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.
Need more news like this so people understand the green card dangers.
http://www.accountingtoday.com/news/liability-insurance/court-rules-alien-needs-to-formally-abandon-status-to-avoid-tax-72121-1.html
A German guys business sale was taxable in the US because he didn’t give up his green card in the correct way.
@Neill
Ouch. Thats going to hurt the german guy.
@Neill
People I know went back home or they split their time between countries… did not know that they had to formally give it up… We thought… once it was expired… it was over… most countries are like that… Never ever thought of finding out info like that… Never worried about it cause we weren’t citizens… who the heck knew… even if u don’t live there anymore & u are not allowed to live there now… u are a tax slave until u formally give it up… Talk about free money for the US off the backs of immigrants… who have no representation or voice about crap in the US. Try to find anyone who can help…all they care about is illegals… which I should have done… stupid me… I always try to do things legal… what has that gotten me… a tag of second class citizen in my home country & tax evader… who thunk
A little on some of the FATCA blowback coming to the USA: http://www.expressnews.com/business/business_columnists/david_hendricks/article/IRS-extending-its-reach-into-foreign-payments-5783802.php (or put search into Google News for IRS extending its reach into foreign payments).
Etc. (with examples)
Another willful “tax evader” (is it animal abuse?) — again RESIDENT in the USA: http://www.forbes.com/sites/robertwood/2014/09/27/hiding-assets-under-pet-names-looks-willful-even-if-youre-lionel-messi/.
Seems Canadian banks and the Harper government had best have other priority than searching for Canadians who are “US citizens who happen to reside in Canada” — http://www.cbc.ca/news/world/funding-isis-how-to-stop-cash-flow-from-countries-like-canada-1.2780258 !
… and food for thought from Michael Franti and Spearhead
I’m not willingly paying the US or Canada for more senseless bombing and endless war as the solution.
@calgary;
re the Woods article, he says “……Increasingly, trusts and companies are under fire…..”
http://www.forbes.com/sites/robertwood/2014/09/27/hiding-assets-under-pet-names-looks-willful-even-if-youre-lionel-messi/.
Since ALL Canadian (non-US) estates, and registered savings (RRSP, RRIF, RESP, RDSP, TFSA, PRPP) are considered foreign ‘trusts’ taxable by the US (RRSP and RRIF only deferred via proper filing of Form 8891s and treaty election) , this does not bode well for ordinary people deemed by the US to be UStaxablepersons – because all of our local accounts are held where we are – living outside the US. It is already unbearable to have all Canadian government registered savings plans treated as if they are equivalent to trusts formed to hide assets – which can never be said of ours as they are directly registered with our SIN tax numbers and with the CRA – as this FATCA comment letter of July 24, 2012 from the Registered Education Savings Plan Dealers Association of Canada (RESPDAC) attests to no avail http://www.cticompliance.com/assets/pdf/RESPDealers.pdf .
And it is increasingly offensive to read; “the Foreign Account Tax Compliance Act—is America’s global tax law.” . What? A US domestic law is now a ‘GLOBAL tax law’? Who will reign them in, as FATCA is making the US increasingly arrogant about asserting claims on taxing the entire world.
Thanks for those lyrics:
“We can chase down all our enemies
Bring them to their knees
We can bomb the world to pieces
But we cant bomb it into peace”
The US thinks might solves everything. And that the end justifies the means. Or just that anything which is seen to be advantageous to the US is justifiable.
@badger. Then why not comment on that article?
Has anybody given any thought to posting a question on Bill Maher’s Overtime? It looks like they’re taking questions from overseas now. I was just thinking that if a large group of us asked FATCA and CBT based questions one of the questions would have a good chance at being asked of the panel. Next week’s guests are Senator Elizabeth Warren, Ben Affleck, NYT OP-Editor Nicholas Kristoff, Ex-RNC Chair Michael Steele and Author Sam Harris. I’m not sure which of the guests will be on the panel for Overtime.
It doesn’t look like they get many questions. Overtime isn’t aired on TV, but is on YouTube and the Real Time with Bill Maher Blog.
I’ve never asked a question on Overtime before, so I’m not sure how it works or even if each week is an “Overseas” edition. Just inviting everyone to take a look at the blog and see if you think this is an opportunity or not.
Here’s the link to the blog:
http://www.real-time-with-bill-maher-blog.com/?category=OVERTIME
@Kathy
I think that is a GREAT idea especially if Warren is going to be on….
Maybe some of the many smart folk at IBS can formulate a crisp, to the essence question and we can post it. Maybe if we get a few many of us can post. I’m IN!!!!!
