FATCA Forum is on YouTube.
Nine segments offer a wealth of information and a great chance for all of us who were unable to attend to hear and learn from the presenters and the discussions.
I will post a link to Abby Deshman’s presentation on the CCLA thread.
In the final segment, Sinclair Stevens suggests we use the “new age” of the Internet “and “all that entails” to “bypass the traditional press” who are “in the pockets of the establishment.” That, of course, is what we, our allies at Brock and elsewhere, are trying to do. We need to keep doing it!
In his closing remarks, Jon Richardson, said the speakers all “exceeded (his) wildest expectations.” He hopes that gathering will be the first of more. He also envisions a “new institution” called FATCA Forum that will educate, “continue to spread the word” on FATCA” and “put the fear of God into the current government if it has the temerity” to capitulate to FATCA.
I, too, would love to see such a FATCA-fighting Forum and hope it would spread across Canada and around the globe. Are any of our international friends interested in picking up in their countries?
Kudos to the organizers, presenters, attendees and videographer for a fabulous job. Thanks again to NobleDreamer for posting her excellent synopsis so quickly after the event.
FATCA Forum Spreads Word On YouTube
FATCA Forum is on YouTube.
22 thoughts on “FATCA Forum Spreads Word On YouTube”
I’ve watched a few of the Forum videos and just wish more of you all could have been there. Not that the videos are lacking in any way, but it’s impossible to convey the unified feeling of the folks in that room and how powerful it felt. Especially as I had never experienced anyone other than Brockers speak so strongly.
I am disappointed that I have not seen any OpEds as mentioned by Erich nor any mention of FATCA on the CTV interview (Kevin Newman Question Period) with Elizabeth May. Not that she has any control over what is asked. I am dismayed to see that the House does not resume until January 28 and wish there were a way we could know just who at Finance Canada is involved and what they are thinking. I have been tweeting the following plus the FINA committee and want to pass on some of their names/addresses:
Thanks again Blaze, for your kind words.
Blaze’s kind words are echoed, nobledreamer. You’ve done and continue to do a great job in moving the narrative along. I’m so glad you were able to attend and report the FATCA Forum in Toronto!
NobleDreamer and others:
You may want to check out the following Facebook profile:
See how closely connected you are or not i.e. do you have any mutual Facebook friends especially for those from Kingston or Ottawa.
The Local, Sweden’s News in English: “Riksdag wants to halt Eritrean exile taxes”
From the article:
“The majority of the Riksdag is against Eritrea collecting taxes from citizens resident in Sweden and MPs from the commitee on justice say that if current Swedish law is not enough to stop it, rules need to be tightened.”
“According to Eritrea, the tax is completely voluntary.” — The US says the same thing (mind boggling).
@John Brown Would you have some reference showing where the US says that compliance is voluntary?
Here’s a piece on the Orwellian double-speak claim that compliance is “voluntary.”
Reblog from IBS: http://isaacbrocksociety.ca/2012/12/31/ueli-maurer-to-share-his-presidency-on-facebook/
Ueli Maurer, Swiss People’s Party (SVP/UDC), will be President of the Swiss Confederation for 2013. I hope that 2013 will mean bad luck for supporters of FATCA and that Maurer will do something to check US policy, despite that Widmer-Schlumpf will still be finance minister. In my humble opinion expressed here many times before, we have suffered two years of grovelling to US demands by Micheline Calmy-Rey, then Eveline Widmer-Schlumpf. It is about time that somebody have the guts to stand up to the US’s extortion attempts.
Ueli Maurer Will Share his Everyday on Facebook (Article in German)
I wrote Federal Conselor (President Elect) Maurer earlier this morning on Facebook, wishing him a good presidential year, and asking him to have a look at our issues by visiting IBS and the YouTube FATCA Forum videos:
Thanks John Brown and Jefferson for the info from Sweden and Switzerland. I hope you are able to continue to advocate for change there.
There is a new article in Globe and Mail on FATCA. While it is informative, it does not get to the real root of the problem and what can be done about FATCA.
