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.
@ Bubblebustin
One solution for US residents would be true amnesty. Bring your overseas money to the USA, no questions asked, no forms needed. Pay all taxes on earnings going forward. Isn’t that pretty close to what Vladimir Putin is proposing in Russia?
http://rt.com/business/211339-putin-address-assembly-economy/
That’s a great idea, Em. Imagine Putin offering a less draconian amnesty than the US…but I haven’t read anything saying his would eliminate the back-taxes.
@ Bubblebustin
I know the article doesn’t say “no back taxes” specifically but Putin stressed he wanted “FULL amnesty” and to me that means uncollected past taxes are forgiven. The main idea is to bring those deposits to the homeland and even if it is done without penalties, Russia still comes out ahead with all the future taxes to be collected and all the future investments in Russia which will ensue. Funny how Russia can let water run under the bridge but the USA has to put up a big damn dam and insist all the water is Uncle Sam’s water.
@Neill
What they did to u was awful & unfair… my dad said… when the family got the GC… we didn’t realize we got a counterfeit US citizen tag on our butts for life. To even add more salt to the wound… after u hired professional help… u had to do it yourself to save yourself…. did u ever think in your lifetime… u would know more about taxes then a normal person
@EmBee
Great idea that would never fly… how can the US say that their program works… plus immigrants have no voice because they can not vote… what politicians will help us if they get nothing for it… major problem is that when people hear the words *tax evading* everyone pictures rich on a tropical isle with no cares in the world… instead of the reality… low to middle class struggling to survive…
@US_Foreign_Person,
The green card treatment is such arrogance on the USG’s part. I learned so much going through it though that I feel like I could take on anything now. I actually managed to find a mistake in the tax reporting of a large bank. So during my OVDP I filed form 211 to get the rewards. I was accepted into the program as an official IRS whistleblower. My submission is still being investigated.
@Bubblebustin.
I pay way, way more than I get in benefits from the state. You see in order to give the majority of the US citizenship a free ride they only really the tax the top two fifths of the earners. If they elect Hillary (and I hope to be able to vote for somebody else) then I likely have to quit working because the taxes mean a good portion of my day is spent working for the government.
The USG should treat foreign tax advantaged accounts properly. That way say HMRC might not line up to steal the contents of 529’s or HSA right? That’s going to happen at some point. If you have a foreign mutual fund that’s normal in a treaty partner why should PFIC rules apply?
People change jobs and hence maybe countries when the opportunities arise. All this crap is a barrier to that. Economically speaking labor should go where it is most rewarded. Let people use their comparative advantage to enrich us all.
@US_Foreign_Person, and Charl, and everyone.
I have also felt the weight of the world on my shoulders with this Sword of Damacles hovering over my head. And there are so many layers. A government that I supported is willing to go to great lengths to destroy me. Long time friends who can’t seem to grasp that this is not OK and not something I deserve. And the outrage of being effectively banned from going to a country, that even though it’s no longer my country, still holds a lot of connections for me. Coupled with the fact of how stupidly happy I was before this all came up.
However, I am grateful for the knowledge I have gleaned from this site, and I only wish that I, myself, was able to contribute more useful material. I am incredibly impressed by the diligence so many of you have displayed, you guys really are my new heroes.
Whereas I understand the concept of ignorance is bliss, the knowledge I have obtained here has kept me from walking into at least a couple of buzz saws. It has given me the opportunity, at least, to take some of the sugar off the table. I was a sitting duck. It took me a lifetime to become financially secure, it really only took a couple weeks to become poor.
Bubblebustin quoted the question that I knew was waiting for me, “where did the funds come from in your FBARs?”. I grew up in the sixties when unconventional was all the rage, and we were encouraged to think outside the box. My financial life has been perfectly legal, but almost totally unconventional. Therein lies the problem. To the IRS unconventional means suspicious, and suspicious means guilty.
Anyhow, thanks again all. I wouldn’t wish these trials and tribulations on anyone, but it is comforting not to be completely alone.
@Neill
HMRC seems to be adopting a more sensible line: for undisclosed accounts, the penalty during the disclosure programme was twice the tax owed. The scary thing is that other countries are looking at the kind of dosh the U.S. has raised during its disclosure programme with envy, not realizing how unscrupulous the U.S. has been in getting those amounts.
