Discover and read the best of Twitter Threads about #fatca
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All #Americansabroad should listen to Steve Hayes of @FairTaxOfficial where he explains the #FAIRTax. Whether you agree or disagree he makes important points and many observations about the role taxation plays in America. Join movement 4 @FairTaxAbroad!
@FairTaxOfficial @FairTaxAbroad Current tax system is complex, incomprehensible, used to punish some and reward others and has expensive compliance and penalty costs. People don't and can't know how much tax they pay. Compliance costs are a "tax on tax". Here is a poster from the Washington, DC Metro (subway). 
The #FairTax is a simple consumption based tax. Some describe it as a 30% tax on the purchase price. Others describe it as 23% of the total expenditure. If you spend $100 to purchase an item $77 would be the price and $23 tax. Or see it as $77 + 30% of $77 which totals $100.
Lunch with Jim Bennett (@jbennettatty) of @FairTaxOfficial fame and his wife Christine in Toronto. Jim's visit sparked hope for #Fairtax(ation) in Canada AND USA. @FairTaxAbroad would completely end the US tax nightmare for #Americansabroad. Learn more at fairtax.org
Great podcasts with Jim Bennett (@jbennettatty) of @FairTaxOfficial. Learn how the #FairTax helps ALL Americans and expecially #Americansabroad in an #FBAR and #FATCA world! prep.podbean.com/e/rethinking-t…
@jbennettatty @FairTaxOfficial To learn why the #FAIRTax if particularly helpful #Americansabroad see the following discussion ...fairtax.org/videos/358-the…
How #FATCA IGAs relate to legislation in IRC: To be consistent with FATCA law and avoid the 30% US sanction, IGAs must require the FFIs to close the account of "US Persons" who fail to supply required data (without regard to local #GDPR law). Solutions? law.cornell.edu/uscode/text/26…
US #FATCA can accommodate Europe's #GDPR only by by excluding @USCitizenAbroad with @TaxResidency abroad from the definition of "U.S. Person". These two screen shots illustrate the problem ... Some thoughts on how this might this be achieved. law.cornell.edu/uscode/text/26…
As the @DemsAbroadTax statement and @SEATNow_org states/implies this problem can be solved ONLY if the US joins the world in adopting residence as the criterion for @TaxResidency. Citizenship would no longer be relevant for taxation. NOT part of any current legislative proposal.
How will the US respond to Belgium's claim that the #FATCA IGA violates the #GDPR? Here is my proposal for ending the tax treaty #savingclause which would allow @USCitizenAbroad to become treaty nonresidents for US tax (effectively ending @CitizenshipTax). youtube.com/live/KqtFhae4i…
See the "third solution" in the thread below which discusses a number of responses/solutions to this #FATCA and @CitizenshipTax problem
@AmerIronCurtain asks: 1. What would it take for Belgium to get out of the #FATCA IGA? 2. What would it take to get out of the #savingclause? 3. Does the Belgium decision mean that the #FATCAIGA is illegal? Interesting questions ...
1. Article 10 of #FATCA IGA contains a notice provision that allows each country to withdraw from the agreement. But, withdrawing from the agreement leaves Belgium "subject" (pun intended) to the direct application of FATCA rules in the IRC (1471 - 1474) home.treasury.gov/system/files/1…
2. Par 4 of Article 1 of US/Belgium treaty contains #savingclause. Belgium agrees US can tax US citizens (with exceptions) regardless of treaty. Change requires treaty amendment. But US could suspend and allow US citizens to be treated as nonresidents. irs.gov/pub/irs-trty/b…
An intelligent response which reinforces the #FATCA (sorry fact) that that the real problem is US @CitizenshipTax. The Decision in Belgium underscores that the sole purpose of the FATCA IGAs is to ensure Americans cannot leave the USA and acquire rights denied to US residents.
As the @DemsAbroadTax statement states/implies this problem can be solved ONLY if the US joins the world in adopting residence as the criterion for @TaxResidency. Citizenship would no longer be relevant for taxation. But, this is NOT part of any legislative proposal.
A second solution would be “A Regulatory Fix For Citizenship Taxation” Which would define “individual” as resident. As published by @TaxNotes here … taxnotes.com/featured-analy…
Ending @CitizenshipTax would mean fewer #Americansabroad caught in this #FATCA, #FBAR enforcement dragnet. What's truly "criminal" is unwillingness of US Gov to allow US citizens who live outside USA with @TaxResidency in other countries to avoid being caught in this crossfire.