Reference is made in the comments section about FATCA Forum and where was Barrie McKenna and the media on that day.
Warning, reading this can be dangerous to your health and weight. I was so angry after I read it last night, I ate a whole bag of chips (and I hate chips!). I’m not sure why this one hit such a nerve in me. Perhaps because Barrie McKenna, a well-respected journalist is still just skimming the surface in his stories about FATCA.
I tweeted him last week with links to FATCA Forum videos, yet none of that information was included here.
A new article from the Chicago Tribune:
“What price U.S. citizenship?”
From the article:
“‘I had paid over $1 million in U.S. taxes but didn’t receive any benefits, nor did my wife and kids. (She maintains her U.S. citizenship.) As I saw the massive U.S. deficit continue to climb, it became clear that the government would likely raise taxes further. I finally decided to expatriate. … A dozen of my friends who have lived over 10 years in Asia have done the same. We can no longer afford to be American citizens.'”
“While the media love to focus on billionaires, says Chow, most who renounce U.S. citizenship are ‘people who have changed circumstances; people … who have lived and worked (overseas) for the last 10-15 years, who might have married a foreign spouse and who believe their future is overseas, rather than back in the U.S.'”
This probably is not the best place to post this, but thought Blaze might be interested.
Couldn’t resist this one from NPR’s Morning edition…
Big Project In Vermont Banks On Immigrant Investors
“A development project in a remote area of northeast Vermont is one of the largest in the country to bring in funds using the federal EB-5 immigrant investor program. It allows qualified foreigners who invest $500,000, and create at least 10 American jobs, to get green cards.”
My Comment in moderation:
I hope these immigrants are doing their due diligence as to the U.S. tax, Form and Penalty club that they are joining. I would pay the $1,000s required for good international tax advice. Their accounts left back in their homeland, are now subject to reporting via the FBAR and the now duplicative FATCA form 8938. VERY serious penalities for not disclosing these accounts, even if the failure is ‘non willful’.
Also, with FATCA, the IRS is attempting to get EVERY financial institution in the World to report a broad-brush of data on your account activity, and so, if they have their way, they will eventually find your failures. Remember that old account your father or mother set up for you, or the joint account with your wife or business partner? All subject to disclosure if you have signing authority and it meets as low of a threshold of an aggregate $10K for all accounts.
If you haven’t noticed, the IRS, Treasury and Congress are on an offshore jihad right now. They need money, and they think salvation is offshore. FATCA was an out growth of this, passed in the 2010 Hire Act, it is basically the Worst Law ever passed that most Americans know nothing about. Don’t be one of those Americans! It is NOT a pleasant development and for all it’s good intentions, the collateral damage, and unintended consequences to YOU far out way the original target of Homeland Americans hiding funds offshore.
So, BEWARE dear. immigrant. Be sure you know what you are getting yourself in for. Once you get that greencard, or proceed down the path to Citizenship, you might someday come to regret it if you decide to return home. You will find nothing about this in your Visa package, and it is left up to you to avoid the FBAR / FATCA penalty trap that is affecting thousands of Americans Abroad that are going the opposite direction, I.E. renouncing their citizenship. You might want to ask some of them why? It is so much the taxation as much as the complexity, hassle and penalties.
Good luck, and welcome to America. I would make IRS.gov your browser homepage, and then search for all things FBAR and FATCA related. It is a daunting compliance regime you are entering. .
Excellent comment, Just Me!
I just sent an e-mail to Kevin Shoom with a link to the YouTube FATCA Fotrum. Here’s what I said:
I previously sent my input to you regarding FATCA by both mail and e-mail.
I am now forwarding YouTube video of a FATCA Forum which was held December 15 at the University of Toronto. I hope you will watch this and learn from the numerous presentations which were made.
Here are just some of the many significant comments made by three of the presenters.
