I haven’t watched this video yet. Its just been posted. I have heard it was argumentative and Grinberg very much thought the IRS needed to crackdown on Canadian “tax evaders” who weren’t paying their fair share to their country of birth. This video is a MUST WATCH but you might want to have something to punch other than your TV or computer when watching.
http://mediasite.law.wustl.edu/Mediasite/Viewer/?peid=45a195b97d0f40c388b2dbbc9031a1291d
Not all of it is about FATCA and Canada so parts may be a little boring for most IBSers. Happy Watching.
Perhaps this isn’t must watch. A bit on the boring side.
Unwatchable.
Interesting – so for individuals doing what a US company does is tax evasion, but for the US company it is perfectly legal to just pay tax based on residence. BTW – the individuals are domestic US residents ‘hiding’ money overseas and not paying US taxes. No homelander can seem to understand that for a dual citizen in Canada and other Canadian resident/US Persons, a Canadian bank is not a ‘foreign bank’ – it is for them a local domestic bank. “International Tax Evasion”! Why can’t the USG just at least throw a bone and agree that banks in the country of residence of an overseas US Person are not ‘foreign’ and FATCA does not apply. That would go a LONG way toward resolving this issue.
While it is unlikely residence based taxation will happen in the forseeable future, we can at least hope that some sanity is applied to FATCA as it relates to non US resident US Persons. I would continue to urge the Isaac Brock Society to prepare now (resources, experts, money) to challenge any IGA in multiple forums/jurisdictions by way of class action suits and lobbying. Canada is a key country with its 1M US Persons and millions of others (e.g. Canadian spouses and Canadian companies) affected.
I watched most of it and didn’t hear any fireworks nor did I hear Grinberg say anything about Canadians at all. Will try to go back and catch the missed portion tomorrow.
They are talking about issues that involve a lot more than the effect FATCA has on us and though I can’t understand it all, I find it interesting. What’s clear is that bilateral is not working and if FATCA is “allowed to fail” the result will be a multilateral focus on how to tax.
I didn\t see much relevance, other than a bunch of people looking to find more money to tax.
(with zero interest in what effects happen upon normal schmucks. No balance, only that Money is being hidden everywhere outside of USA and it has to be found. “withold first and ask questions later” describes the mindset of the forum