Report goes on and on about Dan Horsky and a "The Family" (US residents) who used Credit Suisse to (presumably) evade US taxes. It concludes a vast conspiracy and uses this to condemn @DualCitizenship (pp 33 - 337)and justify the hiring of more IRS agents. finance.senate.gov/imo/media/doc/…
What is really disturbing is how the Report focuses on US citizenship and NOT residence. This should be of great concern to #Americansabroad. Remember also how dissent by Justice Barrett in the Bittner #FBAR case focuses ONLY on US citizenship with NO other circumstance relevant!
@RepBrianHiggins launches campaign seeking "carve out" from Canada's @VacantHomeTax for US citizens. He argues that this CDN tax (based on citizenship) violates US/CAN tax treaty and #USMCA. What about US @citizenship tax and #FATCA imposed on CDNs? higgins.house.gov/media-center/p…
Although @RepBrianHiggins is reinforcing the image of "The Ugly American" by his bullying tactics and viewing the world ONLY through his interests, this may be an opportunity to bring a discussion of US @citizenshiptax and #FATCA as applied to CDN residents into public domain.
Post from @1040abroad (includes) attempts to define who is an ”Accidental American” (not defined in US law). US Treasury has made consistent attempts to help them without defining them. How should “Accidental American” be defined? taxconnections.com/taxblog/being-… via @TaxConnections
The first recognition of the problem of "Accidental Americans" is found in the 2015 Obama budget proposal discussed here ... See the screen shots for what was proposed. citizenshipsolutions.ca/2015/02/08/the…
The second recognition of the problems of "Accidental Americans" appeared to result in the 2019 "IRS Relief Procedures For Former Citizens" as discussed here ... citizenshipsolutions.ca/2019/12/18/irs…
Notice 2023-11: Temp relief provided to banks under Model 1 #FATCA IGAs who can't provide SSN numbers of #Americansabroad ("preexisting accounts only") if the gov joins banks in taking specific steps to educate individuals about FATCA + @citizenshiptax. home.kpmg/us/en/home/ins…
Purpose of Notice 2023-11 is to ensure that banks in a Model 1 #FATCA jurisdiction won't be deemed to be "non-compliant" with the IGA if they can't provide a US SSN for "pre-existing accounts". The notice can be accessed and read in its entirety here ... irs.gov/pub/irs-drop/n…
Step 1: The relief is available to the banks in a Model 1 #FATCA IGA jurisdiction and ONLY if the government of the jurisdiction commits to engaging with (1) individual US citizens (2) the banks and (3) US Treasury to facilitate compliance.
Lots of discussion on "reciprocity" question. What does "reciprocity" mean? Q. Is it possible for there to be "reciprocity" when "obligations" are in the form of an agreement (possible contract) or where the contract is the result of duress? Consider the following examples ...
What if Mr. A makes Mr. B "an offer he can't refuse"? Mr. B agrees to the obligation. Is this "reciprocal" or is this an agreement under duress? Can one really say this "classic" staple of American culture - is an example "reciprocity? Is it thuggery?
A second example ... neither Roxie nor Mamma Morton is behaving in a spirit of kindness/generosity. What is called "reciprocity" is about avoiding sanction (which is why all governments entered into #FATCA IGAs).
IRC 1471 imposes sanctions. Reciprocity?
IRC 1471 imposes sanctions. Reciprocity?
Excellent article by @HelenBurggraf explaining that the new Argentina IGA (like previous #FATCA IGAs) is NOT reciprocal. An earlier and lengthy expose explaining in detail why #FATCA IGAs are NOT and likely will never be reciprocal agreements is here ... citizenshipsolutions.ca/2022/07/24/the…
The remarks from Ambassador Stanley are clearly designed to suggest the US Argentina #FATCA IGA is "reciprocal". Whether by accident or design this statement is not accurate.
