Politico’s Rachel Bade reports on the renewed efforts by Carl Levin and John McCain to pressure Senator Rand Paul into ratifying a long-delayed 2009 Swiss-U.S. Protocol that would allow the release of even more names of U.S. account holders at Swiss banks. As Bade reports in this excerpt,
Paul, a libertarian Republican widely believed to be eyeing a 2016 presidential run, says his hold stems from concerns about Fourth Amendment protections against “unreasonable search and seizure.”
“These are people that are alleged, not convicted of doing anything wrong,” Paul said a few weeks ago. “I don’t think you should have everybody’s information from their bank. There should be some process: accusations and proof that you’ve committed a crime.”
Paul’s protest is also linked to his abhorrence of the soon-to-take-effect Foreign Account Tax Compliance Act, which will force foreign banks to disclose U.S. account information to the IRS, and domestic banks to reciprocate to other nations’ revenue departments.
A Treasury official recently told Paul’s staff that FATCA “doesn’t work” without the treaties — though there seems to be disagreement on that point, even in the executive branch.
That sent up red flags anew to Paul because the senator has legislation to repeal FATCA and hesitates to support a treaty that enables a law he views as U.S. government overreach.
Read more: http://www.politico.com/story/2014/03/rand-paul-tax-swiss-banks-104148.html#ixzz2usQjnrMo
This article could really use some commentary from Brockers – I encourage everyone to get over there. This is Politico, and it’s a great chance to educate some more of those “rich tax cheats sitting on the beach” Kool-Aid drinkers.
I’m joining you over there as pastbeyond60. Unfortunately the chit-chat has really slowed down to pretty much nonexistent. Been trolling for a new article someplace. Nada so far.
@NervousInvestor,
Are you interested in clarifying things for exNY123.
exNY123 says: what does your nonsense in canada have to do with the swiss treaty that needs to be ratified by the senate?
WhiteKat says: Since you have already dismissed my comments as nonsense, I have nothing else to add. Carry on.
exNY123 says: really?
you spend hours arguing with anyone who supports the swiss treaty and when someone asks you to clarify what on earth your situation in canada has to do with the swiss treaty that needs to be ratified in the u.s. senate you won’t say?
WhiteKat says: If you want to understand how the Swiss Treaty relates to FATCA which is what has millions of ‘US persons’ throughout the world up in arms (Canada happens to have the most ‘US persons’ in the world) then listen to this informative podcast by McGill lawyer Allison Christians. It might help you see the connection.
http://directory.libsyn.com/episode/index/show/mljpodcast/id/2687838
exNY123 says:no thanks.
the only thing i’m interested in is getting the swiss treaty passed and getting u.s. tax cheats to pay their u.s. taxes.
and the swiss treaty being passed has nothing to do with your situation, it’s a completely different law unrelated to the swiss treaty.
@NervousInvestor, here is the link to the discussion between exNY123 and WhiteKat
http://www.politico.com/story/2014/03/rand-paul-tax-swiss-banks-104148.html#comment-1271668252
@WhiteKat – I’ll throw a comment or two at the exNY123 person. I think though that the Politico article has a weight of commentary positive for the anti FATCA position. Looking for the next one.
Just added to this exchange on Ploitico:
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d21clt • 2 days ago
Good for Rand! About time someone stepped up to protect American’s privacy rights. The IRS is corrupt and the feds can’t spend our money fast enough on garbage like wars, spying on us, etc. Thank you for standing up for privacy Rand!
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Zaoldyeck d21clt • 2 days ago
Cause everyone knows that regular ol’ Americans hide money in offshore swiss bank accounts. We’ve gotta protect those people, right? The rich deserve to pocket as much as they can without giving any back, so hopefully we can have the same income inequality as a country like Russia. Wouldn’t that be special?
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nervousinvestor Zaoldyeck • a few seconds ago
and sure ’nuff many reg’lar ol’ Americans as you call them do actually live around the world doing middle class jobs (actually jobs at all levels) just like you (I assume that you are not just bumming on the Taxpayers’ dime) – they marry folk in other countries and raise families there and often are dual citizens … and many are US veterans who marry a Fraulein or a Phillipina or some other lovely lady or vice versa … just like the folk who move to the USA from other countries … and those good folk also need bank accounts and mortgages and insurance and retirement savings and so on IN THE COUNTRY WHERE THEY LIVE or close by depending on circumstances since some countries may not be stable enough to enable long term planning there (check out the Ukraine in the news these days, would you blame otherwise law abiding Ukrainians that chose to have a private reserve account in the US or Switzerland just in case they have to flee in the night ?) … those folk also need PRIVACY sometimes not just for comfort but for actual safety (do you reckon that due to FATCA extremist sympathizers might get access to bank records in the Middle East and thereby identify which customers have US links? real smart, real safe) …. funny, huh, how real life works.
