This post has been cross posted on RenounceUSCitizenship.
Tax compliance for U.S. citizens living abroad is complicated and expensive. This is the fourth of a series of posts I have written on the recent problems of citizenship-based taxation.
Financial Post covers the Volcker Rule
FATCA is not the only bank regulation that will result in foreign capital fleeing the United States.
Barbara Schechter, Canadians blast U.S. Volcker rule, writes about how the new rules violate NAFTA:
U.S.-born Campbell River senior fears Uncle Sam’s tax wrath
An American-born Campbell River senior [Paul] – a Canadian citizen for 40 years – fears he and other ex-patriots are about to become the victims of a mean-spirited money grab by Uncle Sam.
Paul said, ““Once I showed my Canadian passport at the border and the U.S. border guard told me ‘you are a U.S. citizen until we tell you you’re not.’”
Reasons to remain a U.S. citizen
Yesterday was a busy day on this blog. There were many comments explaining why U.S. citizenship is a “problem to be solved“. I would be interested in having you post comments explaining specifically why you wish to retain U.S. citizenship. Practical, emotional, Patriotism?
Civil Disobedience, FBAR and Forms 8854 and 8938
A law which is unjust does not seem to me to be a law.
St. Augustine, On Free Choice Of The Will 1.5
Once a free person determines that a law is unjust, it is not wrong, if he or she disobeys that law. I consider the FBAR law unjust, especially in its application to US persons abroad, who by nature of their residency outside the United States, innocently open up financial accounts to store and invest the capital that they have saved after duly paying taxes. Continue reading
Wall Street Journal: Washington's Assault on American Expats (Updated with a comment)
Copied to me from Just Me:
We are on a roll. WSJ has just posted another story under the heading…
Washington’s Assault on American Expats
If you can not read this, go to Google News, and plug the headline into the search, and that should get you beyond the create an account page…
The new year is shaping up better than 2011 for a conversation in the public forum on US citizenship taxation/reporting issues.
A law requiring the fair and equitable treatment of United States Citizens Living Outside the United States
Those were the days:
Section 611 of the Foreign Relations Authorization Act of 1979, (Public Law 95-426) enacted by the U.S. Congress and signed into law by President Jimmy Carter on October 7th, 1978.
Section 611(a) The Congress finds that –
(1) United States citizens living abroad should be provided fair and equitable treatment by the United States Government with regard to taxation, citizenship of progeny, veterans’ benefits, voting rights, Social Security Benefits, and other obligations, rights, and benefits; and Continue reading
Do United States persons abroad differ substantially from residents of Washington D.C.?
Residents of Washington D. C. have no representation in Congress but must pay Federal taxes. United States persons abroad may vote–Doesn’t that make the folks in Washington the greater victims of the injustice of “taxation without representation”?
Another article by James Fallows
Copied to me from Just Me:
Well guys. James has been working late, and just posted this at 1:25a. He has now produced a trilogy on FATCA /citizenship taxation issues…here, here and here. I think he may have developed our passion for the subject now. This has definitely started a conversation and a debate, and anyway you look at it, it has to be good.
On whether Isaac Brock should be our name: My e-mails to James Fallows
Some may be interested to see my full e-mails with national correspondent James Fallows at The Atlantic; now that he has published his article, I feel free to publish my e-mails to him in full.