Petros explains to the Daily Reckoning audience why Americans are renouncing their citizenship.
Category Archives: Issues regarding US persons abroad
ACA Caucus Member Janice Schakowsky: Total Sellout to American Citizen’s Abroad
Here is what Congresswoman Schakowsky had to say vocally in support of Carl Levin’s son of FATCA legislation:
http://capitolwords.org/date/2012/06/06/H3505_motions-to-instruct-conferees-on-hr-4348-surface-t/
I would hope that everyone would support this motion to instruct because I think you probably know that nothing annoys American taxpayers more than the notion that offshore tax havens is a place for tax cheats to go so that they don’t have to pay their taxes that normal Americans, everyday Americans, have to pay to the government.
Transcript of US Congress debate on “Son of FATCA” legislation
I thought it might be interesting to post a transcript of one of the few limited debates the US Congress has ever had on anti expat legislation.
http://capitolwords.org/date/2012/06/06/H3505_motions-to-instruct-conferees-on-hr-4348-surface-t/
You have to scroll a little bit to get to the part where son of FATCA and passport confiscation gets discussed. The debate is very partisan with New York Republican Congressman Mike Grimm doing an admirably job of holding of holding off the socialist hordes so to speak.
Here is the most interesting quote from Texas Democratic Congressman Lloyd Doggett:
My little company down there in San Antonio that changes tires all day, they’ve probably never been to Switzerland, much less considered hiring a bank in Switzerland to help them hide their revenues that they worked so hard to earn and which some of these companies involved in these abusive transactions just consider to be rather routine.
Jet Li: Hero of China
Jet Li is easily the fourth most famous recent renunciant of US citizenship, after Eduardo Saverin, Denise Rich, and Superman. Details regarding his reasons and motives are scarce. But I doubt that anyone should be surprised or dismayed by Li’s choice to expatriate. He must be fabulously wealthy. Does his renunciation make him “despicable“. Did the United States make Jet Li a great actor and martial artist? Does he owe the United States perpetual allegiance?
Perhaps a little effort to understand is in order.
Last weekend, I watched the film Fearless in the original Mandarin with English subtitles. Jet Li plays the part of Huo Yuanjia, the historical founder of Jinwu Sports Federation. Early in the film, after the Huo Yuanjia wins a match, he celebrates with his friend and financier, Nong Jinsun. They are drinking from tea cups and Huo makes a face and says:
Huo: This tastes terrible.
Nong: It’s coffee. It comes from the West. It’s robust. Our country has grown very weak now. We are living in dangerous times. We need to regain our power and our strength. We have to learn from them, learn from the West. Otherwise, I am afraid our country shall continue its course. Continue reading
Brad Wall bashes Obama. Will he refuse to change Saskatchewan Privacy and Securities Law to Comply with FATCA?
Premier Brad Wall has criticized U.S. President Barack Obama, saying recent American economic and energy policies are not good for Canada.
“People think in this country, perhaps they do, that the Obama administration is good for Canada,” Wall told reporters Monday at the Pacific Northwest Economic Region’s (PNWER) annual summit in Saskatoon. “The facts say something else.”
Wall used his keynote speech at the conference as a rallying cry for improved U.S. and Canada relations, while decrying U.S. policies he believes are hurting free trade.
“When there is a recession, the sabres of protectionism start rattling and that’s what we’ve seen stateside,” Wall told reporters after the speech.
More:
Wall also cited a $5.50 tariff on passengers who enter the U.S. by air or sea as an “irritant.”
Read more: http://www.thestarphoenix.com/business/Wall+rallies+better+Canada+relations+decries+policies+Obama+administration/6942604/story.html#ixzz20qQaA800
William McGurn at WSJ, Joins Isaac Brock Hall of Fame..
Out tonight on the Wall Street Journal, this new story: Obama’s IRS Snoops Abroad
Who wants American partners when that means opening up the books to U.S. bureaucrats?
Within the United States, almost no American has heard of it. Save for the occasional article, it’s gone largely uncovered. And just like ObamaCare, the nastiest, job-killing aspects will not hit until after this November’s election.
This article deserves our attention, comments and circulation. It has only been online for about 2 hours and 8 comments so far, so let’s start adding them. 🙂
Canadian Bankers Association’s Maura Drew-Lytle responds to the Isaac Brock Society
The following response to the Isaac Brock Society appeared in a comment.
I am with the CBA and we have been following your discussion. We certainly understand the concerns that you have with FATCA. However, you seem to be under the impression that Canadian banks are planning to willingly go along with the FATCA requirements and this is certainly not the case. In fact, the Canadian banking industry agrees with your concerns and we have been and will continue to fight to change the extraterritorial reach of FATCA and lessen the impact it will have on Canadian banks and their customers.
We have information on our stance on FATCA on our website:
http://cba.ca/en/research-and-advocacy/47-regulatory-enviornment/598-foreign-account-tax-compliance-act–
Federal Government creates a stronger bank consumer complaints system
Hmmm, gearing up for FATCA implementation?
“The Federal Government has proposed a new regime for the handling of complaints by customers of banks. While banks are already required to have a consumer complaints procedure in place and to be a member of an external complaints body where unresolved complaints can be referred, the current system has not been satisfactory to many of the banks or consumers.” http://www.bankingfinancialserviceslaw.com/
Department of Finance: http://www.fin.gc.ca/n12/data/12-079_1-eng.asp
http://gazette.gc.ca/rp-pr/p1/2012/2012-07-14/html/reg2-eng.html
A new complaint procedure/policy for bank customers – coincidental timing? Or is our Canadian government anticipating the flurry of complaints when FATCA comes into force?
NDAA Blocked by Federal Court
Was anyone aware of this injunction (news broke mid-May) or did I miss a post since we discussed this in March (https://isaacbrocksociety.ca/2012/03/01/where-is-america-headed/)?
http://www.courthousenews.com/2012/05/16/46550.htm
http://en.wikipedia.org/wiki/National_Defense_Authorization_Act_for_Fiscal_Year_2012
Here is a PDF with the decision of the Court: http://sdnyblog.com/wp-content/uploads/2012/05/12-Civ.-00331-2012.05.16-Opinion-Granting-PI.pdf
Poll on Accounts Closed due to FATCA
Another experiment: please participate if you have time: Poll on accounts closed due to FATCA