Updates April 23, 2017!!
First, here is the link to the live feed of the FATCA hearing on April 26, 2017:
Second the Democrats have selected Carl Levin Protege, Professor Elise Bean, as their witness in support of FATCA. Professor Bean is an interesting choice given that the focus of the hearing, in its plain terms is:
REVIEWING THE UNINTENDED CONSEQUENCES OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT
It seems to me that Professor Bean might be a much better witness if the hearing were for the purpose of:
CELEBRATING THE INTENDED CONSEQUENCES OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT
To glean some insight into the perspective of Professor Bean, read the account of her March 30 meeting in Washington with PANA committee of the European Parliament. In explaining the superiority of the U.S. approach to penalties and enforcement she noted:
Bean agreed with MEPs that the US is in a more advanced position than the EU when it comes to penalties and enforcement.
“On improving enforcement, there are three things you can do in the EU,” she said. “The first is to increase your fines – your fines at the moment are a fraction of what the banks are earning. Secondly, you should require that the company or bank admits liability. This opens the door for class action lawsuits. Thirdly, make sure that the fines are not tax-deductible. Taxpayers end up paying more than big banks when the fines are tax-deductible.
“In the US, we also use monitors on compliance. We have a monitor who will monitor the institution for a period of two years to ensure that the required changes are actually made. Make the banks pay for their own monitoring.”
Bean also informed the European delegation that there will be tax justice demonstrations taking place in Washington and 60 cities across the US on April 15. The protests will demand Trump releases his tax returns but will also call for ending deferral of corporate taxes and for action on shell companies, she said.
Professor Bean is a colleague of Professor Linda Beale of Wayne State Law School. Professor – through her own writings – is NOT sympathetic to problems of taxation-based citizenship and Americans abroad. She has distinguished herself as one who fundamentally believes that everybody with an undisclosed “offshore bank account” is (to use her words) a “scofflaw“. The professor, as well as a professor of tax law, is apparently also an expert in investing and diversification of assets as evidence by the following gem:
Now, there are at least two interesting things about the Romney’s stashing $3 million in a very low yield Swiss bank account.
1) There are better things to do with money. Even if you don’t mind a low return, you could hold that money in the US–helps the US economy more than in a Swiss bank, and is easily available without the transaction costs of getting it out of your secret Swiss bank account. Why would the Romney’s have a Swiss bank account with a very low yield? The Romney spokesperson says “diversification” but that doesn’t hold water. Makes one wonder where this money came from and certainly why it ended up in a Swiss bank.
And now back to our originally schedule broadcast …cross-posted from the Isaac Brock Society Those @Demsabroad reiterate their support of #FATCA! Tune in April 26/17 to see how!
Q. What do Ronald Reagan and Heidi have in common?
A. They both became disillusioned with the Democratic Party
When questioned about this, Mr. Reagan noted (referring to the period in his life when he was a Democrat) that:
1. He thought many foolish things in those days; and
2. In any case, he had not really left the Democratic Party. Rather the party had left him.
“Speaking of which my personal politics are being completely turned on their head, and I am in danger of turning into a former Democrat even before I turn into a former American. Because even though most of what the Republicans stand for makes me shake my head, the only ones who have caused me harm personally are the Democrats.”
This is also the road I have travelled, from a liberal minded, east coast, physician to a renounced EX American who would rather see anyone in the White house rather than the likes of the Clinton democratic mindset.
But honestly , does it matter what the social policies of the US are anymore? We don’t live there, our concerns should be just about their fiscal policies and the effects on US citizens abroad.
I am no longer an American . My concerns now are for my own country and their policies. If you are settled abroad in your other citizenship, then does it matter if you have second thoughts about being ‘their form” of an American Democrat? You can still be a Democratic socialist or whatever in your resident country. Let America go, it is an abusive partner in your life. Hoping for it to change doesn’t work
And now, an advertisement from Democrats Abroad …
The @DemsAbroad say: "When injustice becomes law, then resistance becomes a duty". Yet #StepFordWives "suck and blow" by supporting #FATCA! pic.twitter.com/JCQuPCyy8y
— U.S. Citizen Abroad (@USCitizenAbroad) April 21, 2017
Sad but true. The Democrats Abroad AKA The Stepford Wives have once again conveyed the message (reminding me of a Democrat president):
“Let every Expat know, whether he wishes us well or ill, that Democrats shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of FATCA and Taxation-based citizenship.
