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.
51 Nations Swap Offshore Account & Tax Data, FATCA On Steriods
Some Wood rehash, yet also 51 nations sign with GATCA. Comments open.
http://www.forbes.com/sites/robertwood/2014/10/30/51-nations-swap-offshore-account-tax-data-fatca-on-steriods/
JC, the US will not sign on because its the number one home of shell companies, nominee shareholders and nominee officers. Think Deleware, Nevada and Wyoming.
The rest of the world needs to retaliate with identical reciprocity.
Any US Company or resident should be subject to 30% witholding until the US signs on and ends its tax haven status.
JC, can you imagine the uproar if US Banks had to ask?
Are you an Irish Citizen?
Do you have a parent born anywhere on the island of Ireland?
Do you have any grandparents born anywhere on the island of Ireland?
New one from Mr. Wood pointing out out difficulties!!!! I think he needs some kudos for this one. (I certainly would have more venom if I was the author but he does “get it”)
http://www.forbes.com/sites/robertwood/2014/10/30/americans-renounce-citizenship-in-record-numbers-why-you-should-care/?utm_source=followingimmediate&utm_medium=email&utm_campaign=20141030
Another elephant in the room is: They’re looking for undeclared bank account because the depositors aren’t paying income tax on that money. Well, it’s one thing if the deposits are undeclared income in the first place…quite another when the “income” is interest on the money, which does not even keep pace with inflation. You’re taxed on your loss and you have a lot of nerve trying to keep that “income” secret. Get real.
@Tom,
They claim inflation has been low. That’s why the informational form crime takes away a portion of your balance! It’s a wealth tax targeted at a bunch of people nobody cares about.
FATCA phenomenon could be introduced into this article about US Persons (homelanders who are “millennials” ) awakening could be introduced into comments: http://www.cbc.ca/news/world/america-s-millennials-deserting-obama-democrats-poll-suggests-1.2818215.
Where it all began. DOJ goes too far for Swiss banks. “Stay tuned. This is going to get interesting.”:
“The Swiss Grow a Backbone
In September, the DOJ released the terms of the amnesty agreement to the Swiss banks. Seventy-three banks responded in a joint letter saying they would not sign the NPA as proposed.
It appears that the DOJ may have attempted to slide a couple of extra provisions into the non-prosecution agreement, including:
• Cooperate fully with the DOJ, the IRS, and any other domestic or foreign law enforcement agency designated by the DOJ regarding all matters related to the NPA.
• Assist the DOJ or any designated domestic or foreign law enforcement agency in any investigation, prosecution, or civil proceeding arising from or related to the NPA.
• Provide testimony as needed to enable the U.S. to use the information and evidence provided by the bank under the NPA.
• Provide the DOJ all requested information, documents, records, or other tangible evidence, not protected by legal privilege, regarding the covered conduct.
• To retain all records relating to its U.S. cross-border business for a period of 10 years from the NPA’s termination date.
• The agreement also describes the circumstances under which the DOJ may determine that a bank has violated the NPA and may be prosecuted.
The Banks’ objections are fairly simple:
1. Since when does the United States Department of Justice have the authority to make a foreign institution cooperate in investigations by other foreign governments?
2. The fact that the NPA contains language basically saying the DOJ reserves the right to change its mind and prosecute anyway. So, is that really a non-prosecution agreement or a license for a fishing expedition that may lead to prosecution anyway?”
http://taxconnections.com/taxblog/swiss-banks-unite-and-fire-back-at-the-department-of-justice/
@ Charl
I’m not quite so enamoured with Robert Wood as some Brockers are. To me he is somewhat of a Dr. Jeykll and Mr. Hyde when it comes to FATCA. One day it’s a scare mongering piece like this one …
http://www.forbes.com/sites/robertwood/2014/10/27/5-5-million-americans-eye-giving-up-u-s-citizenship-survey-reveals/
and another day something more sympathetic like this one …
http://www.forbes.com/sites/robertwood/2014/08/15/dear-mr-president-why-im-leaving-america/?utm_source=followingimmediate&utm_medium=email&utm_campaign=20140815
I guess as long as the views are up and the comments plenty, it’s all good for Mr. Wood. Remember Forbes pays its writers per view. FATCA is money in the bank for him, both as a journalist and a tax lawyer.
http://www.forbes.com/sites/lewisdvorkin/2013/03/18/inside-forbes-amid-the-finger-pointing-journalists-need-to-explore-new-payment-models/
However, Mr. Wood has undeniably kept the FATCA information lava flowing in the internet tubes but I do wish that he would quit the crocodile-tear replies to commenters and his faux surprise at being told of yet another bad side of FATCA or learning of yet another tortuous twist of CBT.