In regards to certain emotions expressed in posts above (trying to stay positive here), I may say that IBS while being a form where such emotions may be expressed and shared, IBS is also about hope of delivering a greater degree of liberty and justice for all US persons abroad.
I may share that I too sometimes/often think that I spend too much time on issues here. Perhaps it is easier for me to say this rather than do what I say: take a day off or plan to spend more time on the enjoyments of life.
In regards to IBS and the issues at hand we may:
1) Spread the word of IBS with aim to recruit more members to the community
2) Spread the word about ADCS and Ginny and Gwen’s legal fight and need for donations.
3) Spread the word about the injustices of US CBT, FATCA, and FBAR.
@Calgary411
Re: Spreading the word:
Please consider IBS feature articles on:
1) Kijiji
2) Twitter
3) Facebook
The idea is to share ideas on how best to spread the word on these mediums and to share notes of participants on each. Three separate posts to bring focus on each.
JC,
If you or someone else can write up what you want in a post to cover Kijiji, Twitter and Facebook, I will post it for you. I don’t use any of the three and now think that someone else should do a write-up to convey the necessary information. I’m just not going to be effective formulating something. Put it into a comment; I’ll copy and paste into a post and remove the comment. I hope that works for you.
@Calgary411 I’ll have a go.
Title: Kijiji, Twitter, Facebook and other ways to spread the word through social media.
One of the unstated objectives of The Isaac Brock Community is to spread “the word” of the injustices of US FATCA, CBT, and FBAR; and about the efforts of ADCS and plaintiffs Ginny and Gwen, and the need for donations to ADCS. Speaking with family, friends and other US persons is one way. Writing letters, sending e-mails, and commenting on news articles or other ways.
Community members should share their strategies and tactics for Twitter, Facebook, and other medium. For instance, I may report that there are a dedicated few who are trying to keep the issue of US tax claims in London Mayor Boris Johnson’s Twitter timeline. Let’s hope he takes notice and applies some of what he learned on leadership from Winston Churchill. Even if he does not act with encouragement of these tweets, others who are tweeting the mayor may take notice.
I few weeks back I tried to contact Chris Hadfield by e-mail and Twitter to try to recruit him to the cause. There has not been a response (as expected). Yet I may report that all of his tweets to his 1.2 million Twitter followers are about science and space. None about politics. Perhaps this is the way he wishes to keep his brand Hadfield.
Kijiji: Free Classifieds in Canada. There have been enough comments on Kijiji over the weeks to perhaps have its own feature.
Our expat friend, John, at Café Moi wrote a good piece about “stupidity”.
https://cafemoi.wordpress.com/2014/11/19/a-new-world-orders-tax-system/comment-page-1/#comment-674
He concludes:
Thanks, JC. Will this work? http://isaacbrocksociety.ca/2014/12/07/spreading-the-word-with-kijiji-twitter-facebook-and-other-ways/
@U.S. Person Foreigner @Neill
Chinese webpages are suggesting that the Chinese, particularly the wealthy Chinese, are souring on the U.S. as an emigration destination because of all the gotchas in the tax code. Canada is now the preferred destination.
The U.S. depends on high-skill immigration. I find that young Britons are unpleasantly surprised to hear that greencard holders have to fill out U.S. tax returns they aren’t even in the U.S. That’s enough to get them rethinking. You don’t even need to go into great detail.
@Publius
The rich chinese that were going to the US are the biggest spenders…. they like real estate… not the million dollar or 2 kind… they set records on the amt they spend…. Canada has closed a program for new immigrants… lots of chinese were complaining about it… Other countries are smart… they are opening up their doors.. Australia & New Zealand have a program… if u bring X amount of dollars… they will fast track residence for them… Chinese want to freely move around …. They also want their children to have the best education in english… US is stupid in their movements with the investment areas…. orientals like to invest…. granny may look broke… but she may have tons of cash invested but if u make if difficult for her… she will invest in other market that are not the US…
Here’s a great read that I haven’t seen posted yet:
New York Times, December 7, 2014 — Why I’m Giving Up My Passport
The challenges facing expat Americans abroad would disappear if the United States taxed and regulated only those who lived in America. Sadly, American politicians don’t care about Americans living abroad. It is easier to demonize us as tax dodgers than to fix irrational policies that no longer make sense in an interconnected world. The founders agreed on “no taxation without representation.” Why can’t Congress?
