Liberty and justice for all United States persons abroad

The Isaac Brock Society

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.

26 May 2015:  This thread is now closed.  It continues at Media and Blog Articles Open for Comment, Part 2 of 2.

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.

Articles from earlier in 2015 are at this link

Articles from 2014 are at this link

Media and Blog Articles Open for Comment, Part 2, is at this link

Media and Blog Articles Open for Comment, Part 3, is at this link

3,971 thoughts on “Media and Blog Articles – Part 1 of 11 (to 26 May 2015)”

  1. @ George
    As far as I know, Germany also has an exit tax. I think an exit tax might be more common than CBT. ( Not saying it is right though. It SHOULD be free to come and go.)

  5. @Osgood,
    That was pretty frank. They basically did it because they had no choice. I liked the bit about how the negotiation was such that the US refused to negotiate on the core details.

  6. Polly most countries including Germany & Canada have an exit tax. However they are quite different in scope than the US one. To simplify, let’s say Joe Canuck makes a pile of money while resident in Canada and decides to move to the Bahamas to take advantage of their low taxes.

    Before he moves his assets to his new home, the exit tax requires him to pay capital gains tax on the increase in value in his Canadian assets. (Principle residence excepted). No big deal. Otherwise, the home country would never be able to garner taxes on capital gains accrued in that country.
    What the US does is completely different. They want to tax residents and non- residents who give up their citizenship.

  7. @KalC
    Oh you`re right. I never saw that discrepancy. It is giving up citizenship versus moving to another country.

  9. @Osgood
    It seems New ZeAland as did other nations, caved for money…. All I can think of lately is FATCA = APPEASEMENT.
    Governments wanted peace ….with the USA….Sound familiar?

  12. No mention of Carl Levin: http://bsmlegal.com/PDFs/CarlLevin.pdf:

    July 11, 2014 THE ASTUTE INVESTOR: FATCA won’t cause the dollar to collapse
    The infamous bank robber Willie Sutton was once asked why he robbed banks. His response was simple, “Because that’s where the money is!” Taking a page from Willie’s play book, Sen. Max Baucus, Rep. Charlie Rangel and Sen. Harry Reid are about to embark on a worldwide search for money.
    …
    The revenue believed to be raised will be about $800 million per year for the U.S. Treasury. That sounds like a lot until you consider the cost of people, technology, travel expenses, investigative follow-up and more, all government documented of course, which has been estimated to be billions of dollars. Less money coming in versus more money going out — another governmental winner right out of the chute. It’s just not worth it.

    Willie Sutton had a better way. He didn’t think the money was there, he knew it was there. The common sense thing to do is not create another bureaucratic agency costing billions of dollars, accomplishing nothing and creating more international intrigue on the suspicion the money is there. Let the game of hide and seek FATCA-style begin! Thanks for reading.

  14. Youtube: “Tonight with John Oliver, Wealth Gap (HBO)”
    A bit of comic relief….tax reform anyone?

  16. @Calgary411
    This is a game changer for the world, especially the USA. I heard of this coming. I am not surprised.

  18. @From the Wilderness
    I just about spit my coffee on my laptop when I read your remark RLOL…. good article you posted too.

  20. @Bubblebustin
    This sticks out from that link you posted
    Only one other nation—the gangster ruled Eritrea—attempts to tax citizens who reside in other nations. “FATCA’s aggressive policies are causing foreign banks to abruptly shut down American accounts,” explains Garza. “I would say that the tax evaders had it coming, but most people affected by FATCA aren’t looking for tax shelters. Their foreign accounts are a basic necessity.”

    Financial institutions aren’t just turning Americans away on principal. Compliance costs are crippling: some estimate the cost to be in the hundreds of billions. Politico reports that the 30 largest banks outside the U.S. will have to spend $7.5 billion just to comply with FATCA requirements. It simply isn’t profitable for foreign banks to open themselves to Americans anymore. That’s an inconvenience for Americans on the hunt for an illegal tax shelter, but for those living and working abroad, it’s a deal-breaker. Many are left without basic banking services, and have found themselves unable to create retirement and savings accounts or apply for mortgage loans. In order to maintain basic financial security, hundreds of Americans living overseas have renounced their citizenship.

  22. @Calgary411-

    From the link that you provided to online news:

    I believe this one is quite relevant to this website:
    http://www.tax-news.com/news/FATCA_More_US_Expats_Consider_Handing_In_Passports____65277.html

    The deVere Group, an independent international financial consultancy, surveyed 414 of its American expat clients, and found that 79 percent said they had “actively considered, are thinking about or have explored the options of” renouncing their US passport due to the implications of FATCA, which came into force on July 1.

    It was disclosed that the number is up by 11 percent over the same poll carried out last November, in which 68 percent had answered in the affirmative.

  23. Jamaica Gleaner: The fate of the USA’s FATCA law

    deplorable, dishonest

    What is deplorable and dishonest is that the presentation made to business people like myself four years ago was that this was a major criminal search. In part perhaps, but basically intended for one having any type of asset – money, property, whether personal or belonging to a spouse – not declared but still taxable to make it worthwhile for the US government to extract more. (Spouses no longer should make decisions to have joint accounts for fear of being incorporated into a wider issue.)

    It appears now that the IRS has made dual taxation agreements called IGAs (intergovernmental agreements) and will swap information about Jamaicans and Americans, and has made this pact with 50 other countries, still pursuing the matter with 80 others. IGAs are the preferred instrument with larger countries, for instance the G8 countries. Yet, I do not understand how they can circumvent the laws of Jamaica and pass an act that defies the constitution of this or any country.

    If a business does not approve the changes, nor complies with instructions by declaring and accepting the terms of FATCA, then 30 per cent of outstanding funds and assessments will be held in lieu of any declaration; another frightening thought. We are now liable to pay for someone else’s tax evasion.

    Finally, anyone who contradicts this rule can be charged as a voice for tax evasion. Many Americans cannot open new accounts, for failure to close old ones. Americans and expatriates face an impossible situation, as their mortgages are being called or denied. To the extent that an expatriate faces an obligation to IRS, the efforts of his local employer may come under scrutiny.

  24. At Andrew Quinlan’s July 17/14 article at Forbes, PastBeyond60 comments:

    What is even MORE baffling is sixteen days after July 1 FATCA implementation day, they have decided they might actually need to do a feasibility study! Really, this can not get more ridiculous. They have upset the world’s financial applecart, destroyed the lives of many of the 7.5 million US tainted folks living abroad causing thousands to renounce their citizenship and losing any goodwill they might have spread regarding their homeland. They have decimated their already fragile reputation by extorting other nations into signing, will cost more than it brings in, may have created the stimulus for the BRICS new bank, threatened the US as reserve currency and NOW they think they may need a feasibility study. The entire bunch of them, left and right need to be fired immediately. They are too stupid to breathe. (OH and by the way, the tax evaders are all long gone. Do they really think they were waiting around to be FATCA’ed?)!!!!

    http://www.forbes.com/sites/realspin/2014/07/17/fatca-remains-vulnerable-despite-implementation/

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