This article by Bloomberg is their reporting on the submissions to House Ways and Means Tax reform. It has been mentioned in multiple threads here at Isaac Brock, and was highlighted at ACA, so thought I would pull it out for better visibility. It merits comments and email to the journalist. I did send them one to thank them for drawing attention to the U.S. Expat plight, and provided the link back to the anecdotal snippets from other submissions like those @AbusedExpat has been posting.
EU should just unilaterally impose this Financial Transaction Tax (FTT) on all US financial Institutions (USFIs for short) just like the US does with FATCA FFIs (foreign Financial Institutions) . It would be a fully justifiable “tit for tat” action, and have just as much legal standing as FATCA does.
They are such wimps to only hope ” that things can evolve,”
Just force it. That is the American way! That is the model they have been shown by the U.S of A.
If the USFIs want access to the EU financial markets, they have to collect the FT tax. Impose a 30% penalty on all EU source revenue if they don’t? That is a nice little tool, as we have learned, to force willing and enthusiastic compliance.
Then roll out an FTT IGA and call it a “bi-lateral” agreement. The FATCA Compliance Industrial Complex (FCIC) will report as that, and tell the world and the USFIs why they must comply. Journalist will just repeat the EU press releases about how the two governments have worked together in a mutually beneficial way to implement a FTT Treaty! Treasury will call it a Competent Authority Agreement (CA) and Congress will be told to mind it own business, as no input desired or needed.
Great idea indeed.
Just posted by Innocente here. It needs to be called out for special attention.
In the past most clients who renounced citizenship were green-card holders, dual citizens or those who had been living abroad for many years, Christensen said.
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