Liberty and justice for all United States persons abroad

The Isaac Brock Society

Tag Archives: Tax evasion

Don’t these people remind you of yourself? OR Why the Panama Papers COULD work in our favour

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Today, the International Consortium of Investigative Journalists (ICIJ) released names of people connected to offshore accounts managed by Mossack Fonseca, the firm in question regarding the “Panama Papers.” From the moment I heard about this, I felt there was a strong possibility we could turn this bombshell to our advantage by emphasizing three facts:
 

  1. We have legitimate accounts in the countries we live in regardless of whether the US considers them “foreign”

    2.  

  2. We are strong contrasts (i.e., tax compliant/law abiding as demonstrated in our countries of residence) to those named in this debacle

    3.  

  3. Unlike those linked to Mossack Fonseca and specific criminal activity, there is nothing whatsoever to suggest those with US taint, living in their (“foreign”) country of residence, have done anything wrong

    4.  

No big thoughts here or grand revelations. Just three simple distinctions to be made and repeated over and over, until those who are so thick they cannot see past a cliché finally wake up. Doesn’t matter whether they are dishonest politicians/civil servants or your not-so-favourite Auntie in the States. They all are wrong, period. Maybe we just haven’t “come into our time yet” – i.e., we get it and have been fighting it but the rest of the world is just now catching up to us. We must keep this up. Part of the “given” in “what’s right always wins” is staying the course until “the wind blows your way.”

Prof. Haydon Perryman outlines of few of these folks here.
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FATCA Reciprocity Will Now Target Delaware? Is That What G8 Communique Means?

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G8 leaders agree tax evasion measures

Breaking news

Leaders of the G8 major economies have agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders.

They include requiring that shell companies – often used to exploit tax loopholes and invest money anonymously – identify their effective owners.

Governments also agreed to give each other automatic access to information on their residents’ tax affairs.

NPR’s, “All Things Considered”, Finally Does a Story on Offshore Tax Evasion Crack Down

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Well, not a perfect story.  But, any story at this stage, is better than nothing. It provides opportunity.

Tax Evaders Beware! Money’s Getting Harder To Hide

The narrative is fairly predictable, and while not wrong, the emphasis is NOT where I would like it. However, it is the conventional wisdom (CW) version, and arises out of all the partisan focus on Romney’s tax situation, Swiss Bank Accounts and the battle over his lack of tax return disclosure. (see preceding story)

FATCA gets a passing mention which is significant as  it is the first time since it was passed in 2010 that it has been uttered on NPR. Also, since this is only a 4 minute story,  I understand that they would not get into the peripheral issues that impact you and I.

Have a listen, and see what you think.  I am still pondering a 1200 character response on their web site. That is their limit. Now, the question is, how to use this opportunity to expand their understanding of a BIGGER story of unintended consequences on immigrants and expats.

U.S. Tax-Evasion Probes Said to Slow as Prosecutors Transfer

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The U.S. Justice Department has lost almost 30 percent of its tax prosecutors in the past month, slowing a U.S. crackdown on offshore banks that enabled tax evasion, according to four people familiar with the matter.

Two sources.  Bloomberg Story and this from Mainjustice.com Continue reading →