Article in Toronto Star on FATCA (ACA needs to denounce Rep. Neal TODAY)

Here it is:

http://www.thestar.com/business/article/1175497–go-away-american-millionaires-foreign-banks-turn-away-the-rich-as-tax-evasion-law-looms

A couple of comments:

Its just a reprint of a Bloomberg article but because its a Canadian newspaper I though some might be interested in making comments on the comments section.

I found the comments from US Congressman Richard Neal to be quite interesting. I think if ACA and Democrats Abroad want to truly show they are in this battle, they need to come out and denounce Congressman Neal TODAY.

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18 thoughts on “Article in Toronto Star on FATCA (ACA needs to denounce Rep. Neal TODAY)

  1. I am active in Democrats Abroad and Democrats Abroad Brazil insisting that my candidate President Obama must address the issue of Americans Abroad and how they are been treated in order not to lose their absentee votes.

  2. This is interesting:

    “Royal Bank of Canada, the sixth-biggest wealth manager with $435 billion under management as of the beginning of 2011, said it sees an opportunity as competition is exiting, including in emerging markets, where it manages $60 billion.

    “We are one of the few wealth managers to hold a Securities and Exchange Commission license offering U.S.- compliant investment advice in Switzerland and London and see an opportunity in accepting tax-compliant U.S. persons as clients outside of the U.S.,” said Barend Janssens, the Singapore-based head of the bank’s wealth-management unit for emerging markets.”

  3. @JustMe

    I have to say Michelle Bachmann becoming a Swiss citzen is shall we say quite interesting. I wonder if the last American leaving will remember to turn out the lights. I suspect we might have a future “Swiss” client for Phil Hodgen some day.

  4. @markpinetree, Mark; As a “refresher,” here are the commitments made to Overseas Americans during his 2008 presidential campaign. It was largely because of these commitments that overseas American voters overwhelmingly cast their votes in favor of his election. These commitments, as far as I know, were totally ignored after he was elected. Living in Brazil as a dual US-Brazilian citizen, have you seen any evidence that any of these commitments have been implemented?

    “Strengthen Economic Security for Americans Abroad: Barack Obama believes that the U.S. government should pay close attention to how American citizens are treated in the private sector while they live and work abroad.

    Our government must

    • Work to ensure that overseas Americans have every chance to compete on a level playing field.
    • Barack Obama will work with Americans abroad to identify and understand problems they may face as a result of U.S. government policies.

    Concerns of Americans Living Abroad: Barack Obama believes it is important to understand the role of Americans abroad in determining U.S. policy.

    • Barack Obama will work with members of the Americans abroad community and the U.S. embassies to determine how the U.S. government can be responsive to the concerns of overseas Americans.

    • As president, Barack Obama will work to establish a direct dialogue with Americans abroad.

    Other Governmental Services and Benefits: Americans living abroad have little access to basic information about U.S. government services and affairs.

    • Barack Obama believes that U.S. embassies and consulates, which are the main U.S. government contact points for Americans abroad, should develop and implement concrete plans on how to communicate basic information to Americans living abroad.

    • Additionally, Barack Obama supports efforts to ensure that U.S. State Department staff members have proper training to assist Americans abroad in determining their various rights and responsibilities as American citizens.

    • He welcomes a continued dialogue between the White House, the State Department, and citizens abroad in an Obama administration.”

  5. Goes to show you, truth really is stranger than fiction. Seemed like a joke when I first read about Michelle Bachmann becoming a Swiss citizen.

  6. Even funnier, Michelle Bachmann is a former IRS tax attorney.

    Lets see how long it takes before she expatriates. (grin)

    But she better watch out for that Reed Amendment.

  7. @all

    Re Neal:

    “Congressman Neal has been a lead sponsor of legislation to prevent American companies from moving offshore to avoid paying U.S. taxes. He continues to lead the effort to repeal the Alternative Minimum Tax (AMT), a tax that penalizes many middle class Americans. He has sponsored legislation that would increase the national savings rate by encouraging the use of individual retirement accounts, and has worked to make health care and tuition expenses tax deductible for middle class people. He is also a member of the Trade Subcommittee.”

    http://neal.house.gov/index.php?option=com_content&view=article&id=2&Itemid=7

    Bad News: He seems to be suspicious of anything “offshore”

    Good News: He is all for the “middle class”.

    Perhaps we could interest him in the plight of “middle class” Americans trying to survive abroad.

  8. @Roger,

    You wrote:

    “Barack Obama believes that U.S. embassies and consulates, which are the main U.S. government contact points for Americans abroad, should develop and implement concrete plans on how to communicate basic information to Americans living abroad.”

    The only communication about basic information I ever received from an embassy was the price list for consular services displayed on a big board near the cashier. It reminded me of the price list behind the cashiers at MacDonalds, only it was much higher.

  9. No Roger none of this was even close to be implemented. My life continues to be a nightmare with all these demands placed on me, a dual citizen living in Brazil. I know I can not go through this every year. Do not know what to do. If President Obama wants to win this close election he better address the issues affecting Americans Abroad in his administration.

  10. Bachmann is politically dead now. She might as well move to Switzerland and expatriate.

    Look at all the mean comments below the story on Yahoo.

    http://news.yahoo.com/blogs/ticket/michele-bachmann-becomes-swiss-citizen-054706406.html

    Long term ex-pats, like most of us, received far better comments (many sympathetic) on Atossa’s story than did Bachmann, who is getting slaughtered.

    I feel bad for her, Switzerland is one of the freest countries in the world. She’s being treated as if she defected to North Korea.

  11. Here’s more about the new Swiss Miss from Huffington Post: http://www.huffingtonpost.com/2012/05/09/michele-bachmann-swiss-citizenship_n_1502784.html

    I especially liked these comments from the article: For Bachmann, a vocal critic of President Barack Obama’s health care reform law, the move comes with a twist of irony. Switzerland has nearly universal health care and mandates that its citizens purchase coverage. Bachmann herself has repeatedly taken issue with the individual mandate included in Obama’s law.

    She has described health care reform as “the crown jewel of socialism” and argued it amounts to “gangster government.”

    Watch out Uncle Tell and Jefferson Thomas. Switzerland may be invaded by The Tea Party courtesy of your newest citizen fighting gangster government. Please remind Ms. Bachman to file FBARs and tell her she won’t be able to open a bank account in her new country of citizenship because she is a “US person.” Without a bank account, she won’t have to worry about FATCA.

  12. @ JustMe, thanks for the link to the Accounting Today story: “Congressman Tells IRS to Back off on Bank Disclosures”
    Washington, D.C. (September 27, 2011)
    By Michael Cohn
    http://www.accountingtoday.com/news/Congressman-Tells-IRS-Back-off-Bank-Disclosures-60322-1.html

    Interesting since the key points involve things like – did they do a cost/benefit analysis? Why burden the banks with administrative reporting requirements, etc… Demands that the IRS produce all sorts of answers and documents, etc.

  13. Sorry Badger…

    Actually that was a duh moment for me. I accidently pasted an old link by mistake, and just noticed it now. That story represented the first inkling I had back last year that DATCA was in the works to force FATCA on the world by using reciprocity as a bargaining chit…

    The story went quite until I heard more just the past month and posted DATCA is not Dead… here…
    http://bit.ly/ImRkLq

    (btw, the IRS has done of of the requested actions as represented by the first story and plods on..)

    What I really meant to share story.., was this…

    Banks Expect to Miss FATCA Deadlines
    http://bit.ly/IIZ2Nn

    I try not to make a post on every new story I find, but this on has come points to ponder, and I entered a comment/question back to Michael Cohn on it.

    The

  14. @Roger – thank you for reminder about Obama’s campaign promises. Every time I have a friend here try to explain to me that he and Congress passed FATCA is a fit of blissful ignorance, I point them toward that 2008 list.

    @Joe Gringo – I thought this was wonderful “The only communication about basic information I ever received from an embassy was the price list for consular services displayed on a big board near the cashier. It reminded me of the price list behind the cashiers at MacDonalds, only it was much higher.”

    Indeed 🙂

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