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.
Cross-posting: Wall Street Journal, Laura Saunders, August 30th: U.S. Fee to Drop Citizenship Is Raised Fivefold. Commenting is open and comments have started.
A reference to the exit tax. Time to educate them on how Schumer wants to beef it up:
http://www.jamulblog.com/2014/08/expatriation-tax.html
A nice article talking about both citizens and corporations leaving:
http://www.kentucky.com/2014/08/31/3405040_us-tax-system-driving-away-companies.html?rh=1
The Cost of Cutting Ties with Uncle Sam Soar, Tim Harper, Toronto Star.
http://www.thestar.com/news/canada/2014/08/31/the_cost_of_cutting_ties_with_uncle_sam_soar_tim_harper.html
‘The cost of cutting ties with Uncle Sam soar: Tim Harper’
“Americans living in Canada are in a rush to renounce their citizenship in the face of Washington’s invasive tax grab.”
And the folks at KPMG & the rest of the Compliance-Industrial Complex shed crocodile tears about regulatory complexity while they get to take a haircut from every mutual fund in India which is being threatened by the US with FATCA sanctions:
http://dc.asianage.com/business/mutual-funds-rope-kpmg-comply-new-us-tax-law-754
https://fatcalegalaction.com/join-the-fight/ now live.
@ Calgary411 May we highlight this website as part of an article for comment.
Attorney Bopp has issued a legal opinion on FATCA stating three constitutional claims, with strong legal merit, can be brought against the legal requirements imposed by the Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank Account Report (FBAR).
Yes FBAR!
According to James Bopp, Jr., “It is our preliminary opinion that the potentially meritorious claims are a violation of the treaty power, an 8th Amendment Excessive Fines Claim, and a 4th Amendment Search and Seizure Claim. . . . We believe that these 3 claims form the basis for a successful suit that would stop the damage that FATCA and FBAR have inflicted of U.S. citizens.”
The meat of the claim: https://abolishfatca.com/BoppFATCALegalOpinion.pdf
@JC
Although this is a really good thing, it doesn’t say anything about CBT versus RBT there. I found that very disappointing. I also found the stories of real people too mild. The only one that really hit home was Carole`s. They should have stories on there of people facing ruin by CBT/ Fatca. The way it stands, it makes FATCA look more like a nuisance than a real menace for people`s livelihoods. I think they should include anonymous stories, because the people too scared to talk openly are the ones who are really being affected in a terrible way.
Although unrelated to FATCA, I found this article interesting because it epitomises the problem America has with adapting.
http://www.thewashingtontimes.com/news/2014/aug31/germany_tries_to_bring_germanys_worker_friendly/
@Polly Your link is not working.
The legal action was not about CBT which would have been nice. However, it will take a swipe at FBAR penalties and raise visibility of injustices. An extension of the FBAR injustices will be stories like that of Patricia Moon who owed no U.S. tax yet could have been up for $455,000 in fines – this is all out of proportion to any “reasonable” amount.
The wording is not as polished as the Republican resolution to repeal fatca or the resolution to repeal CBT. Canadian Charter Challenge should be lawsuit Mark 1, against the Canadian government for the Canadian-U.S. tax treaty should be lawsuit Mark 2.
It appears visibility of the injustices is increasing. The Robert Wood article in Forbes about the raising to the U.S. fee for renouncement of citizenship has had nearly a quarter of a million views.
@Polly, the lawsuit is over matters that can be dealt with in a US Court.
CBT is likely constitutional from a US Law perspective.
From “our” perspective as in not being in the USA (Foreign Country), when a foreign country tries to impose CBT on citizens of another country, that is possibly illegal in that other country.
Hope that makes sense.
Regardless, if the US Penalty structure simply resembled that of Canada or most of the Western World, people would have little problem with CBT or any of this!!
If the penalties were simply lets say, 25% of the unpaid tax, no one would care because the tax is zero and 25% of nothing is nothing!!
In that scenario, ex-pats and the IRS would simply not care about form filings that generate no revenue.
Penalties based on tax owed is JUST, penalties based on form filing is UNJUST.
@Polly, another way to look at it.
How many Canadians are renouncing because of possible tax owed? My guess, nil.
How many Canadians are renouncing because of form penalties? My guess, majority.
As Bill Clinton would have said, “its the form penalties.”
@George
I thought that there were people who would be ruined by having to pay back taxes? I thought people were very upset because their pensions would be taxed? I thought Tricia would have been unable to pay the taxes owed due to the appreciation of her home? That she would have to sell her home because of this. And people were complaining of being unable to save for their future or invest properly with the double binds?
But whatever- if the penalties were of the tax owed- yeah- that would make sense. That would help a lot. It would be nice to have some sort of good news – some sort of victory to show the injustice of all of this. When is Bopp going to begin?
