Further to Just Me’s “HR 2299 Calls for Withdrawal of FATCA IGA Reciprocity Tool (DATCA lite)”,
Blaze reports:
We’re not free yet, but check Maple Sandbox for breaking news out of Washington.
James Jatras is reporting a “death knell” for IGAs and possibly for FATCA
Maple Sandbox — It’s Official, No American Reciprocity
Thanks, James Jatras. Thanks, Blaze. Thanks, Petros. Thanks to every Brocker who posts and comments and has added to this important discussion. We stand together against what is not right!
From Maple Sandbox:
Do they really see that FATCA is not the panacea — at great cost all round, that it would not rope in the true tax evaders, just the small minnows — and more US collateral damage?
Now, if only the US would come to their senses and change to Residence-Based Citizenship… and if we could all live in peace in the countries of our choice, reporting our incomes and paying our taxes to and for the countries that give us our benefits.
Thanks to everyone for all the updates — and to everyone who has emailed their MPs in Canada and government representatives elsewhere. I sent this yesterday evening, perhaps a bit in haste as it could have been more couth. Couth is not what I was feeling.
Thanks, SwissPinoy.
I, too, got an error in trying to open the link. If you have further link, after the fact, let us know.
@Just Me, it will probably be listed here tomorrow:
http://www.srf.ch/sendungen/10vor10
It was only in German, though, and only had one former American in it. The best part was where he said that he wouldn’t hire Americans.
@calgary411, the direct link to live TV is here:
http://www.srf.ch/livestream/player/srf-1
I’ll use that one in the future, rather than the link listed in the streamer. 🙂
@Calgary411,
Not couth you say? WhoaIt’sSteve would have used the term ‘abrasive’.
I think you were amazingly restrained, considering the circumstances.
SwissPinoy: Thanks for mentioning this broadcast. It is now available on SRF at this link from 12:45 to 17:55 (in German and English, dubbed over in German):
http://www.srf.ch/player/tv/10vor10/video/10vor10-vom-04-07-2013?id=ebc769bb-4f84-460c-abb8-0308198bef85
The ex-American interviewed was also interviewed for a WSJ article and a USAToday article in 2012. He also stopped by IBS after the WSJ article was published. https://isaacbrocksociety.ca/2012/10/20/wsj-wary-swiss-banks-shun-yanks/
http://online.wsj.com/article/SB10000872396390444592704578062570295543436.html
http://www.usatoday.com/story/money/business/2012/09/27/american-expats/1594695/
Bravo @calgary.
Couth enough I think. Maybe more couth than they deserve at this point.
We have tried all that respectful tone and reasonable robust proof with foundational documents and evidence. I believe that nothing less than full and frank discussion of the facts on the ground are what we require from our Government – as is only meet in a true democracy. The Department of Finance has not been frank, or made anything like a full or honest answer to our legitimate concerns and questions. I don’t think any pussyfooting around at this juncture would make them any more respectful of our rights as Canadian citizens, or our Charter and Constitutional rights, nor their duty to serve and protect the interests of Canada as a sovereign autonomous nation first and foremost – rather than stonewalling us, and currying favour with a foreign nation – the US.
From: “calgary411”
Sent: Thursday, July 04, 2013 4:35 PM
To: Shoom, Kevin
Cc: Michelle.Rempel@parl.gc.ca ; Flaherty, Jim – HoC.CdC ; Prime Minister Stephen Harper
Subject: Re: The Unilateral US FATCA and Negotiations with Canada for an IGA to waive our rights…
Thank you very much for taking the time to reply, Mr. Shoom. I speak not only for myself and my family but for the many, many US Persons in Canada who will be impacted and second-class to any others in Canada – no matter where they may have been born or who their parents happened to be.
To show how punitive the US is, now there is proposed legislation (the Reed-Shumer Amendment, not law yet) which will give any person who has a Canadian (or any other country) Net Worth over $2 million (earned and taxed in Canada) (ascertained to he US by IRS Form 8854) and thus deemed a “Covered Expatriate” will have to prove to the Department of Homeland Security that they are not expatriating US citizenship as tax avoidance http://www.moodystax.com/renouncing-your-us-citizenship-new-law-may-keep-you-out-forever/. What a surreal new twist to the US’s punitive ways. Will this find itself tucked away in some other legislation as the Hire Act (FATCA) was?
What will our Canadian government do? Can we be part of this important discussion?
