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.
@WK and Bubble
Points taken. More articles are needed. And IBS, MS & ADSC need to be mentioned in articles and comments as often as possible. The “movement to drop US citizenship and/or taint” needs to coalesce.
@WhiteKat
I agree with you. That was the first thing I thought when I read the article-however well intentioned- most journalists don’t get it.
This one should be a lead on the website: it even plugs IBS, MS, and ADCS:
http://www.vancouversun.com/news/Metro+Vancouver+woman+joins+movement+drop+citizenship/10056687/story.html
Not sure where to categorize this one but will put it here. There is a new TV comedy series running in the US (and Sweden) called “Welcome to Sweden” and is about the fish-out-of-water experiences of a USC who has emigrated to Sweden to live with his girlfriend. Last night’s episode included an near-disastrous meeting with the Swedish immigration authorities. The series stars Greg Poehler, an American who emigrated to Sweden some years ago, and is the brother of comedian Amy Poehler.
I was thinking that a possible story for a future episode (there’s supposed to be a second season) might be to have Greg Poehler’s character have his bank accounts in Sweden cancelled (or frozen) due to FATCA, even though he’s FBAR/ US tax compliant (his character’s former job was as a tax accountant in New York). He could then go through the normal process that Americans abroad have gone through: the disbelief that this is happening to him, searching for a new bank in Sweden that will accept USC accounts, considering whether to operate in cash only or use his Swedish girlfriend’s account (his girlfriend works for a “big Swedish bank”), giving up to return to the US, taking out Swedish citizenship and renouncing, etc.
The show was acquired by EntertainmentOne (EOne) which has a contact page for show ideas:
http://eonetv.com/contact-us
One reason that I think that the producers might be open to making a political comment on FATCA is because the show made a political comment about the Iraq War (see episode 2). If anyone thinks that this is a worthwhile idea, I suspect it would be better to contact the Poehlers as producers directly, but I have not determined how to do so.
Three episodes are available at the NBC website. Possibly depending on where you are, you may need a US IP address (VPN or proxy) to view:
http://www.nbc.com/welcome-to-sweden
ABC News: How US Embassy Personnel Got Out of Libya
http://abcnews.go.com/International/us-embassy-personnel-libya/story?id=24729143
I would hate to see the bill from uncle sam for any civilian who happened to strap hang onto the Libyan embassy evacuation. Only the evacuated embassy staff and marines would not be required to pay.
http://www.marketwatch.com/story/swiss-banks-offering-us-clients-up-to-5000-to-come-clean-with-irs-2014-07-26?mod=latestnewssocialflow&link=sfmw
Some Swiss banks and other financial firms are offering to compensate U.S. clients who had undeclared accounts in the past if they confess them to the Internal Revenue Service. By doing this, the banks can reduce their own penalties for having encouraged U.S. tax evasion.
• Breaking-news alerts: Get free email alerts the instant news breaks
Americans who accept these offers may still owe large sums to the IRS, however, say a sampling of advisers familiar with the proposals.
The Swiss firms are typically offering to pay clients a few thousand dollars, and no more than $5,000, advisers say.
That may not make much of a dent in the taxpayer’s penalty on undisclosed accounts. For taxpayers accepted into the IRS’s limited-amnesty program, that penalty is now 27.5% of the account’s highest balance.
Such a penalty may seem stiff, but the law allows fines of up to 50% per year, per account if the taxpayer isn’t in the IRS’s limited-amnesty program. In a recent civil court case (U.S. v. Zwerner), the taxpayer was required to pay a penalty that equaled or exceeded the total amount in his secret Swiss account.
http://www.usatoday.com/story/news/nation/2014/07/27/security-breach-jfk-airport-kayaks/13236481/
NEW YORK (AP) — Two kayakers have been cited for trespassing after breaching a security perimeter at New York’s Kennedy Airport.
Airport workers found the men on a navigational pier at the end of a runway early Saturday morning.
The men tell the New York Post they rowed to the closest point on shore after overturning their kayak and losing a pair of paddles in Jamaica Bay.
puke
http://www.whitehouse.gov/photos-and-video/video/2014/07/25/closing-corporate-tax-loopholes#transcript
Weekly Address: Closing Corporate Tax Loopholes
WASHINGTON, DC — In this week’s address, the President continued his call for our nation to rally around an economic patriotism that says rather than protecting wasteful tax loopholes for a few at the top, we should be investing in things like education and job training that grow the economy for everybody. The President highlighted the need to close one of the most unfair tax loopholes that allows companies to avoid paying taxes here at home by shifting their residence for tax purposes out of the country. The President has put forth a budget that does just that, and he has called for business tax reform that makes investment in the United States attractive, and creates incentives for companies to invest and create jobs here at home. And while he will continue to make the case for tax reform, the President is calling on Congress to take action and close this loophole now.
The audio of the address and video of the address will be available online at http://www.whitehouse.gov at 6:00 a.m. ET, July 26, 2014.
