This is first time I have seen any member of Congress go public on FATCA to their constituents. Excerpts:
Rep. Reichert Demands Answers on FATCA Implementation from IRS Commissioner
“Whether or not we agree on the approach that FATCA prescribes – which now allows the IRS to enforce the disclosure of personal private information about US persons from foreign companies – it is now clear that the implementation process of FATCA involves the IRS acting with an implied license to determine a new direction for global tax policy,” wrote Reichert. “I have talked with constituents, had discussions with international companies who are looking to comply, and many who wonder how successful these new policies will be in achieving their intended consequences.”
In the letter, Reichert, a member of the House Ways and Means Committee, asks Commissioner Shulman to provide information on how the IRS is taking into consideration the potential effects on U.S. businesses and persons when negotiating IGAs, and asks the IRS to provide information on these considerations as Congress looks toward comprehensive tax reform.
I find the “I have talked with constituents” to be quite interesting clearly there are a lot of people registered to vote in Bellevue/Issaquah effected by FATCA. He also has a link to the letter he sent to Shulman CCed to Tim Geithner.
http://reichert.house.gov/sites/reichert.house.gov/files/FATCA%20LetterFINAL.pdf
*Below is a link to Reichert current Congressional District. I believe it is about to change though.
http://upload.wikimedia.org/wikipedia/commons/1/10/United_States_House_of_Representatives%2C_Washington_District_8_map.png
*I can’t link to the new map but Reichert isn’t going to represent Bellevue after this year only Issaquah and east.
HOUSE WAYS AND MEANS COMMITTEE. Is yours there?
http://waysandmeans.house.gov/about/members.htm
maybe Donald Trump will announc FATCA as the big bomb Octsurprise tomorrow?
http://abcnews.go.com/blogs/politics/2012/10/donald-trump-octsurprise-add-interest-to-october/
Perhaps it would be better if Barack Obama were to voluntarily disclose his big own big bomb in advance. Then be subjected to a judgment from US citizens abroad who would determine his penalty based on his risk factors.
sorry to bring things off track, this letter is a fantastic development! Especially as it comes out of a big committee!
what is the theory that so many people there are affected by FATCA? Strictly Microsoft internationals? West-coast asian immigrants? Florida and NY city ought to have just as many—they are still sleeping.
@Mark Twain,
re; “In the letter, Reichert, a member of the House Ways and Means Committee,
asks Commissioner Shulman to provide information on how the IRS is
taking into consideration the potential effects on U.S. businesses and
persons when negotiating IGAs, and asks the IRS to provide information
on these considerations as Congress looks toward comprehensive tax
reform.”
Shulman seems to have the power to choose to stonewall elected officials and the Taxpayer Advocate whenever they formally request him to provide information. Apparently it is actually the IRS Commissioner who runs the US. He is actually President Shulman. It appears that he can refuse to respond whenever he feels like it. Did he ever reply to the letter by the Florida delegation?
from http://freedomandprosperity.org/issues/irs-information-sharing-regulation/#congress
Opposition from Members of Congress and Regulators
Boustany Letter to Secretary Geithner asking for correspondence
relating to determination that IRS regulation is not a “significant
regulatory action”
I am thinking to call and thank him.
Although Shulman is a jerk, it is because the house passed a bill with the Senate and Big Bomb Obama and they hired Shulman to be their enforcer. Reichert needs to change the law, then tell Shulman to enact the changes according to his job.
Reichert communicates to Shulman via his house, then legislation.
Of course, Shulman and GAO had recommended these laws to House in the first place, and Shulman loves his FATCA job screwing US citizens. He is indeed the big weiner.
The people on the list you gave should be looking into the mirror for solutions.
I don’t remember seeing that the other letters had mentioned that there are actually human beings who are affected by FATCA
Re Shulman and lack of transparency and refusal to respond to official requests;
See also http://www.prweb.com/releases/2012/3/prweb9264773.htm ‘Concerned Organization of Americans Abroad Writes to IRS About Unfair IRS Treatment of Americans Overseas American Citizens Abroad’ (ACA) has
written to Commissioner Doug Shulman of the IRS to express the
organization’s profound concern that he has not answered the Directive
issued by National Taxpayer Advocate Nina Olson.’