It says on the blog that short, clear questions are the best. Maybe if we can think about a number of different questions, but all around FATCA, CBT, the renunciation fee hike, the law suits…
I think it’s worth a shot if we can get Warren to say something on our behalf. She has the image of sticking up for the “regular folk” so maybe that could direct the wording of our questions.
“Does the Senator believe that it’s fair for a person who, through no choice of their own, was born in the US to non-US parents and lived only in the US for the first couple of days of their life to be required to file and pay income tax on their non-US income and non-US pensions?”
“Is the Senator aware of the recent Democrats Abroad report on the very negative affects FATCA is having on the lives of Americans living abroad and is she planning anything to help stop this law and support American citizens regardless of where they live?”
You get the idea.
The show is on Friday nights and I’m guessing they’ll put up the link for questions in a couple of days.
Rachel Heller is ruminating about FATCA again on her blog.
She posted this on Sept 21
http://rachelheller.org/?p=2584
And now this on Sept 28
http://rachelheller.org/?p=2598
I like to think I played a small part in Rachel’s awareness of the true facts of FATCA. However she obviously took the time to do a lot of research and she presents what she has learned very well.
No commenting here, but interesting that Finance Minister Joe Oliver will be in New York tomorrow http://www.fin.gc.ca/notices-avis14/2014-09-29-eng.asp:
@ charl
Well, it looks like it’s just you and me. I’m keeping an eye on the blog to see when they’re allowing questions to be posted. I’ve looked at a few of the past Overtimes and it seems that they pick questions which are short and not directed at one single person on the panel.
Maybe if we work together to decide which questions we want to post we can avoid duplication. I’m trying to decide what to cover as there is so much I would like answered, but I also know I have to keep it short and simple.
I’m looking at a few right now:
1. Due to the recent spike in renunciations of US citizenship, the fee for the right to expatriate has increased from $450 to $2350. Why can’t the US make the process simple (many countries have a mail in form) instead of trying to stop people of limited means from ridding themselves of a citizenship they no longer want?
2. I never thought I would support Republicans over Democrats on any issue, especially in the past decade, but with Dems still supporting FATCA even after its own “Democrats Abroad” group has pointed out the horrible effects of this extraterritorial law on Americans living overseas, I have to support the Republicans and their push to repeal this law. Why does the US insist on treating its citizens overseas so badly?
3. Why does America which feel they are right to tax its citizens no matter where they live and earn their money? They are already taxed in their country of residence where they earned the money and use services. And NO, the foreign tax credit doesn’t stop double taxation in many cases. The only other country in the world that does that is Eritrea, a dictatorship in Africa.
I would like to write a question about being an Accidental American, but I just can’t seem to keep the question short.
@Kathy
I’ve also been watching for an Oct 3 request for questions. NADA so far.
I am searching for something that might appeal to a US audience.
I was thinking of:
1. Her response to DA’s FATCA survey
2. Under FATCA/CBT Americans can no longer survive outside the US borders
3. Blowback stuff re BRICS, flight of capital…but this stuff is speculative, maybe a “no go”
I am hopeful that when the comments are open Brockers can inundate the site with questions maybe getting some attention. I think your #2 might speak to Missy Warren. Maybe include CBT with it? I’m thinking I might go with my #2.
@charl
It looks like they open for questions 2 or 3 days before the show. So by Wednesday it should be available.
I like your #2 question and I think you could add your #1 to it as the survey discusses those issues making life impossible outside US.
If you go with that, I’m going to try to combine Accidental American with the renunciation fee increase. Have to work on the wording to keep it short though. I’ll post when I think I have it.
@charl
Here’s what I’ll likely go with:
I’m a Canadian citizen and have lived, worked and paid taxes in Canada for over 50 years and I’ve recently found out I’m an “Accidental American.”
Why does the US feel it has any right to tax my Canadian income and retirement savings, to get my personal Canadian banking information and to charge me $2,350 to renounce the citizenship of a country where I spent only the first few days of my life?
Interesting! TIGTA says the IRS isn’t going after non-compliance with overseas tax payers enough. They mention something called a “Customs Hold” to determine when people enter the US so they can grab them.
http://www.accountingtoday.com/news/irs-watch/irs-falls-short-on-international-tax-collections-72147-1.html
I guess we can dream that Republicans take the Senate in November and pass RBT.
That’s the only thing that could stop them, that or a Republican president in 2016.