When it comes to supporting Democratic Party Central: Democrats Abroad are like The Stepford Wives https://t.co/sbaEVmBsP8 – it's a #FATCA
— U.S. Citizen Abroad (@USCitizenAbroad) April 21, 2017
For years and years the Democrats have made it clear that they fully support FATCA and taxation-based citizenship. One would think that they would keep their sentiments quiet. Yet, once again they broadcasted their hatred of Americans abroad to the world.
It reminds me a bit of a teacher I once had who reminded me that:
“Sometimes it’s better to keep your mouth shut and let people think you are ignorant than to open your mouth and remove all doubt.”
Yet, that’s what those “Stepford Wives” have done yet again. Brace yourself, after publicly condemning the Bopp/Republicans Overseas FATCA lawsuit, after failing to directly call for a move to “residence-based taxation” in it’s submission to the Senate Finance Committee, after arguing for FATCA Same Country Exemption (which would benefit only tax compliant Homelanders Abroad and support a U.S. FATCA attack on their own countries of residence), on the eve of the April 26/17 FATCA hearings in Washington, DC, they have once again confirmed their total and absolute hatred of Americans abroad and their support of FATCA.
Here it is, straight from the Donkey’s mouth :
In light of the annual IRS deadline, we’ve been receiving a lot of questions about DA’s advocacy on filing issues for overseas Americans. Why not support Rand Paul’s proposal to eliminate FATCA entirely?
From our late 2016 FATCA FAQs:
Republicans say they want to repeal FATCA. Why won’t Democrats Abroad join their campaign to repeal FATCA?
Democrats Abroad supports policy that cracks down on illegal tax avoidance. When some taxpayers break the law by hiding assessable earnings from the IRS in offshore accounts it increases the burden for the rest of us. For many decades those with access to elite financial structures and schemes have been using offshore accounts in bank/tax secrecy jurisdictions to become even richer. Nations throughout the world have determined to bring this practice to an end and Democrats Abroad believes that is a good thing. Democrats Abroad supports the policy initiative behind FATCA. We also think FATCA can be fixed to remove the unintended adverse impacts it has on law-abiding Americans abroad.
In January 2014 the Republican National Committee (RNC) passed a resolution calling for the repeal of FATCA. While the resolution made it look like repealing FATCA would be Republican Party policy, the Republican-controlled House of Representatives did not introduce a bill calling for FATCA to be repealed in all of 2014. A bill calling for the repeal of parts of FATCA was reintroduced in the Senate by Senator Rand Paul in March 2015. It has one co-sponsor and a 1% chance of being enacted.
The RNC and Republicans Overseas, the organization formed in 2013 by members of the RNC to cultivate the overseas vote for Republicans, has been very open about their strategy of exploiting the anger and upset around FATCA to raise money and build support for Republican candidates amongst Americans living abroad.
Republicans Overseas has admitted that it sees FATCA as a political tactic for activating a ground game to attract overseas voters. If FATCA had been repealed by Congress before 2016, the Republicans would lose this wedge issue in the 2016 campaign. Republicans ran in the 2014 midterm elections on a pledge to repeal FATCA as soon as they won control of the Senate. They
have had control of both houses for two years but a repeal bill to mirror Sen Paul’s bill has not as yet been introduced in the House. And why would it? The GOP can use the promise of a FATCA repeal to take into its campaigns for Congress and the White House. We understand that FATCA hearings may be planned for the months leading up to election day – an opportunity to make the case for repeal. We are putting ourselves forward for inclusion on the witness list for a House hearing on FATCA should one be scheduled for this year.
There is a global context for this question as well. By 2017 FATCA will have been in place for more than three years and be well entrenched in the compliance practices of international banks and brokerage houses. In addition, in 2017 the “global FATCA” will start to come online with the commencement of financial account reporting by at least 80 countries under the OECD Common Reporting Standards. By that time international financial account transparency and disclosure will be a given and the global crackdown on illegal tax avoidance will be very difficult for Republicans to arrest.