FATCA is bringing in viewership for Forbes and other websites. We have become victims for viewership, as well as victims for the bankrupt and morally bereft USA. Now that the FATCA monster has its damn 007 IGA license to kill it has suddenly become more newsworthy than before when we desperately needed someone, somewhere, to take notice and help us try to prevent the horror stories we sensed were in the making. I still remember how we all raced around the internet back in 2012 to find something, anything, addressing FATCA and the injustice of CBT. It’s not so hard to find something now but I wonder when FATCA will fade to black in the media, leaving all its ugliness front and center for its victims to struggle with on their own again. Gosh darn, I shouldn’t say victims because that apparently makes me a whiner.
Honestly, as I watch our valiant Brockers weigh in on articles and against ill-informed commenters I just want to weep that this came to pass … all because the US government took a plunge into the deepest chasms of its darkside. It is now devouring its own citizens, inside and outside the U.S. borders.
@ BC_Doc
Are you an MD Doc or is this just your handle. Wondering since it would be helpful if some medical doc out there might be willing to try to circulate info RE FATCA and the ADCS to the broad range of medical folks out there (some of them are US persons who probably would be +++++ interested.
Also, are you out in BC? Would you be willing to post some Kijiji ads about this issue (no need to rewrite, just copy mine)?
Whoever does alot of tweeting could tweet Russell Brand to ask or discuss the London mayor’s duel citizen . Perhaps Russell can find out if Boris is compliant or renounced . Maybe Russell Brand is unaware of FATCA. Brand has a huge following, around the world. And he is so noisey. As in loud.
@EmBee
VERY well said, couldn’t agree more. Yet I remain conflicted. There are upsides and downsides and we are the sorry souls in the middle. I am getting so bored with my own comments I could scream…over and over same responses over and over. Does commenting help…sometimes, maybe? I sure don’t know. Inch by bloody inch? I get fed up, need to get to my chores but I just can’t seem to let the ugly stuff coming at us just sit there without rebuttal. This has changed from a mild mannered old lady into a raging maniac, I should file a claim for the psychotherapy Stephen is going to have to provide. At one point he recommended psychosurgery is the only cure. I would then love FATCA and happily give the US all of my retirement funds.
@ Charl
Well I’m not bored with your comments and I follow you and WhiteKat (and others) around like a puppy, clicking on your up-arrows. I wish I could make a comment flow as effortlessly as you do. Good lord! Pyschosurgery? That sounds like a lobotomy. Guess that would cure the FATCA stress but I’d rather do it with ADCS. Keep on keepin’ on.
“Do not go gentle into that good night.
Rage, rage against the dying of the light.” — Dylan Thomas
http://www.poets.org/poetsorg/poem/do-not-go-gentle-good-night
A new post from our friend Mark Hubbard in New Zealand. Refers to the recent GATCA announcement but also tells the real truth of how FATCA will affect people.
http://lifebehindtheirondrape.blogspot.co.nz/2014/10/minister-mcclay-announces-formation-of.html
@Charl-
You might need a day off to recharge. I think EmBee and WhiteKat (and others) will give you a day off.
In terms of the great comments. I might suggest this: work on say three or four standard responses – have them ready to roll. It may be repeat to you but not to others. For some articles it is important to land an early comment.
I find what I think my best comments are when I read an article but them must go off and do other things and get back to it and having some thought about it. I find some that I am less proud of are the ones when I read the article, the blood pressure goes up a bit, then I feel compelled to respond when I really need to go somewhere/be somewhere in a short period of time – so then the time for the response get compressed.
How many times must we land a comment in on Robert Wood? That get’s a bit frustrating. Yet, all good when he had that title about the 5.5 million Eying leaving America, although the text was a bit of a let down.
