I found an interesting video this evening describing the debacle of Margaret Thatcher’s famous poll tax back in 1990. I found a lot eerie similarities between Thatcher’s tax policies back then and what is going on today with US FATCA, FBAR, increased enforcement of citizenship based taxation et all especially the stubbornness of both Thatcher and the US political establishment.
This does give a pretty good visual overview of what a real tax revolt is like.
I wanted to post that a fairly prominent US tax law professor and new blogger Allison Christians is becoming the H. Heward Stikeman Chair in Tax Law at McGill University. From reading her blog she appears to be moderately pro FATCA although perhaps not as strongly as some other US tax profs I have seen out there(She is more pro information sharing citing the current US Canada agreement as an example). She has three blog posts I suggest you might want comment on. I have put links below:
http://taxpol.blogspot.com/2012/03/countries-dont-help-each-other-to-tax.html
She discusses the current US Canada information sharing arrangement in the above post and discusses DATCA
http://taxpol.blogspot.com/2012/03/international-tax-gangsters.html
General post on offshore evasion
http://taxpol.blogspot.com/2012/03/netherlands-to-share-more-tax-info-with.html
Discussion on the Netherlands joining the FATCA five agreement
Prof. Christians is almost certainly a US Person. Hopefully she will be enjoying filling out all those FBAR forms upon her arrival in Canada. Note: lets not get too nasty. Who knows Prof. Christians might be a Canadian citizen in a few years time.
Busy night here at Isaac Brock Society but we have a response up from Government/CRA on their position on FBAR. Somewhat legalistic language and a lot of information we already know but I want everyone to take a look at it. Key points: IRS ADMITS FBAR is NOT a tax and IS UNCOLLECTABLE in Canada and CRA has NO obligation under the tax treaty to help the US enforce it against anyone on Canadian territory.
Some of the regulars over Jack Townsend’s blog may want to pass this along
Just saw this. Congresswoman Carolyn Maloney of New York City sent a letter to Tim Geithner requesting he start a FATCA and FBAR education campaign for expats. For some reason I don’t see this happening either and I think Maloney knows that too. I will note Maloney is becoming pretty powerful among House Democrats only a few ranks below(and supposedly a close personal friend) of Nancy Pelosi. I think perhaps pressure could be more successfully applied to US House members than Senators who are imbeciles led by Reid and Levin.
I just noticed the government responded to a written question request from NDP MP Hoang Mai on FBAR yesterday. However, I cannot find the actual text of what the government’s response was anywhere on Hansard. Anyone have any advice where I should look. This is the link below to yesterday’s journal.
Just Me has been asking to find out whatever I could about “US Persons” in Australia and New Zealand. I have to admit I don’t much about Australian or New Zealand politics but I knew enough to recognize the name Kristina Keneally (who in Canadian terms would be the Australian equivalent of Dalton McGuinty or Mike Harris). I literally though fell off my chair when I discovered that Keneally in fact was born the United States and renounced her US citizenship in 2000 upon becoming Australian (Australia banned dual nationality until April 4th 2002).
Two prominent members of the European Parliament Sophie in’t Veld and Sylvia Goulard have recently raised concerns to the EU Commission over the FATCA five agreement the US signed with five EU nations. Link below to their written request to the EU Commission.
http://www.d66.nl/intveld/document/wpq_fatca/f=/vixnlqmqvwm5.pdf
According to the Hill magazine a “son” of FATCA proposal by Carl Levin is heading for Senate approval as soon as today. Link below:
Key features:
Credit and Debit cards issues by non-FATCA compliant banks such as Canadian credit unions will not be accepted in the US anymore.
Update: Son of FATCA proposal attached by to Highway Bill by voice vote. Will try to provide more details. Absolute Disgrace.
Further Update: The amendment is so new it doesn’t even show up on the Senate website yet. Bill still far from final Senate approval. I should note that while I am not an expert on US politics I seem to have heard some place that the main sponsor of the Highway Bill California Senator Barbara Boxer earlier had indicated she was opposed to any non transportation related amendments being made to this bill. The US Senate won’t be in session until Monday so we should now more about what actually passed by then. I do feel though that for those of you still involved in US politics and American Citizens Abroad this might be a good opportunity to make a stand. Given the large number of expats from California this might be a very good opportunity to put some pressure on California Senator Barbara Boxer.
I found some interesting comments in Hansard by Halifax MP Megan Leslie on FATCA made on Febuary 27th. They actually came up in the context of Canada Panama relations discussing how the US was claiming to go after tax havens such as Panama using legislation such as FATCA but instead FATCA is being used to go after lawful Canadian citizens. I have posted the comments below:
Interesting article about FATCA and Lebanon linked to below. Same old story. FATCA compliance incompatible with Lebanese privacy law. Some discussion of changing Lebanese law but Lebanon MP’s yet to be informed of this. Some discussion of Lebanon trying to join a block of other countries unhappy with FATCA. Perhaps Flaherty needs to ring lead. Interesting quote:
