Tag Archives: American Citizens Abroad

Whether through regulation or legislation #FATCA Same Country Exemption won’t work

In the beginning there was Facebook …

and from a second Facebook group:

 

Introduction: If you were to REPEAL FATCA

A previous post discussing the what exactly is meant by FATCA and the Mark Meadows “Repeal FATCA” bill, described:

FATCA is the collective effect of a number of specific amendments to the Internal Revenue Code which are designed to target both (1) Foreign Financial Institutions and (2) Those “U.S. Persons” who are their customers.

1. There are “Three Faces To FATCA” which include:

– Face 1: Legislation targeting Foreign Financial Institutions (Internal Revenue Code Chapter 4)

– Face 2: The FATCA IGAs (which for practical purposes have replaced Chapter 4)

– Face 3: Legislation targeting individuals (primarily Americans abroad who commit “Personal Finance Abroad – While Living Abroad” – Internal Revenue Code 6038D which mandates Form 8938)

2. The amendments to the Internal Revenue Code that would be necessary to reverse the sections of the Internal Revenue that created FATCA.

Legislative FATCA vs. Regulatory FATCA

The sections of the Internal Revenue Code that comprise “FATCA” are surprisingly few.

FATCA Face 1: Internal Revenue Code S. 1474(f) gives Treasury broad authority to make “FATCA regulations”.
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Even in “retirement” Jackie Bugnion writes the best arguments against citizenship taxation ever

This article originally appeared on the Alliance For The Defence Of Canadian Sovereignty blog.

Introducing Jackie Bugnion …

Jackie Bugnion has published a superb article describing the problems of U.S. citizenship taxation and why the United States must move to residence based taxation. Before, describing her article, for those who don’t know …

On May 7, 2015 I received notification that Jackie Bugnion had submitted her resignation to the Board of ACA “American Citizens Abroad“. I read the notification with a combination of sadness and total appreciation for the incredible efforts that Jackie has made in advocating for the rights of Americans Abroad. Jackie was largely responsible for organizing the “Citizenship Taxation Conference” (featuring the debate between Michael Kirsch and Bernard Schneider) that took place in Toronto on May 2, 2014. Some of you may have had the privilege of meeting her there. It’s unlikely that she could be replaced by any one individual.
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Video of May 2, 2014 Toronto debate on Citizenship taxation of #Americansabroad – Professor Michael Kirsch and Dr. Bernard Schneider

As you know, on May 2, 2014 ACA Global Foundation sponsored a debate on “21st Century Taxation of Americans Abroad: Citizenship-based taxation vs. Residence-based taxation. The debate featured Professor Michael Kirsch of Notre Dame University law school and Dr. Bernard Schneider of Queen Mary University in London, UK.

The debate has previously been discussed here and here. In addition, I used the ideas in the debate for a separate post on question of what connection to the United States should be required to justify citizenship taxation.

The video of the debate as been released and is referenced in the above tweet.

I reiterate my thanks to ACA Global, Professor Kirsch and Dr. Schneider.

I welcome your comments.

Reagan: #FATCA “Facts are stubborn things” – Kennedy: “Opposite of the truth is the myth”

The U.S. Treasury has been working overtime to:

1. Persuade the world’s sovereign countries to cede their sovereignty to and “Pledge FATCA obedience” to the U.S.

2. “Make the world believe” that Treasury has been and will continue to be successful.

In order to achieve this, Treasury has created what I call “the pretend IGA”. A “pretend IGA” is where a country has NOT signed an IGA, but it is anticipated (presumably by Treasury) that an IGA will be signed. That is to say, that an IGA is a “done deal”.

The tax compliance complex has (for the most part) joined the Treasury Chorus to sing to the tune of:

It’s a small (FATCA) world after all“.

The problem is that neither Treasury nor the FATCA Compliance Complex deal in facts. They deal in “myths”.

Facts are stubborn things

An interesting post appears on U.S. tax lawyer Virginia La Torre Jeker‘s blog which considers the “FATCA of the matter”.
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#Americansabroad: Thoughts on the May 2/14 Toronto Conference on CBT vs. RBT – #FATCA #FBAR

The May 2, 2014 Toronto Conference on U.S. citizenship-based taxation was a great success. As the ACA Global announcement of results describes the morning and afternoon had separate themes and participants.

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