Just came back from watching Transformers: Age of Extinction, in which Hong Kong is decimated in some kind of incomprehensible battle amongst resident-aliens, non-resident aliens and rogue agents of the US government. Silly summer escapist fare, right? Then again:
http://fortune.com/2014/07/07/taxes-offshore-dodge/
This guy sure is a piece of work. Big time financial reporter at Fortune Magazine.
Inverters don’t hesitate to take advantage of the great things that make America America: our deep financial markets, our democracy and rule of law, our military might, our intellectual and physical infrastructure, our national research programs, all the terrific places our country offers for employees and their families to live. But inverters do hesitate–totally–when it’s time to ante up their fair share of financial support of our system.
Inverting a company, which is done in the name of “shareholder value”–a euphemism for a higher stock price–is way more offensive to me than even the most disgusting (albeit not illegal) tax games that companies like Apple AAPL -0.64% and GE GE -1.42% play to siphon earnings out of the U.S. At least those companies remain American. It may be for technical reasons that I won’t bore you with–but I don’t care. What matters is the result. Apple and GE remain American. Inverters are deserters.
Even though I understand inversion intellectually, I have trouble dealing with it emotionally. Maybe it’s because of my background: I’m the grandson of immigrants, and I’m profoundly grateful that this country took my family in. Watching companies walk out just to cut their taxes turns my stomach.
I picked this up over the weekend and am not sure what to make out of it.
If this gets traction with the “Homelanders” then I guess RBT for individuals will have a very hard time.
Because after all …..
This is a Moodys Gartner analysis of how the new Streamlined Program may present problems for Canadian snowbirds. Timely advice given the new cross-border shared day count (which should be in effect but I understand delayed).
This blog is the first in a planned two-part series that analyzes the changes to the IRS voluntary disclosure programs, and is limited to analyzing the amended streamlined program. Part two of this blog will analyze the amended OVDP program and the procedures for delinquent FBAR or information return submissions.
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ConclusionIn summary, the recently amended IRS voluntary disclosure programs are positive for most taxpayers. Yet, significant uncertainty remains, particularly for Canadian snowbirds, which forces them to use the new 2014 OVDP if they wish to voluntarily disclose and, thus, provides a disincentive for them to disclose.
Cross post from MapleSanbox.ca: Angry Against America in London, ON, Canada
Thanks, Lynne for hosting and for Native American for speaking up on how FATCA affects his family and others, much more than monetarily!
Our Fourth of July Bash of FATCA and USA in London Ontario caught the attention of the local CTV station.They learned about the bash by one of my tweets and a link to Maple Sandbox.
It is fitting that the first public release and reading of the Maple Brock Sovereignty Alliance Declaration of Independence happened in a London named by United Empire Loyalists for the London that was home to the King who caused the Revolutionary War for very similar reasons.
We were the lead story on the 6:00 news and will likely be on the 11:00 tonight.
Here is Angry Against America;
Reporter Sean Irvine captured the story well. What would normally be a 90 second story was expanded to over three minutes. Sean reported on our plans to launch legal action and stressed we need $$$ first.
He also profiled our Declaration of Independence.
The following post appeared on the RenounceUSCitizenship blog. It discusses an issue which, if true, makes it impossible for Canadian citizens resident in Canada, who are also U.S. citizens to retain U.S. citizenship.
I intend to do a good bit of research on this topic (and I urge those of you with a background in this area) to provide comments. It is clear that U.S. citizenship-based taxation is a form of evil, the Exit Tax and FATCA are on a par with the most vile in history.
Furthermore, it is clear that the U.S. is using the taxation of “Americans abroad” to attack the “tax base” of other countries.
The claim/assumption that the U.S. has the “sovereign right” to tax its citizens in any way that it chooses is the same as the claim that the neighbor next door has the right to rape your wife. Of course that may be exactly what those Harper backbenchers actually believe.
Analysis suggests that Cdn retirement accounts of those Cdn #Americansabroad always subject to double taxation http://t.co/pkv1P95Zs2
— U.S. Citizen Abroad (@USCitizenAbroad) July 6, 2014
As a bit of fun in the Monday night program “Independent Nation,”John Richardson mentioned an old song “Indiana Wants Me.” I decided to ask our talented lyricist, Em, to re-set the words as she had done for our theme for the evening ‘Twas the Night Before Christmas FATCA.
What she has created describes our situation so well, I think it should become the theme song for all expat efforts to fight FATCA & the IGA’s, CBT & the discrimination against Americans abroad. It would be great if we could re-record it.
Just noticed, the singer-songwriter, R. Dean Taylor is a Canadian!
Parody of “Indiana Wants Me” by Canadian singer-songwriter R. Dean Taylor
(Sirens)
Now the U.S. wants me
Lord, I can’t go back there
Now the U.S. wants me
Lord, I can’t go back there
I wish Media
Had heard me
If a bill ever needed dying, it did
Congress had no right to say what they said about me
They were so cold and heartless calling ‘tax cheat’
Out there, FATCA is coming
I’ve been so tired of running
Continue reading
Friday, July 4, 2014
I saw the letter referenced below on Jack Townsend’s site and included Professor Christians in a tweet questioning the validity of the IRS’arguments regarding IGA’s. I am delighted to see she has taken this further and posted the following today on her blog.
Over at federal tax crimes blog Jack Townsend has posted a letter from the IRS to Congressman Bill Posey, in response to an inquiry the Congressman apparently made about the intergovernmental agreements (“IGAs”) to implement FATCA by other governments (instead of directly by foreign financial institutions, per the law Congress enacted in 2010). Treasury says:
“Your letter also asks about statutory authority to enter into and implement the IGAs. The United States relies, among other things, on the following authorities to enter into and implement the IGAs: 22 USC Section 2656; Internal Revenue Code Sections 1471, 1474(f), 6011, and 6103(k)(4) and Subtitle F, Chapter 61, Subchapter A, Part III, Subpart B (Information Concerning Transactions with Other Persons).”
The New Zealand round up has begun. Thought you might be interested in an email that account holders are receiving from ASB bank in New Zealand 🙂
Happy 4th of July…..
Read below the break.
Cross-posting from Maple Sandbox: The Declaration of Independence on this July 4th, 2014
In Solidarity, by Unanimous Declaration of Independence of the Maple Brock Sovereignty Alliance on this July 4, 2014 proclaims:
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
Changes from the original Declaration are in bold. It was stunning how applicable the original words were to the tyranny being applied to us today.
American founders would be outraged at what their country is doing–and proud of what their descendants are doing to fight for our unalienable rights.
Beautiful piece of work for this 4th of July, 2014, Lynne Swanson and GwEvil. Beautiful!
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Also cross-posting: “Let Us Renew Our Determination, Our Courage and Our Strength” to Fight FATCA