@George
“If the penalties were simply lets say, 25% of the unpaid tax, no one would care because the tax is zero and 25% of nothing is nothing!!”
Tax credits only apply to earned income. You are double taxed on all passive income and most retirement plans are not recognised by the US as being tax deferrable unless the country you live in has a tax treaty that addresses these problems.
You, like pretty much everyone else, had no idea how bad you are screwed up until now.
@ All. It is a lot more. Job prospects, starting a business, being considered for a promotion, & all that Polly mentions – overregulated and overtaxed, and over outrageously penalised. Yet the opposition all is a start.
I believe the U.S. lawsuit will give greater credibility to the Canadian one and vice versa. Legal action is the way forward. And even if the US change from CBT to RBT, the Canadian-US tax treaty, and all the tax treaties would need to lock this in to guard against future U.S. policy changes.
I am really waiting for the text of that Human Rights Complaint. I believe that this really has the potential to get noticed, especially by those who when they hear “tax” they fail to comprehend anything more and where jiving two tax systems in unfathomable. For how many decades have we heard the US speak out about human rights (and also the right for a peoples for self determination), and hopefully soon the boomerang will whack the government that threw it.
Too bad we are being diverted so from other pursuits by the USG.
@JC,
Warning on the fatcalegalaction website. When you try to donate you get an error (well I did) but it still charges your credit card. I wanted my second donation to legal action to be the stateside one since I live here and rarely do US persons abroad want much beyond CBT and that’s only a bit of the story and doesn’t affect me at all.
Isaac Brock mentioned in popular US news wire!
“The new amount is “more than 20 times the average level in other high-income countries,” according to the Isaac Brock Society, which describes itself as a group of “individuals who are concerned about the treatment by the United States government of US persons who live in Canada and abroad.”
Read Latest Breaking News from Newsmax.com http://www.Newsmax.com/Finance/citizenship-renounce-passport-united-states/2014/08/31/id/591891/#ixzz3C51iJ059
Urgent: Should Obamacare Be Repealed? Vote Here Now!
Other interesting speculation into reason for fee increase:
“Instead of facing the problems directly, the Obama Administration has resorted to punitive measures. The shame and blame tactic of calling out businesses who wish to relocate as “unpatriotic” was undignified. Perhaps realizing that using the same strategy with individuals would be even less well received, they went the more quiet, direct route,” the CFP’s Alan Joel wrote.”
More uninformed prattle. Comments apparently open.
http://www.moneyinternational.com/tax/fatca-really-making-americans-give-passports/
“It’s time the myth that the controversial US Foreign Account Tax Compliance Act (FATCA) is forcing Americans to renounce their citizenship in droves, was addressed.”
FATCA resistance is futile:
http://taxconnections.com/taxblog/10-facts-about-fatca-a-law-that-is-changing-banking-worldwide/#.VAXuX2K9KSM
Michael DeBlis, III – what a great guy. His bio says he’s a former public defender who hasl has defended the poor, the forgotten, and the damned against a gov. that has seemingly unlimited resources to investigate and prosecute crimes., that he has spent the last six years cutting his teeth on some of the most serious felony cases, obtaining favorable results for his clients and knows what it’s like to go toe to toe with the government. In an adversarial environment that is akin to trench warfare.
But absolutely no sympathy for FATCA’s destruction of expats lives. We are unworthy of any consideration. The US is right to do this, FATCA is powerful, and the big stick is absolutely reasonable. It is surprising, given that the Thomas M. Cooley Law School that he attended is in Western Michigan, that he has so little understanding of cross-border issues; and, given that he (looks) so young that he has so little sense of professional movement and international life in the 21st century. Will any education via comments make a difference? I doubt it. He is a red-white-and-blue clone who sees his fellow citizens as whiny brats who are worthy of this admitted bullying to fall in line.
You can take the boy to university, even law school, but that doesn’t mean he will leave high school…..
Here you have it. Five things the IRS will NEVER do:
1. Call you about taxes you owe without first mailing you an official notice.
2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
4. Ask for credit or debit card numbers over the phone.
5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.
http://taxconnections.com/taxblog/tax-scammers-alert/#.VAX-A2K9KSM
@Bubblebustin,
6. Payback any money they have taken even if they have to admit their previous programs were too harsh.
@Neill
You mean after you’ve signed a closing agreement, don’t you? There are apparently some who’re getting penalties back after opting out of OVDI into Streamlined.
What the IRS won’t do is readjust their figures as to what their amnesty programs brought in with these penalties are reimbursed.
From Barrie McKenna, The Globe and Mail today: http://www.theglobeandmail.com/report-on-business/international-business/us-hits-citizenship-renouncers-with-hefty-fee-hike/article20308580/
Yep, venting our anger…
http://www.iexpats.com/us-expats-launch-fatca-legal-challenge/
Commenting open.