Under a simplified “territorial” system, governments would see gains that would offset most, if not all, short-term reductions to tax revenue. Moreover, the long-term gains caused by increased economic activity and decreased compliance costs would dwarf any immediate losses.
Russia forming government task force to look into FATCA deal
Major Russian business newspaper Kommersant reported in an article yesterday that the Russian government, egged on by Association of Russian Banks (of whom we’ve written previously), is looking into the possibility of signing an inter-governmental agreement for the exchange of bank account information, along the lines of the European deal announced in February. The journalist writes as if such a deal were a foregone conclusion, stating that the Russian government is not looking into “whether” but instead “how” to sell out their sovereignty to the IRS. I’ve translated the article below.
Take the Money and Run…for office.
I just listened to this great podcast on This American Life which ran on NPR stations this weekend.
It is called Take the Money and Run for Office.
I highly recommend it to you. Continue reading
Federal appeals court challenges Obama
I know this is off topic but it was too much fun to pass up. Canadian politics are never this exciting.
Judges order Justice Department to clarify following Obama remarks on health law case
A federal appeals court is striking back after President Obama cautioned the Supreme Court against overturning the health care overhaul and warned that such an act would be “unprecedented.”
A behind-the-scenes look at how a government might work at connecting an activist group with a terrorist one, by Chris Hedges
Guilty by association, even when the association is allegedly created by the government itself:
Someone You Love: Coming to a Gulag Near You
Financial Repression
Merryn Somerset Webb has just posted a big-picture piece at Money Week – Why every bank will soon be a tax collector for every government everywhere. Bottom line? Financial repression is a government tool to force a broad population to hold debt that loses them money in real terms. This is outlined as the context for FATCA.
Let the spin begin…
US regulators sue RBC. “You’re constantly doing things that in hindsight someone can come along and conclude differently,” says one bank analyst.
TD Bank Group is looking for a new FATCA Senior Manager
Found this Workopolis ad today. More evidence that Canadian banks are moving full steam ahead with FATCA compliance plans. The fat lady is warming up in the wings.
From Workopolis:
Senior Manager, FATCA
TD BANK GROUP
Toronto, ON, CANADA
2012-03-27
Senior Manager, FATCA
Obama Says Congress Will Vote on 'Buffett Rule' Millionaire Tax
Another interesting article by Michael Cohn at Accounting Today. We have a couple “Fair Share Acts” in play in the Senate and the House, that all of us should be keeping our eyes on. Continue reading
Chicken soup for the immigrant soul – Getting a good night sleep for less than $10,000
Cross posted from RenounceUScitizenship
It’s no secret that U.S. Green Card holders and immigrants have been among the biggest victims of OVDP and OVDI. For countless immigrants, the “American Dream” has turned into the “American Nightmare”. Imagine coming to a country – let’s call it “Form Nation”. Imagine not being told about the tax and reporting laws of “Form Nation”. Imagine not knowing about Mr. FBAR and then being told that you were a criminal and that the only way out was to pay up. Imagine, being told that you were a criminal according to the laws of a country AND LIVING IN THAT COUNTRY. Imagine trying to seek help from the “cross border professionals” who told you that you must go into OVDI (and pay them lots of money for the privilege). U.S. tax compliance is very expensive. Understanding FBAR penalties is import in making the OVDI decision. As bad as the situation has been for U.S. citizens living abroad, I suspect that the situation is far worse for the immigrants. What are they do do? For the most part they want to be in the United States (although after hearing their story, I suspect fewer and fewer people will want to immigrate to the U.S.). Like U.S. citizens living abroad, the lives of Green Card holders are also being destroyed. Continue reading