Remarks of President Barack Obama
Weekly Address
The White House
July 26, 2014
Hi, everybody. Our businesses have now added nearly 10 million new jobs over the past 52 months. The unemployment rate is at its lowest point since September 2008 – the fastest one-year drop in nearly 30 years. 401(k)s are growing, fewer homes are underwater, and for the first time in more than a decade, business leaders around the world have declared that the world’s number one place to invest isn’t China; it’s the United States of America – and our lead is growing.
None of this is an accident. It’s thanks to the resilience and resolve of the American people that our country has recovered faster and come farther than almost any other advanced nation on Earth.
But there’s another trend that threatens to undermine the progress you’ve helped make. Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes. They’re keeping most of their business inside the United States, but they’re basically renouncing their citizenship and declaring that they’re based somewhere else, just to avoid paying their fair share.
I want to be clear: this is only a few big corporations so far. The vast majority of American businesses pay their taxes right here in the United States. But when some companies cherrypick their taxes, it damages the country’s finances. It adds to the deficit. It makes it harder to invest in the things that will keep America strong, and it sticks you with the tab for what they stash offshore. Right now, a loophole in our tax laws makes this totally legal – and I think that’s totally wrong. You don’t get to pick which rules you play by, or which tax rate you pay, and neither should these companies.
The best way to level the playing field is through tax reform that lowers the corporate tax rate, closes wasteful loopholes, and simplifies the tax code for everybody. But stopping companies from renouncing their citizenship just to get out of paying their fair share of taxes is something that cannot wait. That’s why, in my budget earlier this year, I proposed closing this unpatriotic tax loophole for good. Democrats in Congress have advanced proposals that would do the same thing. A couple Republicans have indicated they want to address this too, and I hope more join us.
Rather than double-down on the top-down economics that let a fortunate few play by their own rules, let’s embrace an economic patriotism that says we rise or fall together, as one nation, and as one people. Let’s reward the hard work of ordinary Americans who play by the rules. Together, we can build up our middle class, hand down something better to our kids, and restore the American Dream for all who work for it and study for it and strive for it.
Thanks, and have a great weekend.
@Mark Twain Building dams and walls, is the ‘Regressive ‘and dare I say, ‘Repressive’ outcome of FATCAnatics “Progressive” ways http://onforb.es/1tQgqbM
re Obama’s remarks as posted above;
“…..for the first time in more than a decade, business leaders around the world have declared that the world’s number one place to invest isn’t China; it’s the United States of America – and our lead is growing.
None of this is an accident……..”
Yes, it is no accident that FATCA is the latest way for the US to deliberately disadvantage the rest of the world, make those the US defines as “taxable USPs” abroad into “Trojan horses” whose clinging US status infects and impose US taxes on the rest of the globe, shackles non-US FIs and harnesses every other country to pay for the US advantage via the taxpayers and accountholder of the entire globe – and does so via US might makes right extortion.
Well, we in Canada who now know about US extraterritorial CBT and FATCA are certainly not going to invest in in the US if we can help it. That may be only a drop in the bucket, but still satisfying to contemplate.
Obama’s remarks about ‘economic patriotism’ are obvious bullshit – see his own Commerce Secretary Penny Pritzker http://www.washingtontimes.com/news/2013/may/22/pritzkers-offshore-holdings-cloud-commerce-bid/?page=all , and the list of those US political representatives and appointees with an offshore investment is long I’m sure. Ex. Treasury Secretary Jack Lew http://www.washingtonpost.com/opinions/dana-milbank-senators-turn-the-tables-on-caymans-investor-jack-lew/2013/02/13/d01cac80-7631-11e2-95e4-6148e45d7adb_story.html http://billmoyers.com/2013/03/08/jack-lew-citigroup-and-the-ugland-truth/ . I’m sure there are many others – these are so easy to find.
Documents like this 2007 report demonstrates the importance of the US financial sector dominance;
Global Financial Services Leadership’ http://www.nyc.gov/portal/site/nycgov/menuitem.c0935b9a57bb4ef3daf2f1c701c789a0/index.jsp?pageID=mayor_press_release&catID=1194&doc_name=http%3A%2F%2Fwww.nyc.gov%2Fhtml%2Fom%2Fhtml%2F2007a%2Fpr021-07.html&cc=unused1978&rc=1194&ndi=1
See comments by Schumer;
“…….Senator Schumer pointed out that strong financial markets are crucial to the health of both New York’s economy and the nation’s; financial services drive 8 percent of U.S. GDP, and create more than 5 percent of all jobs nationwide. “This is not simply a New York issue,” the Senator said; “Seven states, including New York, have more than 10 percent of their state’s GDP derived from financial services, and strong financial services are important to everyone regardless of where they reside or do business.
The joint report outlined a number of recommendations intended to improve America’s financial services competitiveness for both the United States and New York, described on the attached Fact Sheet.
