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.

Continue reading →

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.

Continue reading →

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 →

http://www.vancouversun.com/business/Wall+rallies+better+Canada+relations+decries+policies+Obama/6942604/story.html

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

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–

Continue reading →

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

Another experiment: please participate if you have time: Poll on accounts closed due to FATCA

I came across this today over at the ACA web-site.

[Editor’s note] In this post, ACA cites a law article:

Professor Allison Christians, of McGill University Montreal, has published in the July 9, 2012 issue of International Tax Notes an excellent article on FBAR and FATCA filing entitled “Could a Same-Country Exception Help Focus FATCA and FBAR?”