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.
@Publius,
Brits distrust authority. We never think anything we have is the greatest. Quite the reverse in fact. We cringe each time we hear ‘leader of the free world’ and we can’t understand why anyone would be so arrogant to say that. I can see how the culture though makes this seem like a normal thing to say. I do think that America is a truly great country. They just lost their way a bit with these tax rules and that whole killing it’s people when abroad thing. And well a bunch of other stuff like locking people up with no trial.
Kenny just seems to think that the things of others can be taken for the greater good. Practically this ends up being for the greater bad.
Notebook: An American expatriate shares Boris Johnson’s tax pain
http://www.ft.com/intl/cms/s/0/456dec30-7372-11e4-a257-00144feabdc0.html#axzz3K7P5KJ8M
Chuck Schumer’s Cure for Democrats
http://news.yahoo.com/chuck-schumers-cure-democrats-183325336.html
“Harry Reid is still the Senate Democratic leader, but Chuck Schumer is unquestionably the party’s chief message man on Capitol Hill.”
“So it was a significant moment on Tuesday morning when Schumer, New York’s senior senator and a likely heir to Reid, called for Democrats to “embrace government” as they try to hold the White House and recapture control of Congress in 2016.”
Expats will be even more screwed if Schumer takes over for Harry Reid. Expat Democrats will have some real soul searching to do if Chuckie boy is in charge of the Senate.
Neill,
Here is a good opportunity for anyone who missed it to read this post again: Letter of a Canadian businessman to his dual U.S./Canada citizen son on the occasion of his high school graduation
NONE of us would have wished anything like this upon our children that are now US-defined US citizens.
Hints of an awakening by Michael DeBlis.
http://www.deblislaw.com/the-new-american-expat-more-collateral-fatca-damage.html?utm_source=November+2014+Newsletter&utm_campaign=MJD&utm_medium=email
Comments open.
@Shovel,
Very nice article. Thanks for that.
Nice article about Boris Johnson. Is The IRS A Force To Be Reckoned With By Boris Johnson? It will be interesting to see whether he will eventually renounce his US citizenship.
Response to the Charles Kenny nonsense over at The Daily Bell
http://thedailybell.com/news-analysis/35859/Bloomberg-Calls-for-a-US-Exit-Tax-on-the-Horizon/
@Eric s/b FATCA, which had made it…more difficult.. to..work for US and non-US corporations.
I posted a long time ago HMRC’s decision to make just having an overseas account that had unpaid tax a crime without need to prove intent. Some later commentary on that:
http://citywire.co.uk/wealth-manager/news/tax-crackdown-perfect-storm-brewing-for-undeclared-offshore-assets/a785926
Maybe some UK citizen other than this one can complain since they took my vote away from me.
The Swiss were just a warm up so they could work out how to go after a bunch of other countries banks later:
http://www.jdsupra.com/legalnews/november-2014-white-collar-litigation-u-29992/
I liked this bit:
>DOJ aims to target after Switzerland, including Singapore, Hong Kong, the Caribbean, and Luxembourg,
> all offshore jurisdictions with bank secrecy protections.
Keeping customers private data private is a bad thing.
Tax foundation has a decent article. They think reciprocity will be bad and the costs outweigh the gains of course:
http://taxfoundation.org/blog/fatca-automatic-information-exchange-and-end-financial-privacy?mc_cid=cfccfa1ac5&mc_eid=7b1c223547
No comments though.
Every year I think that this must be the straw that breaks the camels back. The IRS can’t cope with all the tax changes. They expect 5-6 million addition calls because of ACA and FATCA?!?!
http://www.forbes.com/sites/kellyphillipserb/2014/11/25/miserable-awful-delayed-commissioner-tax-advocate-talk-2015-tax-season/
@Neill
I am sure that your children will be fine, since they are living in the U.S. It’s us outsiders who have a hard time of it.
@BUK
The article says “Because Boris Johnson is an american RESIDENT” He is NOT.
Polly,
We’re *US residents for tax purposes*; I believe that might be the RESIDENT reference. Check that tattoo on your posterior. Just like the small print when you renew your passport if you’re forced to get one to travel to the U.S. — you willingly continue to subject yourself to U.S. chattel.
@calgary411,
I read it this way as well but it was strange. This is like the fact that I am essentially a citizen for tax purposes except if I die.
@Neill
So basically the US is saying…. our bank secrets are good… anywhere else is bad… so cough it up…. we will punish the world for their secrets.. rich should just hide the crap in the US… no one will find it there….
Neill,
…probably even after we die – through our estates (fancy words for what I will be able to leave my children, one *always* US-defined a US citizen born and living in Canada only).
@US_Foreign_Person,
Are you still in the US or left with a hanging chad (green card)?
@ Neill –
What makes you think that dying sets you free from the taxman???
@Neill
My parents thought it was a great idea when we were younger to get the GC for the whole family when it was easier to get & we kept it as an option… so basically we held it too long & kept the GC current… the exit tax and everything is very complicated, we would take a huge hit. We have lived in over 8 countries the last 5 yrs… Some of my family lives in the US… the elders go back & forth…. so its too complicated to just to give it up… We were lucky and only a few of the children are tax slaves… Each person’s situation is complicated & not the same. We paid taxes to each country where our funds were made, just in case people think we lived tax free… we did not nor are we rich… we went where there was work or for the adventure… US has been the only country that has created such a huge problem we have yet figure out how to dig out of
@US_Foreign_Person,
I never planned to come to the US. The UK was just fine for me. Then a big US company asked me to come for an interview. I thought I would regret not checking it out so I came. Then they offered me a job and I thought I would regret not trying it out. After all how many people get to live in two countries in their lifetime?
So I got the visa, then the GC and I really liked American. Then I crossed 8 years of 15 without every knowing it meant anything. Then the IRS took a bunch of my wife’s money earned when she was young in the UK while she wasn’t a US person. Invested in unprotected ISA’s in toxic PFIC because that’s a normal thing to do for 30% of the UK population.
Now I didn’t really want to leave but I don’t like the bars or the way I was treated.
@LM,
My point about dying is that I am essentially a US citizen for tax purposes. Nothing else. Just tax. Except if I die and my non-citizen wife inherits she isn’t allowed to inherit all out stuff without paying taxes like a ‘real’ citizen wife could. She is only a citizen when it comes to writing checks to the IRS.
@Neill
We have always been mobile… I warn everyone I meet… if we had known about this yrs ago… we would have done things differently… we never worried about taxes because we paid what was owed where we made it & we didn’t have that much… but saving & investment… we have been lucky… My biggest thing is… paying the US for something they had nothing to do with… 10K is barely anything… my toddler’s education fund has more then that from gifts… I could be hit for an account I had since I was a small child that I saved instead of spending… how the heck is that fair…