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Over at the MSNBC web site there is a place to “Speak Out” and create a group. (http://www.msnbc.com/speak-out). I’m wondering if this is an idea worth pursuing. This is a LEFT leaning, Obama adoring (as I was until recently) cable station that needs some enlightenment. If the groups name was something catchy akin to the title of this Rand Paul article it might attract some attention from the left. Again I reckon my naive hope is not to enlighten the yahoos who comment but the hope that one of the MSNBC anchors will grab the story. I’m a follower, not a leader, not terribly computer savvy and my brain cells are disappearing at an alarming rate so I’d need some fellow Brockers to help if you think this is an idea worth pursuing. I’m seeing this as a battle on two fronts, with both the Canadian government and the US, agree?
@all – and Darlene Hall
The following is an exchange from Politico that I have just commented on (I know the exchange covers three days):
Darlene Hall loretta • 3 days ago
nope I am just a retired widow who has time…you have time as well. Are you paid by whoever? I believe in fair taxation like resident based taxation that all countries do except the USA and Eritrea.
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loretta Darlene Hall • 3 days ago
Guilty conscience much, Darlene? WAS I talking to YOU?
Nope. Unless that is another faked up profile you use, which is often the case with republicans’ rubber crutches like yourself.
No–I work an actual job–I leave home to do it.
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nervousinvestor loretta • 3 days ago
yet you spend all day on the blog spouting trash? Hope you have been off the clock while doing that … or are you a time thief?
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loretta nervousinvestor • 3 days ago
Nope, not a time thief or a falsifier.
So which elected official’s office do you work in?
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nervousinvestor loretta • 3 days ago
None. I am a semi retired person living outside the US in the country where I was born. I have no vote in the US and do not wish one. Yet the US is pursuing policies which are hurting EVERYONE worldwide. FATCA is such a policy. CBT is another. Ultimately this is all going to hurt the US economy big time as the world avoids doing business with the US (as has already started in small ways and will accelerate as FATCA starts to bite over the next few years – it is presently scheduled to start in July).
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loretta nervousinvestor • an hour ago
OK, so–strictly big picture–how many people do you believe or hope will get all foamy at the chops over your obscure (and I believe anecdotal) quandary presented here?
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nervousinvestor loretta • a few seconds ago
Wellll …. at a guess you can start in the millions and go up from there as more and more people become aware of the implications and the effects on their own lives.
I just heard today that in 6 days from set up to closure the funds were raised to get lawyers started on a Constitutional challenge to FATCA in Canada … small donations and with donations in the mail advised but not yet received. The closure is temporary until advice from the lawyers that the next step funding is required. People are serious even though not many are wealthy. There are people watching worldwide who are just as vexed. The US needs to stop the extraterritorial stuff. Other countries and peoples have rights on this earth as much as Americans do. Track down your RESIDENT tax cheats WITHIN your own borders using normal tax and general law. Adopt the world standard that is RESIDENCE based taxation and stop partnering with Eritrea with CBT. That sort of financial “Berlin Wall” is not compatible with good relations with the peoples of every other country on earth.
FYI The Bank of Nova Scotia in Canada has already said that they have spent $100 Million getting their systems and so on in place to deal with FATCA … multiply that by the number of banks, insurance companies, mutual funds and other financial enterprises world wide and see a guess (highball in my humble opinion … but what do I know) at how much INITIAL cost FATCA is imposing on other countries including the poorest countries in the world. Then there is the ANNUAL cost of compliance (even if no tax is owing) that will drain the coffers of the entire world to no real effect save lining the pockets of the Compliance Industry (mainly lawyers and accountants) while chaining peoples feet. Given what is happening in the Ukraine right now … how much harder would it make it for decent people to flee looming oppression were Putin and his crew to have access to information on everyone’s financial records and accounts … worldwide – that would be the end result of a FATCA turned GATCA.
What is needed here is less cunning and more decency. More decency and respect for Sovereignty around the world … including within the US. More respect for the freedom of people and less mindless following of self serving political gangsters (of either the left or the right).
It is not in America’s interest to alienate friendly countries around the world yet that is the course on which America seems to have embarked. Very sad since America has done enormous good around the world in the last 100 years or so in many ways (despite the warts).
I am not young and so am not starting out in life to earn a living. I do not have a high cost lifestyle and really only want to live in peace. Yet I recognize that Martin Luther King Jr was a wise man. PEACEFUL protest is a necessity when faced with oppressive policies.
I want America to be successful and for Americans to be be able to achieve as they will … but not through oppression of the rest of the world (or even oppression of Homelanders). Fair Trade not Oppressive trade. Mutual respect not “how can I scam you today”.
I need to end. I hope that you will consider what I have written … not in an angry, aggressive, adversarial way … but in an effort to seek the win win circumstance for all.
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