul Reynolds, Republican National Committeeman for Alabama (Member of the RNC Resolution Committee)
11th Co-Sponsor – Debbie Joslin, Republican National Committeewoman for Alaska (Member of the RNC Resolution Committee)
12th Co-Sponsor – Steve Scheffler, Republican National Committeeman for Iowa (Member of the RNC Resolution Committee)
13th Co-Sponsor – Donna Cain, Republican National Committeewoman for Oregon
14th Co-Sponsor – Linda Herren, Republican National Committeewoman for Georgia (Member of the RNC Budget Committee)
15th Co-Sponsor – Cindy Costa, Republican National Committeewoman for South Carolina (Member of the RNC Executive Committee)
16th Co-Sponsor – Susie Hudson, Republican National Committeewoman for Vermont (Member of the RNC Executive Committee and Republicans Overseas Legal Action Fund Committee)
@MarkTwain
Wonderful!
Maybe expat Dems and Repubs can work together on this.
Am I missing something, Polly?
@Mark Twain
Thank you Solomon Yue! And thank you Mark Twain for sharing.
Long-term expats are facing their darkest hour. The morale of Americans abroad has never been lower. The number of Americans with US places of birth renouncing/relinquishing US citizenship is poised to fly. Those without a US POB are just dropping off the grid.
This RNC resolution really addresses the crux of the matter head on — CBT, FATCA, and FBAR (financial death for expats).
I really hope this initiative gains traction. The sooner, the better. It is a matter of survival for Americans abroad. No other country treats its citizens abroad this badly, and for good reason.
PS. It seems like there is one more co-sponsor:
17th Co-Sponsor – Linda Ackerman, Republican National Committeewoman for California (Member of the RNC Resolution Committee)
Forget the Democrats. They believe in CBT.
Thats why they refuse to condemn it.
Yes, thank you Mark Twain for this encouraging news on this first of July 2014, start of the FATCA Hunt for US Persons!
Carl Levin’s dream has come true. The FATCA net has been cast and the world’s largest financial fishing expedition is now underway.
The Democrats are well aware of the situation expats face. Americans Abroad Caucus Chairperson Carolyn Maloney has told them too many times. Up to now the Democrats only solution for expats has been to offer small bandaids for covering their sucking chest wounds.
Good luck getting the Dems on board. They appear to be in love with CBT.
I honestly don’t see how ANYBODY could agree with CBT. It is double taxation.
Thats pretty insane.
I`d say they are just parroting “their” president and don’t want to give him a hard time, or make him look bad. Like he can’t make one single mistake- or the repubs will be all over this.
This bipartisan shit is getting real old….
@ Mark Twain
Has the RNC Resolution supporting “Residency Based Taxation” been adopted or is it still only in the proposal stage?
Can somebody explain to me what’s going on:
http://online.wsj.com/articles/fidelity-bans-overseas-investors-from-buying-mutual-funds-1404246385
Is this buying stuff in US Fidelity or Fidelity in a foreign country (Say the UK).
@Polly
Based on the communications I’ve had with Democrats Abroad, they’d rather lose my vote than treat this as a bi-partisan issue.
@Bubblebustin
They have to keep Bama squeaky clean. One little knick in his armor and all hell breaks loose. He cannot admit to ANY mistake.