Category Archives: Issues regarding US persons abroad

Note the following comment from Steven Mopsick:

The law which requires U.S. Persons to submit worldwide income to US taxation must be changed. It is unfair, it makes no sense, and it has a chilling effect on commerce, jobs creation, and free trade. Perhaps more importantly, our world image has suffered enough over the last few decades. People over the world who have been on the fence about whether America has lost its mind can only be convinced with this new compliance initiative which removes all doubt.

Thought I would thank him in a more public way as follows: Continue reading →

Roger Conklin wrote:  Petros,  I forwarded your comments to a friend of mine who is much more conversant in the items you highlighted in your last post.  I am taking the liberty of pasting his response to me. He seems to think it is  more complicated.  His comments are as follows:  [My responses follow in blue] Continue reading →

This story is not new, but Alex Newman has written an interesting article about why it is wrong for Congress to give this power to the IRS:

Still, despite the travel “exceptions,” experts say the whole scheme is unconstitutional and represents a blatant violation of due process rights. “It takes away your right to enter or exit the country based upon a non-judicial IRS determination that you owe taxes,” constitutional attorney Angel Reyes explained to Fox Business. “It’s a scary thought that our congressional representatives want to give the IRS the power to detain US citizens over taxes, which could very well be in dispute.”

A financial expert also told Fox that the unconstitutional provision would apply to an alarmingly high number of people — especially in the wake of the economic crisis. And in the coming years, as jobs continue to evaporate and the value of the dollar continues to sink, more and more people will likely be affected by the travel ban.

IRS Would Revoke Passports for Alleged Tax Debt Under Bill

Thatisme has also found the following article:

No Taxes, No Travel: Why the IRS Wants the Right to Seize Your Passport

Regular readers of the Isaac Brock Society will probably not be among those who believe that it is inconceivable that the United States will attempt to forcibly annex Canada and that I am nuts for thinking it possible.  We are already suffering from capricious treatment at the extra-territorial hands of the United States.  Besides, I’ve only stated what is obvious from an historical point of view:  What does a nation experiencing severe financial difficulties do if it has a powerful military?  More often than not, it begins to plunder its neighbors.  Moreover, if something is inconceivable or impossible, it may have a 20% chance of coming true.

Continue reading →

Nigel Johnston has made a real comprehensive assessment of what it will take to implement FATCA, obviously something Congress didn’t bother with. When delving more deeply into its workings, there are more questions than answers and a growing frustration with the lack of guidance the US is providing for such a huge undertaking. Do we need any more proof how misguided and irresponsible FATCA is, especially with the current time constraints? I read elsewhere that to do a good job would take five to seven years, and the US wants commitment by 2013! Those 30% withholdings probably look pretty appetizing right now as they are almost within grasp.

Canada: More On FATCA … And More To Come: The Internal Revenue Service And Treasury Department Release Proposed Regulations

China unleashes the new yuan

WASHINGTON — In a shift that could lead to a reshaping of the global economy, China’s government has loosened the tether on its currency, signalling the determination of the country’s leaders to make the yuan a rival to the U.S. dollar

https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20120416/NWCHINAYUAN0416ATL