ABBY DESHMAN, DIRECTOR PUBLIC SAFETY, CANADIAN CIVIL LIBERTIES ASSOCIATION (CCLA)
There is “no reason Canada should acquiesce” to FATCA.
There is “no domestic win” for Canada in FATCA.
There is “no justification of privacy violation” in FATCA.
Based on the existing tax treaty between Canada and US, Canada “should look for a complete exemption” from FATCA.
Based on the Finance Minister’s own statements, Canada is not a tax haven, FATCA has far-reaching extraterritorial implications and would waste resources on all sides.
Based on the government’s own assessment, the threshold of “necessary” for release of personal information has not been met.
CCLA “urges Canada to stand up for its citizens and residents and resist invasive, foreign imposed violation of privacy.”
ALLISON CHRISTIANS, TAX LAW PROFESSOR, McGILL UNIVERSITY
FATCA “is inconsistent with domestic laws.”
FATCA “is asking (Canadian) financial institutions to break (Canadian) laws.”
“Is Canada going to be allowed to have its own laws or not?”
“Can the US roll in (to Canada) with a steamroller?”
FATCA is a “tax treaty override.”
US is “violating Canada autonomy” with FATCA.
FATCA attempts to restrict Canada’s right to “create its own laws” and “be safe from intrusion” of a foreign government.
“What does Canada get from an IGA? Nothing.”
Finance Minister Jim Flaherty “has expressed…outrage. For Canada to turn around and sign an IGA is about as about face as you can get…It could not be more submissive.”
With FATCA, US is “violating (Canadian) government’s entitlement to regulate in its territorial jurisdiction.”
With FATCA, US is “violating Canada’s right to protect the privacy of its own people in their day to day financial affairs.”
“Why are we agreeing to any of this?”
JIM JATRAS, LAWYER, SQUIRE SANDERS, WASHINGTON, D.C.
United States is trying to “bamboozle” countries into FATCA.
The United States needs Canada for FATCA to succeed.
If Canada says No to FATCA, it “throws a monkey wrench” into the plans.
Canada needs to be a leader. “If Canada says ‘No,’ other countries will say ‘If the Yanks can’t get Canada on board, FATCA is not going to fly.'”
FATCA is “so badly written, it is waiting for someone to punch a hole in it.”
FATCA is “a multi-billion dollar disaster.”
By saying No, Canada can “head off the train wreck.”
FATCA is a “trade violation.”
Canadian government “needs to decide it is not going to accept FATCA.”
FATCA is “an American law, not a Canadian law.” The Canadian government should not allow US to make its laws.
Canada “should protect its own interests.”
The Canadian government “initially talked a good game on FATCA,” but now “points to capitulation.”
The Canadian government should “pay attention to its own words.” It should do “what it said” publicly over a year ago on FATCA.
“A real friend says No in some circumstances.” Canada should say No to US on FATCA.
The issue of equality under Canada’s Charter of Rights and Freedoms and Canada’s Human Rights Code was not addressed in detail at the Forum. However, I and others have been advised by a prominent constitutional lawyer that if banks break Canada’s banking, human rights or privacy laws, we have grounds for a lawsuit against our banks.
If the government changes the law to meet demands of a foreign government, we have grounds for a lawsuit against the government for violation of our rights under the Charter.
I have no desire for a lawsuit. However, I will do whatever is necessary to protect my rights as a Canadian citizen to the right to equitable treatment to manage my financial affairs in confidence and in privacy with my financial institution without threats from a foreign government or my bank to close my accounts.
I hope Finance Canada will review this Forum along with comments submitted to you from Canadians.
When a website for retired US Federal Employees writes IMHO fairly objectively about taxation for Americans abroad and expatriation it may be an indication that the cat is finally starting to come out of the bag about the injustice of citizenship-based taxation:
FedSmith.com: “Taxes and American Citizenship”
From the article:
“This provision [exit tax] is sometimes referred to as “America’s Berlin wall” as it is obviously intended to keep wealthy Americans from exiting the country.”