Part of my objective is not just to land some good points to the article or a commenter but also to try to recruit those impacted to Isaac Brock Society. We must always mention the community. Also, plant the idea of donating to ADCS. Of late those who say something about the door on the way out, I may compliment them on their Americaness and also encourage them to support the American Constitution by donating to http://www.fatcalegalaction.com
Here is a chance to add our two cents re India struggling to sign. Their country is concerned about violating their own privacy laws….imagine that!!! How lucky we would be to have such a government.
http://economictimes.indiatimes.com/news/economy/finance/failure-to-sign-foreign-account-tax-compliance-act-with-us-may-affect-government-finances/articleshow/44988833.cms?curpg=2
ADCS tweeted this one: http://www.washingtontimes.com/news/2014/oct/6/rahn-taxes-fines-and-government-extortion/
A few weeks old yet it has relevance to FATCA and FBAR and CBT extortion.
Anti FATCA and CBT video: https://www.youtube.com/watch?v=cxWFkLsDnio&feature=youtu.be
@Charl
That article is probably one that isn’t worth commenting on, especially since you are feeling a bit weary.
I have been reading up on the India situation and it seems to be very different from what I thought it was. What some people in India want is the ability to say that specific individuals are under suspicion of tax evasion, but under international agreements names can only be made public if the person has had formal charges brought against them. Some people in India are unhappy because they think that not being able to voice suspicions about individuals makes it difficult to find out relevant information that could be used to draw up charges. In this case, oddly, it is the national politicians who are anti-privacy.
The financial reporting in India on FATCA has not been very accurate, consistently overlooking that it covers greencard holders and U.S. citizens in India, not just non-resident Indians, so I would imagine that there will be lots of unpleasantly surprised Indians. I would love to know what the governor of the Bank of India thinks of all this, since he was a long-term resident of the U.S. before taking up the post.
@Publis
Man, this is all so complicated. I actually thought, foolishly, I had a smidgen of understanding of what was happening in India and was rather excited.
As only 5 IGAs are fully in force at the moment might there be a ray of hope this will all blow up at the final hour as countries actually wake-up? Switzerland seems to be finding a voice recently.
As my mind wonders into speculating the possibilities of what might REALLY be going on out there in the world am I insane to think: The OECD data sharing proposal at the G20 might be a way of pushing back at the US? Indeed it is not an extension of FATCA but the antidote? (I keep hoping other leaders will form a coalition against FATCA. Does anyone know if other nations are contributing to the US lawsuit?) The US hasn’t signed on, neither has Canada for that matter, what would the world look like if all nations followed GATCA and the US FATCA? If FATCA wasn’t so abhorrent would we be more outraged by GATCA? India is heavily invested in US treasuries…could they pull them and not have the 30% withholding if they acted immediately? (Again, another hope one country will have a backbone and others will follow the trend). My questions are endless and naive.
I struggle and remain very childish on many fronts. I want to understand what is going on yet it remains out of my intellectual reach. I often wonder does anyone know what is really going on, is it knowable? This is both frustrating and terrifying. I want to believe in a fair and just universe and still have a modicum of naive faith this is so even though it is obviously not. I want to see the US punished for what they are doing yet that will hurt all of us. I pray other countries will pull their US treasuries, divest themselves of US assets, yet fear for Canada if that happens. Plus I know it never will which then sends me into a spiral of despair.
I am going to live under a rock. At the moment the only modicum of light for me are the lawsuits. I am starting to roll coins to find every single cent I can to contribute.
@Charl,
don’t despair. FATCA is part of the New World Order I am sure you all have heard these words before. Part of the plan is international taxation. To be in control of the money is to be in control of the world.
@charl
Is the truth knowable? Great question! Don’t go and live under a rock or chicken coop please, I love your perspective on things. Perhaps it won’t be as long as you think before you can get back to mastering those crochet patterns. Hang in there.
@Charl,
You crochet?
“Why some Americans abroad renounce US citizenship”
http://www.cnbc.com/id/102141113
Decent article making the point that homelanders consistently mis-characterize renunciation as evidence of tax cheating. Deliciously confirmed by the first two commenters, who prove the writer’s point by reflexively accusing him of being a tax cheat.
@Kat
Ya, before FATCA commenting bloodied my paws rendering them useless stubs! Before FATCA my energies were spent on growing the best corn in the universe and making baby afghans for the poor….the fun part of being old and retired. My largest dilemma was trying to sort out if turkey manure was better than cow manure! Who ever thought I’d be fighting for my financial life and be consumed by a hatred I never thought possible. The fact that I cannot tend my parents’ grave and what has been done to Calgary’s son, let alone all the rest of the garbage, sends me right into orbit. Reckon you just never know how your live will unfold huh.
The Chinese curse: May you live in interesting times.