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.
@Neill @StephenKish
Guys–was any announcement posted about the call w/the RNC chair? I didn’t see anything about it even though I regularly check the fatcalegalaction.com site, the RO page on FB, and have signed up to be on the fatcalegalaction.com mailing list. I want to keep involved but am not sure how I’m missing these updates?
http://www.wsj.com/articles/neil-gandal-why-does-uncle-sam-hate-american-expats-1418687615
‘Why Does Uncle Sam Hate American Expats?’
‘Foreign banks close U.S. citizens’ accounts rather than deal with the mess that Congress created.’
By
Neil Gandal
Dec. 15, 2014 6:53 p.m. ET
“It’s not easy to be an American living abroad these days, and some are even giving up U.S. citizenship. The reason is ill-considered legislation most people never heard of: the Foreign Account Tax Compliance Act………………”
Pay walled, darn, Badger. Sounds like a good one!
Patricia says not to reprint whole article: So here is part:
But data from Australia and the U.K. indicate that compliance costs for foreign financial institutions world-wide could reach $200 billion. And that doesn’t take into account what it costs U.S. citizens to comply with the law.
It’s time for Congress to carefully analyze Fatca and repeal the law if the costs outweigh the benefits. In any case, Fatca should be immediately modified to ensure that Americans abroad do not face the dilemma of either giving up their U.S. citizenship or not having modern banking services.
One good idea is to exempt Americans living overseas from filing an FBAR for financial accounts they hold in the country in which they reside. This would make filing requirements the same for all Americans: Report financial accounts on an FBAR if they are held outside your country of residence.
Further, as the American Citizens Abroad association notes, if these “same country” accounts were then not treated as “U.S. accounts,” foreign financial institutions would not have to report them. This would allow Americans abroad to have bank accounts in the country in which they live without giving up their citizenship. It would also greatly reduce the cost of Fatca to foreign financial firms.
DID YOU SAY $200 BILLION – implementation cost!!! Said by the WSJ, $200 !!!! BILLION must be true. I think they lifted in from Wikipedia.
However, I believe their conclusion is faulty at reducing FATCA costs as it still requires due diligence on all accounts.
http://money.cnn.com/2014/12/15/pf/accidental-american-expat-tax/index.html?iid=HP_LN&hpt=hp_t3
another accidental left at 7 prepared to pay $6000. Put up the web address. not too many comments yet and some are actually positive.
@JC and all
I was able to get this (& comment) via google news. it says wsj url on the reference but clicked and took me straight to the article.
Thanks JC for posting only the excerpts. I hope I was clear why: Brock must have the permission of the author due to copyright issues. It isn’t anything to do with me or Brock.
@Tricia Badger was there! on the cnn article. Badger is getting around lately.
Another article by Sophia Yan
http://www.kvia.com/money/meet-the-accidental-american-with-a-big-tax-bill/30247656
Sorry… Tricia posted the link before I did… can one of the admin take this out… So sorry…
@Admin & @US_Foreign
…suggest it be left in. So what if text is the same? US_Foreign’s link allows another opportunity for commenting (& educating).
@Neill
There’s a new commenter on another thread who could maybe benefit from your experience:
http://isaacbrocksociety.ca/2011/12/14/about-the-isaac-brock-society/comment-page-10/#comment-4806335
From one of the commenters:
I would add … except in Canada (and other countries) where a CONSERVATIVE is a person who calls SOME Canadians “US CITIZENS who happen to reside in Canada”.
Thanks for this, badger, and the links I see you’ve found regarding the costs to ALL CANADIANS.
Yes, DONATE, DONATE, DONATE people — please realize the importance of your support to http://www.adcs-adsc.ca/. The next deadline is fast approaching.
From the WSJ Expat Blog:
“Is it a straw in the wind?
Last week’s report on tax reform from the Republican staff of the U.S. Senate Committee on Finance has caused a flutter in the global expat community…”
http://www.wsj.com/articles/BL-272B-182
This version is not pay walled and has a one question survey at the end. After 2 votes (one mine) it’s 50-50 that the US needs to rethink how the US taxes it’s non-residents.
This article, like so many others, apparently misses the point that the root cause of the problem is CBT. FATCA is merely an exacerbating add-on.
The U.S. Ambassador to England Matthew Barzun points out on his Twitter feed (https://mobile.twitter.com/MatthewBarzun) that today is the anniversary of the Boston Tea Party:
@MatthewBarzun:
“On #ThisDayinSR in 1773 the Boston Tea Party accelerated American independence from you know who. Reconciliation also a great story.”
Contrast this with his comments regarding the Mayor of London (http://www.bloomberg.com/news/2014-12-09/u-s-ambassador-in-london-defends-facebook-over-soldier-murder.html):
“Challenged about whether London Mayor Boris Johnson, who was born in the U.S. and has American citizenship, should pay taxes he has been asked for in the U.S., Barzun said he couldn’t comment on an individual case.
“We have our rules and we expect people to play by them,” he said. “If you get the benefits of being an American citizen, you pay your fair share in taxes. That’s a general point about American citizens generally, not any specific ones who may or may not have been named earlier.”
Consider visiting his Twitter page and offering your comments. I did.
@Bubblebustin
I googled the title of the WSJ article and got in that way.
@BC Doc, from your article the US Ambassador, “If you get the benefits of being an American citizen, you pay your fair share in taxes.”
For a Canadian Citizen there is no damn “benefit being an American Citizen.”
For a Irish Citizen there is no damn “benefit being an American Citizen.”
For a Swiss Citizen there is no damn “benefit being an American Citizen.”
For a French Citizen there is no damn “benefit being an American Citizen.”
I could add another fifty with no argument.
It is dangerous to travel the world and be known as an American Citizen!!
Being called an American in 2014 is an embarrassment.
@IBS SWAT Team
Not only is WSJ running a poll, (currently more than 10 to 1 for rethinking the tax for expats), they are collecting opinion to publish. See Bubblebustin’s link above.
“WSJ Expat would like to know what you think. Email your views to expat@wsj.com and look for a ‘best of’ compendium of reader comments in coming days.”
@BC_Doc, as a fellow Irishman riddle me this……..
What tangible benefits does one have being considered an American that is of greater benefit than that from the Republic of Ireland?
Sláinte agus táinte!
Beannachtaí na Nollag
@Shovel Badger was there!
@All Twitterites
#BostonTeaParty Time to remember the anniversary and what it stands for.
Please come over here:
http://www.forbes.com/sites/robertwood/2014/12/16/20-really-stupid-things-in-the-u-s-tax-code/
Pingback: The Isaac Brock Society | *CATCA* or What could the Government of Canada do differently than *rolling over to the threat of US sanctions to their banks* and saying “Not ALL Canadians are protected by the Canadian Charter of Rights and Freedoms?
The Ukraine’s foreign minister is a US citizen:
“Jaresco, who grew up in a Ukrainian family in Chicago, has lived in Kiev for 20 years. She started her career in Ukraine distributing U.S. government aid to small and medium-sized businesses, then co-founded a small private equity firm, Horizon Capital, which has invested $255 million in Ukrainian companies. She has a few successful exits under her belt and an untarnished reputation as a thorough and enthusiastic manager, as well as a competent financier. She has no experience of the convoluted Ukrainian budget, however, and the finance minister will have to cut spending by about 10 percent of gross domestic product within weeks, a group of international economists recently concluded. Jaresko will need to learn quickly and act decisively in an unfamiliar, antiquated bureaucratic environment with elaborate, ritualistic paper-based procedures and lots of political traps.”
http://www.bloombergview.com/articles/2014-12-03/ukraines-truly-foreign-ministers