…..”In the letter, ACA also asks how many of the
reported 33,000 taxpayers who came forward under the OVDP have overseas
addresses and how much of the US$ 4.4 billion collected under the
program comes from FBAR fines instead of back taxes.”…….
Contrast the stonewalling, and the constant threats made by Shulman in the last few years, against US persons living abroad with his statement below about transparency and fairness, made in a 2010 speech in Toronto, Ontario, Canada:
‘Prepared Remarks of IRS Commissioner Doug Shulman to the American Bar Association’
IR-2010-98, Sept. 24, 2010 Following is a speech delivered by IRS Commissioner Doug Shulman today in Toronto, Canada.
….” I would like instead to focus today on transparency which is part of
our larger strategy to get to and resolve taxpayer issues more quickly”
I have been clear since my first day on the job that I thought
transparency and increased information flow were the key to the future
of sound, fair and efficient tax administration“….
compare his actual behaviours with his stated commiseration and concern with the complexities faced by taxpayers – only those INSIDE the US – described at great length in an address given at Harvard http://www.accountingtoday.com/news/IRS-Commissioner-Wants-Simpler-Tax-Code-60836-1.html .
Hope that Reichert as a member of the House Ways and Means committee can squeeze some transparency and accountability out of him before he slides away out of office, and thus out of reach. Glad to see that Geithner was cc’d, as they both sing the same tune.
*Ways and Means Chairman Dave Camp is threatening to subpoena the Treasury department over another issue.
http://waysandmeans.house.gov/news/documentsingle.aspx?DocumentID=311335
“Despite repeated assertions that the Obama Administration would be the most transparent in history, Treasury and the White House have continued to stonewall this request,” said Camp. “This investigation has led to more questions than answers, and it is time the Administration comes clean about the role it played in the slashing of the pensions of 20,000 Delphi employees. I understand the answer may be difficult to explain in states like Michigan and Ohio, but politics cannot dictate the timing of when the American people learn the truth. If the Administration fails to act in a timely manner, they may well find themselves on the receiving end of a subpoena that compels their cooperation.”
Shulman was actually appointed by Dubya.
An opportunity again for Schulman to prove there’s nothing too big to ignore, as he heads for the door. Exit, stage right!
Great link, Tim. So pleased that a politician from my state is stepping up. Alas I’m not in his district so what I did was send a mail to my rep in the Seattle area asking if he was aware of FATCA and its implications and could he please talk to his fellow lawmaker from Issaquah and get a CLUE. 🙂 No reply yet. I wonder if Mr. McDermott will answer. If he doesn’t maybe I’ll send my Mom to talk to him. 🙂
*I’m sure he’ll get the same answers as everyone else…absolutely NOTHING. Doug Schulman will just stonewall him. Unfortunately, that seems to be the IRS Modus Operandi. “Stonewall and Financially Punish”.
@mark twain
the Donald is still stuck on birther
@bubblebustin, well, hope to heck that Donald uncovers something. Maybe we can turn around and veto every single bill that “Robbin’ Hood” signed on the basis that his entire term was a fraud based on his ineligibility to be a Presidential candidate and that he has gotten into office illegally. That’s about the only way that we’ll get rid of FATCA now. Somehow I think even if Romney gets into office, he’s going to find some way to keep FATCA going.
I sat in an auditorium with Judge Scalia today, and he confirmed that Congress is confused. He explained how he was the last justice who was chosen to be a judge rather than a legislator. Here we have one of the most well-intentioned legislators in Congress who is asking the IRS to make legislation for the House Ways and Means Committee.
Just cross linking another blog post on Reichart that Badger just put up..
http://isaacbrocksociety.ca/2011/12/11/fatca-a-ticking-time-bomb-for-the-economy/comment-page-4/#comment-82166