Best regards,
“calgary411”
From: Shoom, Kevin
Sent: Thursday, July 04, 2013 4:09 PM
To: mailto: “calgary411”
Cc: Michelle.Rempel@parl.gc.ca ; Flaherty, Jim – HoC.CdC ; Prime Minister Stephen Harper
Subject: RE: The Unilateral US FATCA and Negotiations with Canada for an IGA to waive our rights…
Dear Ms “calgary411”,
Thank you for the information that you have provided below. Your comments will be taken into consideration as we continue our discussions with the U.S.
Kevin Shoom
Senior Chief, International Taxation and Special Projects / Chef principal, Section de la Fiscalité international et projets spéciaux
Business Income Tax Division / Division de l’impôt des entreprises
Department of Finance / Ministère des Finances
Ottawa, Canada K1A 0G5
Kevin.Shoom@fin.gc.ca
Telephone / Téléphone (613) 992-2980 Facsimile / Télécopieur (613) 943-2486 Teletypewriter / Téléimprimeur (613) 995-1455
Government of Canada / Gouvernement du Canada
Read this carefully too.
http://www.ipolitics.ca/2013/07/04/canada-expected-to-accept-tax-reporting-deal-with-u-s-in-fall/
I also posted it to the FATCA thread.
“….While the Finance department has kept mum on the deal, people involved in the process in the private sector say the government has made an effort to prepare institutions for the burdensome reporting scheme by briefing insiders on the progress of the deal.
According to a May 14 letter on FATCA from the Credit Union Central of Canada found online, finance officials told industry stakeholders the deal would not be announced publicly for weeks after it had been signed.
“On May 2, Canadian Central was told by Finance Canada that negotiations are continuing; it will be several weeks before further information is available; and a public announcement may follow many days or weeks after officials conclude their negotiations,” Gary Rogers, vice president financial policy, wrote in the note.
Rogers also addressed the delay, writing that “it appears Canada is trying to extract more concessions that the U.S. intends to give.”………….
@calgary, if the comments reported in the article I just posted are true, the Harper government has been keeping those in the banks and financial sector aware of the state of negotiations – which they refuse to share with Canadian citizens and voters – demonstrating their contempt for the democratic process, the Charter, and our rights.
In addition, as they stonewall us, according to that article, they have no intent to tell us until “weeks” after any IGA is signed. http://www.ipolitics.ca/2013/07/04/canada-expected-to-accept-tax-reporting-deal-with-u-s-in-fall/
Using the wealth we have acquired in our countries of residence as a means to bar us from the US is the kind of perversion expected from sociopaths.
@ calgary411
I just sent an e-mail to my MP and believe me yours is more couth than mine. Let’s just say I expressed my dismay that the CRA and Canadian banks are likely getting a heads up on the secret FATCA IGA negotiations but those who are most adversely affected won’t be given a pronouncement of the done deal until the last minute. I gave him a heads up on the latest development about US “reciprocity” and ended with a mention of possible legal action against the Canadian government if it has actually sold out on FATCA.
I sent the info off to Swedish finance minister and also the Swedish bank federation. Was hard to not say “told you so”. Europe is like a cat in heat rolling over and waiting for a FATCA penetration — it might not stop them from signing the thing anyways — they have already shown what idiots they are, why would they want to stop now?
finance minister and all of the tax reps in the parliament — some of whom I have talked on the phone to no positive result.
@Swedish Citizen
Europe is going to be one sorry cat since the male cat rewards the female with a rather painful surprise at the end of mating.
I sent the links for Maple Sandbox and also the DeVere comments off to the Swiss Federal Council and some of the UK newpapers.
Senator Bill Mosey calls for FATCA moratorium.
http://www.accountingtoday.com/news/Congressman-Calls-FATCA-Moratorium-67342-1.html
I wondered if Michael Cohen would publish the letter. Click on it, and you will notice it is the download from Repeal FATCA. I sent him that link with a note, that this is one he would be interested in. He has consistently written about the FATCA reciprocity issue with the dispute between Congress and IRS over Bulletin 2012-20 that is the basis for DATCA lite. Good to know my email had impact. 🙂
It’s Michael Cohn and Congressman Bill Posey.. There is no Senator Bill Mosey
Well Duke, you got us both! Thanks for the corrections. Petros has still not provided us with the ability to edit quick typing mistakes, but there you go, we have you! 🙂
BTW…
In order to build momentum on attention to this effort, it is important that we email Posey in support of his position.