Is this for real? Rather than defend their FATCA Attack On Americans Abroad, they are attacking those Republicans who support FATCA repeal. Yes, yes, bring it on!!
Don’t forget that the Obama Treasury (you know the “Change You Can Believe In” – Hopey Changey Guy”) refused to to accept Same Country Exemption confirming its attack on Americans abroad.
Now, back to the April 26, 2017 FATCA hearings in Washington, DC (resulting from the FATCA repeal legislation proposed by Congressman Mark Meadows and Senator Rand Paul ). Although these were not organized by the Democrats, they apparently will have witnesses in attendance who will defend FATCA. This is good, because instead of attacking and condemning the Republicans, they will (presumably) be forced to explain why FATCA is so desirable. Rumour is that there will be a way to witness this spectacle live online!! Yes live online!!
Check back and the link to the link to the proceedings where there will be a hearing into FATCA (including the harm done to Americans abroad). This spectacle should NOT be missed. You will see that those who oppose FATCA (a broad range of people) and those who support FATCA (the Democrats) providing evidence and discussion.
But, the FATCA hearings aside …
Democrats Abroad is here to stay and here to continue one of the core missions of the Democratic Party, which is to destroy Americans abroad. And the lesson from this is:
You keep your friends close and your enemies closer, that's why I intend to join @Demsabroad (… https://t.co/toVg1LHISj via @@USExpatCanada
— U.S. Citizen Abroad (@USCitizenAbroad) April 21, 2017
One thought on “Those @Demsabroad reiterate their support of #FATCA! Tune in April 26/17 to see how!”
This is a great post! And it is NOT about parties but more, about HARM to Americans abroad.
It is hard to imagine that we will witness attacks on witnesses who have been harmed by the undeniably targeted, punitive actions imposed upon them by their own government. Primarily due to, as Professor William Byrnes referred to it as the “draconian non-compliance penalties associated with the insidious ‘FBAR’ (Report of Foreign Bank and Financial Accounts).”
While it would probably be too much to hope for, someone might mention the amorality of forcing all of the cost, with no certainty of reciprocity upon the rest of the world. How on earth can that be ignored by the FATCANATICS? The people of other countries, with no ties to the U.S. will pay for FATCA via their bank service charges, etc. The “alien” spouses, children and grandchildren will pay for the misplaced notions of Carl Levin, Max Baucus and most offensive of all perhaps, the disgraced Rep. Charles B Rangel, sanctioned by the Congress for tax evasion. The poorer the country, the more perverse this is. The U.S. making sure everyone “pays their fair share” outweighs anything and everything.
And how did they do it? By threats. By asserting power. By telling allies and friends they would withhold 30% of all incoming U.S. funds if they did not comply. A review of some (largely) pre-IGA letters to the IGA reveal how this was viewed by various institutions:
Very interesting wording used by former Attorney-Advisor from the Department of Treasury International Tax Counsel Mr. Dirk J.J. Sruinga -from #FATCA W&M Hearings 2009
“The sanction that #FATCA uses to obtain foreign bank account information is a withholding tax imposed on U.S. source investment income…”
The Canadian Bankers Association: the following is STILL on their website
Toronto, ON, February 5, 2014 – The CBA has been very clear on FATCA (the Foreign Account Tax Compliance Act) from the beginning: while we understand that the U.S. government is attempting to address tax evasion, we have opposed how they are going about it with FATCA. Canada is not a tax haven and Americans do not move here to evade taxation.
Despite international opposition, including from Canada, the FATCA implementation deadline remains unchanged, so we have agreed with the federal government that entering into an intergovernmental agreement (IGA) is the best approach under the circumstances.
European Banking Federation describes #FATCA 25May 2012
“Coercion: penalizing 30% withholding tax on withholdable pmts…..
So my question to the Democrats is, how can you possibly judge the harm FATCA is causing, worldwide, especially to your own countrymen, as being less than the undefined, undocumented amount of tax evasion occurring, primarily by Homelanders, resident in the United States?
One could go on and on but how the Democrats feel no shame for this boggles the mind (but not the heart).
Comments are closed.