@Calgary
Wow. Thats the New York Times! Has the unfairness of CBT finally reached mainstream America?
There have been more than one from time to time, Polly. From the past:
Brian Knowlton of the New York Times interviewed me and *changed names to protect the innocent* in this: http://www.nytimes.com/2012/05/11/us/11iht-expats11.html?pagewanted=2&ref=global. I was also interviewed and my kids and I part of an AP article by Adam Geller that was in many US papers: http://finance.yahoo.com/news/more-renounce-us-citizenship-deny-stereotype-162509477.html. Others at Brock have also been interviewed for such US news articles.
@Calgary411 So many years and still ongoing!
I put a comment in here, yet in moderation:
http://www.nytimes.com/2014/12/08/opinion/why-im-giving-up-my-american-citizenship-passport.html?_r=0
This article is none too recent but it does highlight how Streamlined is really “much ado about nothing”, (or as my lawyer said, “doesn’t give you anything you wouldn’t have without it”):
…”Does any of the above protect the USC residing outside the U.S. from an audit for any year a U.S. federal income tax return was not filed? The short answer is – NO!
Does any of the above statements in the IRS announcement mean that a USC residing overseas could not be subject to late payment or late filing penalties for not previously filing U.S. tax returns. The short answer is – NO!
Does any provision in the IRS announcement mean the FBAR penalties could not apply for failure to file. The short answer is – NO! See, When does the Statute of Limitations Run Against the U.S. Government Regarding FBAR Filings?
Does any of the above statements in the IRS announcement mean that a USC residing overseas can never be subject to penalties for not filing information returns regarding their non-U.S. international assets and “specified foreign financial assets”? The short answer is – NO! See, USCs and LPRs residing outside the U.S. – and IRS Form 8938
Why then, did the IRS issue such an announcement? Was it an attempt to present a softer message than the IRS announcement in 2011 ( IRS Fact Sheet FS-2011-13 – which enumerates various penalty concepts such as -2. Penalties imposed for failure to file income tax returns or to pay tax; 3. Possible additional penalties that may apply in particular cases; 6. Possible penalties for failure to file FBAR; etc.)?
This is another mixed message from the IRS, which is nothing more than how tax returns have been processed by the IRS over the decades; i.e., a taxpayer files a late tax return and it gets processed by the IRS (and the IRS may elect to audit any particular return, late filed or otherwise)”…
http://tax-expatriation.com/2014/05/02/why-the-so-called-streamlined-process-is-much-ado-about-nothing-legally-speaking/
Re: the New York Times article, which is quite well done:
A homelander named Ross Williams was the first to comment with the usual homeland BS. He has no clue that America was founded by “real Americans” who gave the middle finger to the Brits for “taxation without representation.”
Ross Williams wrote:
“I think the real question is what makes you an American. If you don’t live here and feel no responsibility for supporting the country, why would anyone care if you decide to renounce your citizenship? There are plenty of people in the world who WANT to be Americans. Many of them come here, contribute to the country and want to become citizens. Those are the real Americans, not the folks who inherited the moniker but seem to think they have no responsibility for the contributing anything to the country.”
Pushing the boulder up the hill continues.
@Bubblebustin,
It may well be that the streamlined would have been unsuitable for me. We were worried that the IRM was something the IRS could ignore completely. They could just chose to ignore it and throw everything at us if we opted out. Streamlined would have also covered all out compliant accounts like pensions which the OVDP carved out of the penalty calc.
No doubt we’ll get plenty of kneejerk comments involving “door” and “ass” from homelanders who won’t bother to read Mr. Tepper’s profile on his website which is linked in the about the author bit. This is not someone the US would want to be losing. He was a Rhodes Scholar. Assuming he was part of the US allocation while he was at North Carolina, that would make him one of only 32 per year from the US and about 90 worldwide.