In its analysis, the joint report highlighted the fundamental importance of the U.S. financial services sector to the national economy. Although U.S. financial markets lead globally in many dimensions – the U.S. is still the world’s largest repository of financial stock and it derives more revenues from financial services than any other country – this leadership is under significant threat as a variety of forces combine to undermine U.S. competitiveness………..””
I don’t see that the US will ever allow DATCA or the OECD Common reporting to interfere with the US tax haven status and its financial sector.
http://www.forbes.com/sites/realspin/2014/07/28/unauthorized-fatca-intergovernmental-agreements-are-part-of-obamas-executive-overreach/
‘Unauthorized FATCA ‘Intergovernmental Agreements’ Are Part Of Obama’s Executive Overreach’
guest post in Forbes, by James Jatras
http://www.forbes.com/sites/realspin/2014/07/28/unauthorized-fatca-intergovernmental-agreements-are-part-of-obamas-executive-overreach/
That was a great article by Jim Jatras. Thanks badger for posting.
Re: http://www.forbes.com/sites/realspin/2014/07/28/unauthorized-fatca-intergovernmental-agreements-are-part-of-obamas-executive-overreach/
The comments were a bit fiddly to show. Click on Comment then click on expand comments.
I let it rip.
@JC That you did!!! Good job my friend! I nominated Jatras as our congressional representative! Maybe we should have a write in vote campaign for the upcoming election! Demand out OWN representative on the big hill.
@charl I liked your comment as well giving Jatras some ideas for his next move. I believe it was quite a coup for him and us for him to publish under the Forbes brand.
Also like your link to IBS stories.
I also tried to appoint someone well known elder statesman to be special representative for Americans abroad. Jatras would get my vote.
Yes it is sadly true that most politicians do not know what FATCA is. I do have one political contact, and sadly they did not know about FATCA. They do now.
Financial Post, July 28th: Investment Trouble Brewing for US Dual Citizens Living in Canada
and
Financial Post, July 29th: Coping with FATCA: Law firm’s book offers advice for Americans living in Canada
Too bad this article does the usual scaremongering but no remedy such as joining the fight with a donation to ADCS
http://www.democracynow.org/2014/7/29/jeremy_scahill_leaked_us_terrorist_watchlist#.U9gCtmxjGU4.twitter
The Obama administration has expanded the national terrorist watchlist system by approving broad guidelines over who can be targeted. A leaked copy of the secret government guidebook reveals that to be deemed a “terrorist” target, “irrefutable evidence or concrete facts are not necessary.” Both “known” and “suspected” suspects are tracked, and terrorism is so broadly defined that it includes people accused of damaging property belonging to the government or financial institutions. Other factors that can justify inclusion on the watchlist include postings on social media or having a relative already deemed a terrorist. We are joined by investigative reporters Jeremy Scahill and Ryan Devereaux of The Intercept. Last week they published the secret U.S. document along with their new article, “The Secret Government Rulebook for Labeling You a Terrorist.”
Also
for all of the terrorists in this group, here are the things that make it so that you are not allowed to fly
https://firstlook.org/theintercept/article/2014/07/23/blacklisted/
The Financial Post article http://business.financialpost.com/2014/07/28/investment-trouble-brewing-for-u-s-dual-citizens-living-in-canada/ is in today’s newspaper.
Another misleading plug for the compliance industry. A non-tainted or uninformed Canadian reading this, without the on-line comments, could get the message that all FATCA opponents in Canada are Americans who haven’t been keeping up with their obligations to their home country:
“In conclusion, U.S. citizens living in Canada and currently exposed to the PFIC rules should take a look at using the new FATCA legislation as an excuse to introduce their tax advisors to their investment managers and have them work together to minimize the tax risk to their portfolios. It will make their stay all that much more enjoyable.”
An article out at the Financial Post, reviewing a new self help guide to “dealing with the realities of FATCA constructively”, which is written by a law firm (duh?) needs comments:
http://business.financialpost.com/2014/07/29/coping-with-fatca-law-firms-book-offers-advice-for-americans-living-in-canada/
An alternative from the other end:
http://www.newindianexpress.com/cities/hyderabad/Tax-Reform-Should-Focus-on-Transaction-Tax/2014/07/11/article2325126.ece
Would the moderators wish to highlight this as an alternative to the pedestrian CBT versus RBT mess? It actually could work!
http://www.zerohedge.com/news/2014-07-30/us-will-feel-tangible-losses-russia-prepares-unleash-retaliatory-trade-wars
There isn’t anything in this article which is directly FATCA related. It’s about some blowback from the antagonistic way the USA has been treating Russia lately. However, there is one sentence which caught my eye. I thought about the “consultants” down the road from Petros who I think he’d like to see banished to below the border.
“In addition, a Russian lawmaker has drafted legislation that might result in U.S. accounting firms being barred from doing business in his country.”
I say: WAY TO GO, RUSSIA!
I replied.
@Queenston, that link is disgusting.
Guess what Brockers, read this line of Shi* and think about it;
“It will make their stay all that much more enjoyable.”