Updates April 23, 2017!!
First, here is the link to the live feed of the FATCA hearing on April 26, 2017:
Second the Democrats have selected Carl Levin Protege, Professor Elise Bean, as their witness in support of FATCA. Professor Bean is an interesting choice given that the focus of the hearing, in its plain terms is:
REVIEWING THE UNINTENDED CONSEQUENCES OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT
It seems to me that Professor Bean might be a much better witness if the hearing were for the purpose of:
CELEBRATING THE INTENDED CONSEQUENCES OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT
To glean some insight into the perspective of Professor Bean, read the account of her March 30 meeting in Washington with PANA committee of the European Parliament. In explaining the superiority of the U.S. approach to penalties and enforcement she noted:
Bean agreed with MEPs that the US is in a more advanced position than the EU when it comes to penalties and enforcement.
“On improving enforcement, there are three things you can do in the EU,” she said. “The first is to increase your fines – your fines at the moment are a fraction of what the banks are earning. Secondly, you should require that the company or bank admits liability. This opens the door for class action lawsuits. Thirdly, make sure that the fines are not tax-deductible. Taxpayers end up paying more than big banks when the fines are tax-deductible.
“In the US, we also use monitors on compliance. We have a monitor who will monitor the institution for a period of two years to ensure that the required changes are actually made. Make the banks pay for their own monitoring.”
Bean also informed the European delegation that there will be tax justice demonstrations taking place in Washington and 60 cities across the US on April 15. The protests will demand Trump releases his tax returns but will also call for ending deferral of corporate taxes and for action on shell companies, she said.
Professor Bean is a colleague of Professor Linda Beale of Wayne State Law School. Professor – through her own writings – is NOT sympathetic to problems of taxation-based citizenship and Americans abroad. She has distinguished herself as one who fundamentally believes that everybody with an undisclosed “offshore bank account” is (to use her words) a “scofflaw“. The professor, as well as a professor of tax law, is apparently also an expert in investing and diversification of assets as evidence by the following gem:
Now, there are at least two interesting things about the Romney’s stashing $3 million in a very low yield Swiss bank account.
1) There are better things to do with money. Even if you don’t mind a low return, you could hold that money in the US–helps the US economy more than in a Swiss bank, and is easily available without the transaction costs of getting it out of your secret Swiss bank account. Why would the Romney’s have a Swiss bank account with a very low yield? The Romney spokesperson says “diversification” but that doesn’t hold water. Makes one wonder where this money came from and certainly why it ended up in a Swiss bank.
And now back to our originally schedule broadcast …
Q. What do Ronald Reagan and Heidi have in common?
A. They both became disillusioned with the Democratic Party
When questioned about this, Mr. Reagan noted (referring to the period in his life when he was a Democrat) that:
1. He thought many foolish things in those days; and
2. In any case, he had not really left the Democratic Party. Rather the party had left him.
“Speaking of which my personal politics are being completely turned on their head, and I am in danger of turning into a former Democrat even before I turn into a former American. Because even though most of what the Republicans stand for makes me shake my head, the only ones who have caused me harm personally are the Democrats.”
This is also the road I have travelled, from a liberal minded, east coast, physician to a renounced EX American who would rather see anyone in the White house rather than the likes of the Clinton democratic mindset.
But honestly , does it matter what the social policies of the US are anymore? We don’t live there, our concerns should be just about their fiscal policies and the effects on US citizens abroad.
I am no longer an American . My concerns now are for my own country and their policies. If you are settled abroad in your other citizenship, then does it matter if you have second thoughts about being ‘their form” of an American Democrat? You can still be a Democratic socialist or whatever in your resident country. Let America go, it is an abusive partner in your life. Hoping for it to change doesn’t work
And now, an advertisement from Democrats Abroad …
— U.S. Citizen Abroad (@USCitizenAbroad) April 21, 2017