“A similar system was apparently used by Germany in the 1930?s when it implemented a ‘departure tax’ to discourage Jews who wanted to leave to escape the clutches of the Nazi government that was rapidly exerting its control over the country at that time. Perhaps it is ironic that the exit tax was part of the Heroes Earnings Assistance and Relief Tax Act of 2008.”
“The number of Americans leaving is predicted to grow larger when the final figures are calculated for 2012.”
“There is also a long waiting list in some U.S. embassies of Americans who are waiting for an appointment to renounce their citizenship.”
“Many Americans living abroad were not aware of filing requirements for U.S. tax purposes. And, with the new IRS reporting requirements, living abroad as an American is now more difficult as many institutions do not want to take American accounts as complying with the American reporting requirements are too expensive and too difficult.”
“Last year, for the first time, Canada held a ceremony for Americans giving up their citizenship and becoming Canadiens.”
The article is worth the read and perhaps also worthy of some comments.
Interesting indeed. Interesting that they even mention the 1930’s Reichfluchtsteuer, which was a tax organized by people such as Eichmann to get as much money out of the rich undesireables. Of course most of you have heard what his next step was for the ones who remained. But in the meantime, from about 1935, it was impossible for undesireables, especially Jews, to own a business. This is exactly what FATCA is doing to US Persons abroad, if not for the same reasons.
I just came across this article from Renounce about Cook v. Tait being an outdated decision that needs to be reviewed for modern circumstances. Cook v. Tait is the only case I know of (1924) that deals with the constitutionality of citizenship-based taxation.
That’s an excellent post by Renounce. I thoroughly enjoyed reading it and can only agree with the conclusions he reached. Thanks for letting us know about this Jefferson!
@Outraged @all For those of you that have not visited IBS in the last few days, there is a thread discussing Cook v. Tait there too:
A new article written by someone from the FATCA Compliance Complex:
Jerusalem Post: “Your Taxes: US gives FATCA to the world”
Thanks, John. Although it’s a bit depressing to see the list laid out in stark black and white of all the cowardly countries caving in to coerced compliance.
“concluding an intergovernmental agreement include Israel, Argentina, Australia, Belgium, the Cayman Islands, Cyprus, Estonia, Hungary, Korea, Liechtenstein, Malaysia, Malta, New Zealand, the Slovak Republic, Singapore and Sweden. Additional jurisdictions with which the US Treasury is in the process of finalizing an intergovernmental agreement include France, Germany, Italy, Spain, Japan, Switzerland, Canada, Denmark, Finland, Guernsey, Ireland, Isle of Man, Jersey, Mexico, the Netherlands and Norway.
The jurisdictions with which the US Treasury is working to explore options for intergovernmental engagement include Bermuda, Brazil, the British Virgin Islands, Chile, the Czech Republic, Gibraltar, India, Lebanon, Luxembourg, Romania, Russia, Seychelles, Saint Maarten, Slovenia and South Africa”
If you haven’t seen it yet, there is a new post by Nigel Green who is a CEO of an investment firm that has been blogging consistently negatively on FATCA.
Here is the post: FATCA good or bad, you decide
“Should the US force FATCA on the world? I’d love to hear your comments?”
He is asking for comments, so let’s give him some, Please!
Scroll way down on the page!
Added mine. There were other, very eloquent, comments that laid out the many reasons why FATCA is bad idea, so I just threw in my nickle’s worth of NO NO NO, the US should not be able to force FATCA on the world.
I had a reply from Kevin Shoom at Finance Canada after I sent him the FATCA Forum videos on YouTube. Here is what he said:
Dear Ms (Blaze)
Thank you for providing me with your additional comments, and with the information related to the forum in Toronto last month. We will append this to the input you previously provided.
I don’t know if he actually watched the videos, but the response was at least a little more than just a standard reply–i.e. at least he seemed to know what he was responding to (or his assistant did).
I hope to send the Forum Information and the ID Theft section from the Taxpayer Advocate report to Flaherty, Mulcair, Rae, May and others in the next couple days.