You can just do it on his web site…
http://posey.house.gov/
Also note these two additional french articles that will require google translate for the non french speaking folks, that’s me!
http://bit.ly/11vJeMY
Bill Posey, “representative” of the Florida Congress of the United States, threw a bombshell: his letter of July 1, Treasury Secretary Jack Lew puts into question the strategy of the U.S. government to implement FATCA. A strategy based on the conclusion of treaties with other countries, including Switzerland, to ensure their cooperation. However, according to Bill Posey, “these intergovernmental agreements (IGA) which have been reached are not authorized by FATCA or even mentioned in the law.” According RepealFatca a very active lobby, the letter of Bill Posey might be a “deadly blow” against the “misguided” law FATCA.
and this http://bit.ly/18IwSDu
The representative of Florida, the obligation of the Treasury is trying to impose U.S. banks to report data from their foreign customers, the model that FATCA requires banks around the world with respect to their U.S. customers is “expensive and cons-productive” The conclusion of the letter is clear: “it is clear that FATCA must be substantially amended or repealed and replaced by a system that penalizes tax evasion without at the expense innocent people.
Congressman Posey Rebukes Secretary Lew On FATCA
(Washington, D.C., Monday, July 8, 2013) The Center for Freedom and Prosperity announces its support for Congressman Bill Posey’s (R-FL) recent letter challenging Treasury Secretary Lew regarding implementation of the Foreign Account Tax Compliance Act (FATCA). In the letter Rep. Posey, a member of the House Financial Services Committee, expressed his deep concerns with regard to efforts of the Treasury Department to burden American banks with unauthorized and costly reporting requirements, and called for Treasury to halt implementation until the administration’s request for additional authority can be vetted by Congress. The letter, along with recent legislation introduced by Sen. Rand Paul to repeal FATCA (S. 887), provides further proof that Congress does not support the Treasury Department’s overreach.
@All
Friends: just as a reminder, it’s very important that people email in to Mr. Posey to (1) commend his July 1 letter to the Treasury Department to deny any new regulatory authority for FATCA “reciprocity”; (2) commending him for introducing HR 2299; and (3) ask that he push for including HR 2299 and FATCA repeal in any tax reform legislation. His email contact page is https://posey.house.gov/forms/writeyourrep/ . These members are very susceptible to public comments, pro or con, so endorsements from the public, even non-constituents, are vital. Thanks!
Jim
Thanks, Jim Jatras. I certainly wish I could thank Mr. Posey for his common sense approach in seeing what FATCA reciprocity will reap for the US. These members may be susceptible to public comments but they are not accessible to the US Person Abroad, even using a US address:
I too have had difficulties trying to email him support. I tried to send an email via the contact form several times, even by manipulating his email submission form with a florida zip code, (32905) and use Florida state drop down to try to get it to work. It did not. Does anyone have an actual email address?
Hard to support him when his form won’t let you. I almost went to google maps to find an actual address I could use, and then thought that there is probably a law against that so didn’t do it.
Here is just a quick message I was trying to send…
Dear Representative Posey,
I just wanted to let you know, that I have been following your efforts to reign in Treasury and the IRS with their misguided efforts imposing IRS bulletin 2012-20 on U.S. financial Institutions last year.
This regulation is the first of many reciprocal tools which create a domestic version of FATCA in America, or DATCA as I like to call it.. No way did Congress intend that FATCA would blow back on U.S. shores when passed in 2010, and yet that is exactly what is happening.
I have kept abreast of your efforts starting with your bi-partisan letter signed by the entire Florida delegation back in March of 2011 which was addressed to Obama. I never did see if you got a response, other than the continued IRS march to the misguided regulations.
The ideologues (FATCAnatics) in Treasury must be stopped before systemic damage is done to the U.S economy as well as the worlds. Their end goal of a Global GATCA has appeal to those in the tax fairness or justice networks, but it unintended consequences and collateral damage are too high for the meager revenue it would produce for the huge regulatory burden it imposes on all.
I very much support your HR 2299 and hope that you will be able to introduce a companion bill to Senator Rand Paul’s partial Repeal of FATCA, S.887
FATCA must be stopped or seriously modified before the damage is irreversible. America has unleashed a global Jeannie that might not be able to be put back in the bottle, unless the U.S. reciprocal DATCA is stopped.
This is especially important, as the FATCA portal of Mordor is supposed to open July 15th, with much apprehension and concern around the world about these draconian reporting requirements. Your letter to Sec Jack Lew was right in pointing out all the problems FATCA is creating.
Keep up the good work. Your efforts are almost enough to get me to move to your district, so I can vote for you!
Best regards