@Neill
I heard about that… also… if the IRS gets a judgment against u… u are crossing into other countries who are in partnership with the US… they will arrest u & have the US get u… There is a man in China who got a judgment of taxes… I think… in the US… he left… went to China cause he is a chinese citizen… he can’t leave… cause for example… if he goes to Europe.. Certain countries will arrest & hold him at the border for the US… not sure which countries… but its done.. Not sure of the amt was… must have been large… Cause he did seem he was living quite well… he wasn’t even hiding in China
‘Medici’ writes an interesting comment at the Royale Gazette in response to “EY experts: FATCA is only the start”:
I repeat: In 2001, at a lecture at Jesus College, Cambridge, I said the following: “What we are witnessing, has less to do with Financial Services, and is more readily the first salvos of the economic and political philosophy of the future. We are returning outwardly to the 19th century, in which large nations are always right – as Metternich said in the Napoleonic Wars – and small nations can only keep hopping about to keep from being wrong”. I said, the greatest tragedy to observe is that Caribbean nations are going to be exposed: They have pretended to have attained the apex of international credibility, and will find they are thought of as nothing more than minions. What is worse, it will be revealed that they do not really think much of themselves either; as they run hither and fro to capitulate to the ‘goal-post-moving’ demands of the larger nations; who are demanding we stop doing what they do with impunity, and even as they risk the health of the entire global financial system. There is another point: Nothing gives exhibition to this unlovely condition as to watch a country, capitulate and claim that this capitulation brings them the prestige of “compliance” when the true objective is not one’s compliance but one’s annihilation.
There is a double wrong here: It is wrong for G-20 nations to demand that small nations pass information on private clients who are not the subject of any proceedings, as a matter of course. It is unconstitutional in every respect. We are complicit for two reasons: We have – habitually – failed to make the case, and we have failed to design or redesign our financial centres to by-pass the service structures that compel the attention of our lawless sister nations, who suborn these unconstitutionalities, wilfully.
Professor Gilbert NMO Morris
http://www.royalgazette.com/article/20140929/BUSINESS/140929757
@Kathy
This is an excellent question – – clear & succinct. We can all hope someone takes notice!
@LM
Thanks. Took a lot of rewriting. I’ll cross my fingers that I can post it without trouble and then again that they choose it for the show.
@Kathy @All
I think it is most important that we try to get Bill Maher to focus on this. He can be like a dog with a bone if you can get him on your team. With having Elizabeth Warren on Friday night it is a purrrrrfect opportunity to hold her feet to the fire. She will be spouting the party line re stopping tax evasion, we need to address that. (I think some of our comments might be directed to educate Mr. Maher, maybe longer in format, so he can possibly discuss this during the round table part of the show. What do you think? Many of the previous comments there have not all been questions for Overtime.)
Here are my first stabs….please edit for me, please develop one for yourself, it would be great to have many:
1. Because of FATCA/Citizen Based Taxation a financial Berlin Wall has been created around America. US persons cannot survive outside of the US borders. Banks abroad are closing their accounts, they are not being hired, cannot save for retirement, cannot invest, cannot have a business. These problems plus others have been documented recently by the Democrats Abroad FATCA research report. The Democratic Party has made pariahs out of deemed US citizens living abroad, they will be voting accordingly.
(https://www.democratsabroad.org/group/switzerland/democrats-abroad-releases-fatca-research-report)
OR (to hit Elizabeth directly)
2). Most US deemed citizens abroad are Democrats. They along with their family and friends in the US will be single-issue voters next election as a result of FATCA and Citizen Based Taxation. The Republicans Abroad have launched a lawsuit against the US government to repeal FATCA and will work with the RNC to convert to resident based taxation, the universal norm. CBT will be a platform issue in 2016. The Democrats could well be handing the next election to Rand Paul if they fail to understand the disaster they have unleashed.
Or
3). Do the Democrats understand that the FAT CAT tax evaders will not be hurt by FATCA, they are long gone. This will only hurt low/middle class people who went abroad to find work or for a relationship. What the US is doing to these people is both illegal and immoral. Along with destroying families they have hit rock bottom by rendering the tax deferred accounts of disabled children useless. The mini-ambassadors you had out there in the world are now turning on you also.
Or
4). FATCA and CBT are destroying the lives of low/middle class US persons living abroad all for a projected return of 800 billion/year (once compliance costs are calculated they could even lose money), enough to fund the US government for 2 hours/year. Other governments have been extorted into complying with the 30% withholding penalty and have been forced to override their privacy laws. Bullying usually never ends well for the bully, no one outside of the US has any love for FATCA.
Or
5). Agree, tax evasion is abhorrent. If the world decides to follow the OECD exchange of information platform the US would have to either convert to resident based taxation or renege on joining. No other country taxes it citizens world wide, it is simply wrong.