"There's No Way Anyone Can Put Enough Lipstick On FATCA Pig To Make It Kissable"

We have to love James Jatras, the former US diplomat and Washington lawyer and lobbyist who is spearheading the battle on the US front to Repeal FATCA.
In an interview with iExpats, Rolled Back FATCA Gives Critcs Hope, Mr.pig smile Jatras says:

There’s no way anyone can put enough lipstick on this pig to make it kissable.
He also says:

“The fact is, FATCA is an ill thought-out law that is just begging to be undermined and set up for repeal.”

About the “absurdity” of the British IGA:

“While (US) Treasury is balking at moving forward with regulations on foreign firms theoretically to “recover” US taxes owed, HMRC would be hammering domestic UK firms to the tune of billions of pounds — with absolutely nothing to show for it.
“At the very least, Parliament should hold off on final action (or if they don’t, HMRC should refrain from issuing regulations) until it’s clear whether the ‘Yanks’ will reciprocate – which they won’t.”
On the topic of which countries are likely to sign:
It’s hard to tell.  An IGA with Canada was ‘imminent’ – eight months ago.

It’s likely a few more countries will sign in the next few months, but it’s hard to predict which ones.  Most recent signals from places as diverse as Switzerland and Hong Kong point in the opposite direction, that the IGA process is getting more difficult for Treasury, not easier.

We have a long way to go, but:
The only way to deal with FATCA is to repeal it.   To do that, first we need to bog down its implementation, starting with undermining reciprocity – a task that is largely accomplished.
With adequate resources, I have no doubt we could first render FATCA unenforceable and then set it up for repeal, probably as part of a tax reform package in 2014 or 2015.  But right now it could tip either way.
pig lipstickDon’t be seduced by the FATCA pig with lipstick.  She is simply trying to seduce governments and banks around the world into her pen.
I certainly won’t ever kiss the FATCA pig, but I sure would like to give Mr. Jatras a big smooch right now!


9 thoughts on “"There's No Way Anyone Can Put Enough Lipstick On FATCA Pig To Make It Kissable"

  1. Ditto, XOs to James Jatras. I think the photo is wayyyy too attractive to represent FATCA, Blaze 🙂 BTW, I know you’re a big tweeter, so I assume you do know he is on twitter, right?

  2. I debated between that photo and another one of a sneering pig.
    I decided on the pig with the lipstick and the pearls to show that no matter how much you dress up a pig, it’s still a pig–just like FATCA is still FATCA no matter how much US tries to dress it up in reciprocity, IGAs, etc.
    Shall I switch to the sneering pig? Opinions welcome.
    Yep, I know James is on twitter as @RepealFatca. He doesn’t tweet very often, but I sometimes use his @RepealFatca in some of my tweets.

  3. I made an executive decision. I shifted photos to show the FATCA pig for what it really is–sneering, hungry and threatening and then showed it later decked out in pearls and lipstick to try to entice.
    Don’t be seduced by FATCA pig. Let her be all dressed up with nowhere to go–and no one to kiss!

  4. I sent an e-mail to Kevin Shoom and Jim Flaherty on this. Here’s what I said:
    SUBJECT: Don’t Kiss the FATCA Pig Wearing Lipstick
    James Jatras, a former US diplomat and a Washington lawyer says: “The fact of the matter is FATCA is an ill-thought out law that is just begging to be undermined and repealed.”
    He also says “The statute as written is wholly unachievable.” Plus, “it has become clear US Treasury does not have the legal authority to promise the world governments reciprocity.”
    He points out what we all know–an IGA was supposedly imminent with Canada–eight months ago. The longer this situation drags on, the more difficult it is for Canadians.
    Perhaps Mr. Jatras’ light-hearted statement is the most significant:
    “There’s no way anyone can put enough lipstick on this pig to make it kissable.”
    Please don’t kiss the FATCA pig–no matter how much US tries to dress it up.
    Say No to FATCA. Don’t let US FATCA Canada, or Canadian citizens, residents and banks.

    1. @ Blaze….
      Now I am asking myself if there can be enough lipstick put on the American pig for me to even want to travel to or through their country again.

  5. I’m with ya, ArcticGrayling. I would prefer never to have to go to or through the US ever again. If I absolutely had to, I guess I would, but not if it’s ever my choice. Mind you, I also won’t be US vehicles, invest in the US, and try not to buy US things in general, although that’s very difficult since so much of our food comes from there.

  6. I have started to exclusively use our farmers market and have found a local farmer for meat and eggs. I am doing all I can to never buy another American product. I cannot garden anymore but, I can source those who do. We source a lot of tropical fruits from other nations too so I don’t even have to give up my beloved pineapples.
    As for THEIR country they can have it. We were back stabbed, maligned, lied about, called every name in the book and stolen from. When someone is abusing you, you don’t keep going back for more. Is it time yet for a day of action?

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