I bet physics buffs never thought they’d see those two terms together.
This is a callout for all FATCA haters, and opponents of the US citizenship-based taxation model – don’t give up! Think those positive thoughts! We can change this! We can eliminate FATCA using the zero point field!
The other day I got interested in ‘zero point field’ and ‘zero point energy’ – quantum physics terms – and did a bit of wandering around the internet to see what it meant and what people were saying about it.
There are quite a few sites that go into details on the physics, such as Calphysics Institute.
“Quantum mechanics predicts the existence of what are usually called ”zero-point” energies for the strong, the weak and the electromagnetic interactions, where ”zero-point” refers to the energy of the system at temperature T=0.”
“… quantum physics predicts that all of space must be filled with electromagnetic zero-point fluctuations (also called the zero-point field) creating a universal sea of zero-point energy.” Continue reading Zero Point Energy and FATCA →
Canada promises to protect its citizens from US zombies – but no mention of protecting us from the US government.
Yesterday, in the House of Commons, Pat Martin, MP from the NDP party, asked if the Minister of Foreign Affairs is working with his American counterparts to develop an international strategy so that a zombie invasion does not turn into a zombie apocalypse.
John Baird’s response was “I want to assure this member and all Canadians that I am dedicated to ensuring that this never happens. I want to say categorically to this member and through him to all Canadians that under the leadership of this Prime Minister, Canada will never become a safe haven for zombies ever.”
Great – good to know, I for one, feel so much safer.
Now, how about addressing the more pressing issue of protecting Canadians from the invasion of the US government into our lives? Continue reading Canada will protect citizens from zombies →
This report just out at end of January from KPMG: KPMG Analysis of Final FATCA Regulations
U.S. government memo lays out legal case for deadly drone strikes against American citizens
…The drone program is one more reason why no country should allow U.S. citizens inside its borders.
Conclusion: The Obama administration has gone completely out of its mind! This should be a “wake up call” for the rest of the world!
Do you want to Share Your US Tax Story?
Well, Democrats Abroad wants to hear from you. They are publishing a selection of stories each day and say they will use some in submission to the government.
My big question is, what has Democrats Abroad done so far? My sense is not much (neither, of course, have Republicans Abroad). If representatives of either would like to dispute that, they are free to come here and tell us differently. Don’t be surprised if we don’t agree with you.
You will either weep or scream as you read the stories.
Someone who has been a Canadian citizen for decades who got caught up in IRS snare with no one telling her she relinquished US citizenship and could get a CLN and be free of IRS.
A Belgian who had bank accounts closed. An Israeli terrorized by IRS over legal sale of stocks. A US citizen in Switzerland overwhelmed with costs and time to be compliant. A Thai businessman who finds IRS anti-business.
Then, there’s the Canadian citizen born in Canada with “US citizenship as it was passed to me, like a genetic disease, from my American father.” Legal fees to the “sharks” (aka tax lawyers) and penalties extorted through OVDI cost him six months salary. He considers himself “lucky” with a understanding wife, a mortgage to pay, and a young family to support. It seems none of those “sharks” told him CRA will not collect for IRS on Canadian citizens. He’s waiting to renounce US citizenship.
I personally am not going to tell Democrats Abroad my story as I don’t consider myself American (and I don’t trust them!) Have they told one Canadian citizen she relinquished three decades ago or told the other one born in Canada that CRA will protect him? I doubt it.
I am posting this, though, in case others want to share their experiences to try to make a difference.
As you know, Maple Sandbox is a gathering place for us to come together to share, learn, explore and grow together.
To stand up to IRS bullies, we need information as quickly as it becomes available. We need to learn from each other around the world.
I hope What’s New will be a building block for sharing those stories from the media or your own experiences.
What’s New will allow you to post articles under one central thread, rather than spreading them out through many different threads. It also will give you the opportunity to share any other information you have with others.
Of course, some news and information will have still have threads of their own.
Please share your news, scoops and ideas.
We’ve known all along reciprocity is not really reciprocity. Not only that, but FATCA IGAs Are A Bad Deal For Partner Countries.
While vendors are cheering themselves on and salivating at the opportunity to make big money off our nightmare, Jim Jatras says “it isn’t clear that FATCA itself is doing as well.”
Why? Because the U.S. Treasury Department’s ability to enforce FATCA directly, on each and every FFI on the planet is highly questionable.
Getting IGAs signed isn’t proceeding like U.S. Treasury thought it would. Plus, faux reciprocity in Model 1 is in trouble.
Even according to an IRS manager, ““clearly existing U.S. rules don’t require U.S. financial institutions to provide the exact same information that a foreign institution has to under FATCA.”
Mr. Jatras does an excellent assessment of that:
Some have been critical of Mr. Setzer for having the bad manners to speak something like the truth out where it could be reported to those not familiar with the imbalance codified in the IGAs. But putting aside questions of indiscretion and the vague characterization of a timeframe for “full reciprocity” – something that clearly isn’t going to happen anytime soon, and probably not ever – it’s nice to have confirmed officially what most people familiar with the details prefer to obscure.
In his article, Mr. Jatras also points out many ways US has to unilaterally change or escape from an IGA after it is signed.
Moreover, an IGA provides no protection at all for one additional, simple reason: they are written on sand.
American Bankers Association have also now joined the fray
“There is no indication or evidence suggesting that the Treasury conducted the required due diligence for entering into such an automatic exchange relationship” with Mexico.
Mr. Jatras further says:
As a bad deal for all concerned, the IGAs should also be seen as a “weak link” for undermining FATCA and working for its repeal before its worst features go into effect.
Foreign governments need to stop helping to save FATCA from its own fatal flaws by signing IGAs that cannot provide promised protection for cherished institutions. Instead, they should tell Treasury in clear and principled terms that they will not allow their domestic firms to comply with FATCA, and that they’re prepared to respond with WTO and other remedies if IRS tries to apply sanctions.
Finally, firms faced with wasting untold millions of dollars to comply with FATCA need to stop pressing their governments to sign IGAs and instead help get rid of it by supporting the repeal campaign in the United States.
We need to keep up the pressure on our own governments and financial institutions.