It is useful to examine the exact text of the US Argentina #FATCA IGA to determine what Argentina is required to do and what the US is required to do and decide whether the agreement is reciprocal. home.treasury.gov/system/files/1…
#RBT countries understand "saving clause" to protect the internal tax base. Bc of @citizenshiptax + #FATCA US uses "saving clause" to BOTH PROTECT internal tax base + EXPAND tax base by claiming people with @taxresidency in other countries as US taxpayers. taxconnections.com/taxblog/croati…
Both OECD + UN Treaties include a "saving clause" which "saves" right of a country to tax its "residents". All countries (including the US) make "residency" a sufficient condition for @taxresidency. Only the US has @citizenshiptax. Hence, "saving clause" speaks only of residents.
The evolution of the "saving clause" found in US Tax Treaties is VERY (really) interesting. Watch how they become tighter over time. Here is paragraph 3 of Article 4 of the 1973 US Romania Tax Treaty. It applies to (1) "residents" (as defined by treaty) and (2) "citizens".
When flying over international waters or on a cruise ship in international waters, US citizens are indeed subject to double taxation bc and only bc of US citizenship. Explained by @1040Abroad and @Expatriationlaw here … citizenshipsolutions.ca/2022/01/20/air…
To clarify it is US citizens with @taxresidency in another country that are subject to #doubletaxation. Think pilots, cruise ship employees and #Americansabroad who work on the plane. See this podcast with Jim Gosart of @RepOverseas where we discuss.
The #doubletaxation of income earned in intl waters is one more consequence of @citizenshiptax and another example of how #Americansabroad are taxed more punitively than US residents. Here is a series of podcasts with @RepOverseas explaining the problems citizenshipsolutions.ca/2021/11/30/rep…
Almost all victims of the US extraterritorial tax AKA @citizenshiptax regime (enforced by #FATCA) agree that the practice of the US defining @taxresidency based on the "status" of citizenship alone must end. The plea is: End @citizenshiptax (enforced by #FATCA) and adopt #RBT.
When an organization or individual says they support #RBT or a political party includes #RBT in their platform, you must ask EXACTLY what do they mean by #RBT (Residence-based taxation)? Does their proposal leave citizenship in any way relevant to @taxresidency, #FATCA or #FBAR?
Do advocates of #RBT mean simply supporting a kinder more gentle (Eritrea style) of @citizenshiptax or do they mean making citizenship irrelevant to @taxresidency? Would #Americansabroad still remain US tax residents or do they cease having US @taxresidency for all purposes?
The question is not whether the #votefromabroad movement matters. The question is how @USVotersAbroad should best use their vote to best advance their interests in a @citizenshiptax and #FATCA world.
.@TheDemocrats through their @DemsAbroad wing is working hard to harvest the votes of #Americansabroad. The Republicans are not. As the recent Pelosi message shows, the Democrats don't understand @citizenshiptax or #FATCA problems, don't care or don't care that they don't care.
Now before people start saying "But what about the Republicans?" I remind you that the #FATCA of the matter is that Republicans are NOT out harassing you for your vote. Maybe they should be? It IS possible to discuss one party without discussing the other.
Podcast - A privilege to connect with @andygr to discuss: "The Decline Of The British Pound And Phantom Capital Gains For #Americansabroad Subject To @CitizenshipTax In The UK (a lose-lose situation)" podbean.com/ew/pb-q9vcz-13…
Highly recommend this 2014 interview with @andygr about the nature of US citizenship. How to get it. How to lose it. How to determine whether you have it.
Catching up with @andygr in 2016 where we discuss the problems of US citizenship in an #FBAR, #FATCA and @CitizenshipTax world
Many of you asked for the text of the GOP 2016 Platform about #FATCA and #RBT. Here it is:
"The Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank and Asset Reporting Requirements result in government’s warrantless seizure of personal financial information... +
"The Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank and Asset Reporting Requirements result in government’s warrantless seizure of personal financial information... +
without reasonable suspicion or probable cause. Americans overseas should enjoy the same rights as Americans residing in the United States, whose private financial information is not subject to disclosure to the government except as to interest earned. The requirement for all ...
banks around the world to provide detailed information to the IRS about American account holders outside the United States has resulted in banks refusing service to them. Thus, FATCA not only allows “unreasonable search and seizures” but also threatens the ability of overseas
2022 FATCA Report: If US doesn't agree to amend #FATCA IGAs to include full reciprocity and respect GDPR (which it won't) options include: 1. Blocking law generally 2. Blocking law for @USAccidental 3. Deem #FATCA inapplicable to European residents period! europarl.europa.eu/RegData/etudes…
The very last paragraph explains that #FATCA is not in the spirit of multilateral cooperation. Basically it saying that the US is essentially a 100% taken and a 0% giver. But, we know that
A "blocking" statute is a law that "blocks" the application of certain laws ... en.wikipedia.org/wiki/Blocking_….
