Cross posted from RenouceUScitizenship
Last night I watched Fareed Zakria host a very interesting show:
Immigration lessons for the U.S. from around the world
Mr. Zakaria – Thank’s for a job well done! I assume the Podcast will be available soon.
Continue reading
And how Canada “cherry picks” immigrants from around the world.
‘Fareed Zakaria looks at how the immigration systems work – and don’t work – in Japan, Europe, Canada and the U.S. in the TV special: “Global Lessons: The GPS Roadmap for Making Immigration Work” on CNN at 8 p.m. ET on Sunday, June 10. Watch on CNN International on Saturday, June 16, at 4 a.m. and 9 p.m. ET’
Has this been posted yet?
The self-styled ‘Land of the Free’ nurtures yet another facet of hypocrisy
The double jeopardy of a U.S. citizen (Financial Post)
Don’t have time to get all that paperwork in by Friday? You can request an additional extension until Oct. 15. However, if you do owe U.S. tax, any amount paid after June 15 would be subject to both interest and failure to pay penalties.
and other US threats,
- If you do happen to owe U.S. taxes, your ability to travel to the U.S. in the future could be severely restricted if a bill, which is now being studied by a congressional conference committee, sees the light of day. Under U.S. law, it is illegal for a U.S. citizen “to depart from or enter the United States unless he bears a valid United States passport.” A recent tax amendment added to the senate version of the Highway Trust Fund bill, would authorize the U.S. government to revoke or deny the renewal of a U.S. passport to an individual who owes more than US$50,000 in U.S. taxes, effective Jan. 1, 2013.
Here is a recent article what was brought to my attention this morning that provides some opportunities for feedback and comments.
I bet you didn’t know that there are 6,320,000 U.S. civilians living abroad. Of which 205,118 are military personnel deployed overseas, and 270,604 are Study abroad students. (That’s a lot of study abroad students. More on that later.)
If overseas Americans were a state, we would be the 18th largest in the nation. (Sorry, Missouri!)
Read and comment here
Thanks to the International Revenue Service, there is now a new service you can subscribe to to get the latest instructions on what you are supposed to do to be GATCA compliant. We are reaching out to you! Subscribe here.
Cross posted from RenounceUScitizenship
Here is a comment on an earlier post I wrote:
#americansabroad For our company we are sending all the ex-pat Americans home to the US. For one reason only. #FATCA http://t.co/4MUvbAQG
— U.S. Citizen Abroad (@USCitizenAbroad) June 9, 2012
The IRS should be made to answer certain questions before FATCA can be enacted. Here are just a few. Other readers please add more.
1) How many Americans are affected by FATCA?
2) How many of them do the IRS consider to be criminals?
3) If there is no change in the behavior of American citizens how much extra tax will FATCA generate?
4) What percentage of Americans change their behavior if FATCA is enacted to reduce their taxes?
5) How many FFI are there in the world?
6) What is the total cost born by the FFIs to become compliant, and the annual cost thereafter?
7) How many FFIs will choose not to do business with Americans living abroad, just terminate their accounts?In business we have failure criteria. The IRS must make a statement in advance that FATCA will be considered a failure if it fails to raise a defined amount of new taxes. Considered a failure if a certain percentage of FFIs withdraw funds from the US rather than bear the cost of compliance. Etc. etc.
For our company we are sending all the ex-pat Americans home to the US. For one reason only. FATCA.
Just a weekend break from FATCA, to something a little more thoughtful and entertaining. If any of you are familiar with Michael Lewis and some of his literary successes, like Liar’s Poker, Money Ball, The Big Short, and Bloomerang (I recommend them all), you might enjoy this short video. It is his commencement speech at Princeton on the 30th year anniversary of his graduation. Enjoy! It should make you think!
Just a quick note to draw attention to CF & P article yesterday, by Andrew Quinlan
“While the two chambers of Congress work to reconcile the differences between their respective transportation bills, CF&P continues to monitor an unrelated tax provision known as the “Stop Tax Haven Abuse Act” that was slipped into the Senate version by Sen. Carl Levin, a frequent source of anti-tax haven demagoguery. The Act would grant the Treasury Department new powers under the Patriot Act to compel foreign banks to perform the duties of the IRS by enforcing US tax law, while punishing those who do not sufficiently satisfy Treasury’s demands to enforce America’s counter-product worldwide tax system.” Read more…..
