Victoria Ferauge is quoted in this Global News article out today, helping to dispel the myth of the wealthy US expatriate.
Young Turks Attack Americans Abroad
#FATCA attack: Bank card blocked to force answer: Are you #Americansabroad??
#Americansabroad in Belgium and FATCA law?, Antwerp forum http://t.co/vgwSccg6J9 – blocking bank card until USness disconfirmed!
— U.S. Citizen Abroad (@USCitizenAbroad) January 27, 2014
Article includes:
So my husband’s bank account was blocked and he couldnt use his card anymore. He went to his bank to see what the problem is. he thought maybe his card was not working right.
At his bank they told him that they blocked his account and that he couldnt get his money. They got their orders to block all US citizens accounts until they can prove that they dont owe taxes to the US.
Ottawa to share info collected at border
Border officials to share travellers’ info with federal government http://t.co/tKhehkYgns via @torontostar
— U.S. Citizen Abroad (@USCitizenAbroad) January 27, 2014
The article begins with:
Robert W. Wood Teeters On The Fence
Forbes’ Robert W. Wood is clearly feeling conflicted these days, as he asks:
Is Opposing FATCA Supporting Tax Evasion?
I’ll resist too much editorializing for now and simply urge as many Brockers and Sandboxers as possible to get over there and help Mr. Wood (and his trusty side-kick Lesperance) to get in touch with their inner consciences and come out forcefully on the right side of history.
There is nothing inevitable about FATCA except that our grandchildren will surely be reading about it in school some day. There is still plenty of time to change the course of history, as Nelson Mandela taught the entire world. This is hardly the time to give up, and methinks Mr. Wood just needs a bit more cogent and positive encouragement. Remember, we’re all basically on the same side, so let’s start getting it together.
Please Join Our New Meetup Group
Greetings to all,
We really got motivated by the Toronto meeting last Saturday (January 25) and are expanding our resoures to include our own Meetup Group.
Please join and it would probably be helpful to keep your same handle/moniker etc.
This is a good opportunity to help us get the word out to more and more of those who are stuck, or still don’t even know what is happening.
Thanks,
Tricia/nobledreamer
http://www.meetup.com/American-Expats-Abroad/events/162765622/
Nigel Green supports RNC’s FATCA repeal resolution
Nigel Green, CEO of the deVere Group, and a frequent critic of FATCA, calls the RNC resolution “a step in the direction of common sense”, as reported by Robin Amlôt in CPI Financial:
Republicans’ “common sense” fightback against FATCA applauded
The Republican National Committee (RNC) voted Friday to adopt a resolution to repeal the US law, which is purportedly aimed at cracking down on tax evasion. Green, whose firm has more than 70,000 clients worldwide, including many American expatriates, said, “The RNC’s vote to support the repeal of this damaging law, that was slipped into the 2010 HIRE Act and wasn’t reviewed properly by Congress, is a step in the right direction for common sense.
“I hope that this heralds the start of the critical review that FATCA should have already been subject to, which has not taken place to date; plus the start of a national and international conversation on this immensely important issue – again something, that has to date not yet taken place.
“The Republicans’ bold stance is part of a groundswell of anti-FATCA feeling in Washington and beyond and, to my mind, it represents real progress in the fightback against a law that has a host of serious unintended adverse consequences.
“FATCA is hugely expensive to implement – costs that will surely be passed on to the public – and highly ineffective. It will do little, if anything at all, to tackle the serious challenge of offshore tax evasion as it does not actively target tax cheats. Instead it relies upon a ‘dragnet approach’ to haul in the personal financial information of millions of ordinary Americans – the vast majority of whom are not suspected of owing taxes – on the off chance they happen across some illegally hidden assets.
“All Americans should be concerned about FATCA because it will reduce foreign investment in the U.S. thereby threatening American jobs, fuel the likelihood of tax hikes, increase consumer costs for dealings with banks and other financial institutions, potentially damage important international trade relations, and it will – and already is – turning American citizens who live and/or work outside the US, and American firms operating globally, into financial pariahs.”