In her own words “Nancy” in a message to @DemsAbroad (1) fails to identify #Americansabroad as a priority while mentioning other groups (2) confirms that your value is ONLY in your vote. A vote for a Democrat anywhere is a vote against every American abroad everywhere.
@DemsAbroad Did @DemsAbroad assist in drafting this message? If yes DA confirms #Americansabroad are not a priority. If no @TheDemocrats confirm #Americansabroad not a priority.
Seriously, @DemsAbroad needs to respond to this “tone deaf” message from Nancy. You couldn’t invent a more offensive message if you tried. Maybe @DemsAbroadCan (home of so many potential voters) could/should respond?
@AmerIronCurtain @BlognDog @AmExpatFinance @CrossBriton @tconsult @ACAVoice @CitizenshipTax 1. Look at the various lawsuits. Not a single one so far is focussed on ending @Citizenshiptax. 2. Look at @Demsabroad and @ACAVoice - neither has the slightest interest is severing citizenship from @taxresidency. 3. Individuals follow the various orgs. ...
@AmerIronCurtain @BlognDog @AmExpatFinance @CrossBriton @tconsult @ACAVoice @CitizenshipTax @DemsAbroad @TaxResidency 4. Complexity: Very difficult to understand all the moving parts and how they integrate. 5. Unbelievable ignorance of the the tax compliance community (making claims like treaties prevent double tax and this form is only an information return which doesn't result in tax owing ...
@AmerIronCurtain @BlognDog @AmExpatFinance @CrossBriton @tconsult @ACAVoice @CitizenshipTax @DemsAbroad @TaxResidency 6. Confusing symptoms/result of the problem (PFIC, #GILTI, etc) with the actual problem problem @citizenshiptax 7. Believing that not filing (personal solution) is somehow a general solution ...
In 2022 a "Message in a bottle" from 2013 washes up on the shore as a reminder of US Treasury's " Myth vs. #FATCA isaacbrocksociety.ca/2013/09/20/fro…
Walking further down the shoreline, I found a second "Message In A Bottle" - Circa 2015. A 192 page book documenting the "Facts" exposing US Treasury's 2013 "#FATCA Myths" (AKA "Stack-Of-Lies) which continue to this present day. Have a look at this. citizenshipsolutions.ca/wp-content/upl…
Spent afternoon reading that 192 book absorbing the shocking atrocities committed by the USA against its diasporA. I then tripped, fell into a ditch, landing on a 3rd message Circa 2017 - about a #FATCA hearing - from @AndyGr delivered by @IsaacBrockSoc isaacbrocksociety.ca/2017/05/28/tra…
@AccidentallyUSC @ConnecterIO @SEATNow_org "Uniting and organizing" assumes commitment to a principle that will allow all Americans to live ordinary lives. The ONLY thing that solves the problems of all people, all the time under all circumstances is ending @citizenshiptax -severing US citizenship from US @taxresidency.
@AccidentallyUSC @ConnecterIO @SEATNow_org @CitizenshipTax @TaxResidency As long as #Americansabroad think in terms of solving "their problem" rather the "the problem" change is not possible. Everybody supports some specific change that helps them but leaves other problems intact. H.R 6057 - which helps some people - is a most insidious example.
@AccidentallyUSC @ConnecterIO @SEATNow_org @CitizenshipTax @TaxResidency .@SEATNow_org was formed to educate and encourage people to unite under principle of ending @citizenshiptax - severing citizenship from @taxresidency. Truth is that most people/groups are NOT committed to this principle. They want their problem solved and don't care about others.
A Simple Regulatory Fix For The #FATCA (banking and other) problems for "some" #Americansabroad and others with @dualcitizenship from birth. citizenshipsolutions.ca/2021/06/29/a-s… via @expatriationlaw
The obvious group that could benefit from this would be @USAccidental
It should be emphasized that this can be achieved through "regulation" and NOT through "legislation" (which is more difficult). Here is an earlier analysis I did of this issue which refers to some earlier proposals coming from the Obama administration. citizenshipsolutions.ca/2015/02/08/the…