The RNC’s vote to back a FATCA repeal follows Senator Rand Paul’s opposition last year when he introduced legislation, citing privacy concerns, to have parts of the controversial law scrapped. FATCA, which the Obama administration intends to implement from 1 July 2014, requires every single financial institution in the world to report all their American clients’ financial activities directly to the US Internal Revenue Service (IRS), or be subject to a 30 per cent withholding tax.
A Plea for Submission against #FATCA IGA Enabling Legislation in New Zealand.
February 3, 2014 UPDATE: Urgent:
Public submissions can be made from anywhere in the world. All that is required is a name, email address and phone number. But you will have to be quick as the link will be closed at midnight on Wed 5th Feb New Zealand time. (That is actually 3 AM the morning of Feb 5th on the West Coast of America.)
I hope you will find time to express your opinion to them. It is very much appreciated. The link is here:
http://www.parliament.nz/en-nz/pb/sc/make-submission/50SCFE_SCF_00DBHOH_BILL12926_1/taxation-annual-rates-employee-allowances-and-remedial (scroll down to “make an online submission”)
Plainly put, FATCA is more Stealth in New Zealand than in America.
Osgood has provided us good informational analysis of the pending Legislation for New Zealand to capitulate without a fight to the FATCA IGA.
This inspired a good article at The New American but nothing in New Zealand media. The last article I have seen is this at Interest.co.nz from November.
The Ministery of Revenue has NO IDEA OF THE COST of what they are doing, or HOW MANY U.S. PERSONs in New Zealand! Nor, do they or the Ministry of Justice seem to care. All they care about is finding a way legislatively to comply. Banks want their bailout, and the government is determined to give it to them, it would seem. Let ALL Kiwi bank customers pay the cost.
Osgood has recently sent an email plea for submissions from over seas, as when it comes to media coverage in New Zealand, FATCA is operating like a Secret CIA covert operation that the citizenry is unaware of.
See below for his request for help. Submissions are easy to do! They are due by February 4th, USA time. Continue reading
Excellent article by Jim Jatras worth forwarding to friends and family in the US
I am happy to call your attention to an excellent post by our friend Jim Jatras on his Repeal FATCA website. This post is aimed at Americans in the US, and I think it’s important for you to forward this link to any friends and family you might have in the US. Jim’s post is a calm rebuttal of the wild claims the Democrats are making that the Republican National Committee is committed to letting “tax cheats” off the hook, and in the vitriolic political atmosphere in the US, it’s important that calm, reasoned and moderate statements like this get some attention. He makes some very telling points about how this law got through Congress with no debate or committee study. Sounds sadly familiar in Ottawa these days, unfortunately …
The link is here
http://www.repealfatca.com/index.asp?idmenu=4&title=News&idsubmenu=146
Important email from Liberal MP Mauril Bélanger (Ottawa-Vanier)
The following information is important for several reasons. First, this correspondence was in French and is the first on FATCA that I personally have seen in that language. I think it is vital that Canadians understand the FATCA and IGA issues affect ALL Canadians no matter which of our official languages they speak (and no matter their ethnic or national origin). Second, M. Bélanger is a Liberal MP (from Ottawa-Vanier), and his response makes it clear that, even though perhaps Justin Trudeau either doesn’t understand the issues or can’t articulate them accurately and quickly on his feet, some of his caucus clearly do “get it.”
I am posting the following at the request of “Premier Juillet” and in consultation with him. I have met him in person. I am posting the original correspondence in French, followed by a translation of M. Bélanger’s letter as provided to me by “Premier Juillet.”
Premier Juillet wrote to me (Schubert): “I finally got a reply to my multiple reminders since a letter I sent in June to my Liberal deputé. I think it was worth the wait. They have done their research and I guess they had more to say because of the recent questions by Hsu/Brison. I hope they can now educate their Leader, and fast!
“Merci beaucoup Monsieur le député Belangé!
“Premier Juillet”