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Dear Member,

Democrats Abroad is very pleased to launch the 2014 FATCA Survey, continuing the global research we started in 2012 into the consequences for Americans living abroad of the Foreign Accounts Tax Compliance Act (FATCA). As with the 2012 research, this is an anonymous survey of Americans living all around the world that will collect demographic information and experiences related to FATCA and banking, employment and tax reporting.

[TAKE THE 2104 FATCA SURVEY]

We strongly urge you to both take the survey and to distribute it as widely as possible among your networks of overseas Americans. Please send the survey link out to your personal and social networks to help us ensure that this survey reaches as many Americans living outside the U.S. as possible.

[TAKE THE 2104 FATCA SURVEY]

Please contact the Democrats Abroad FBAR/FATCA Task Force at any time with questions or comments at: FATCA@democratsabroad.org.

BACKGROUND

As you may know Democrats Abroad has been working since 2011 to reform the Foreign Account Tax Compliance Act (FATCA). FATCA was passed in 2010 to bring an end to illegal tax avoidance by Americans in the US using offshore accounts to hide taxable earnings from the IRS. The law, however, has burdened Americans living abroad and our financial service providers - with reporting obligations that have made U.S. persons undesirable as customers to some banks and brokerage houses.

We have been discussing the impacts of this important piece of anti-tax evasion legislation with Congress, IRS and U.S. Treasury and outlining our recommended reforms to the regulations implementing the law. We are confident that the regulations can be changed to relieve us and our banks from the obligation to report on the ordinary, every-day accounts we keep in our country of residence.

But we need your help!

[TAKE THE 2104 FATCA SURVEY]

In order to fully demonstrate FATCAs effects on ordinary, law-abiding Americans living outside the U.S. we need you and the Americans abroad you know to take part in our 2014 FATCA Research Project.

[TAKE THE 2014 FATCA SURVEY]

Thank you for supporting our efforts to reform FATCA. This survey is essential to our advocacy effort. And so is your vote!

Midterm elections normally have depressed levels of voter participation. A big vote from abroad in November will send a strong message to Congress about the importance of their overseas constituency. We need their help to reform FATCA and we need it urgently.

So after you TAKE THE 2014 FATCA SURVEY, go to VOTEFROMABROAD.ORG to request your ballot for the November midterm elections.

You can follow developments in our advocacy work to Reform FATCA on the FBAR/FATCA page of the DA website. Our July update on our advocacy work has just been published. It provides an explanation of the Same Country Exception, the cornerstone of our advocacy efforts and the mechanism by which Americans living abroad and their banks will be exempted from FATCA reporting of accounts in our countries of residence.

Many thanks again for your support,

Carmelan Polce

Chair

DemsAbroad FBAR/FATCA Task Force

FATCA@democratsabroad.org

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This abusive legislation was passed and signed in 2010. Knowing this, it is pretty easy to figure out who is responsible for it.

There isn't another country in the world that treats its citizens like this. Americans are being booted by banks all over the globe. Meantime, the Russians and Chinese and a number of other nations are not cooperating with it, allowing the mega rich to escape while the IRS, as usual, beats up on the little people.

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My guess is that the US doesn't want the 'boomers' like us to take our money out of the US, as in Social Security, etc. and spend it elsewhere...since the US Treasury is so broke. Which is why they're making it so difficult for us, and our hard earned money, to leave.

I imagine that they are happy to have the seniors not use Medicare. It is probably a net benefit to have us out of the country.

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I keep saying it, but no one wants to listen I guess, but one more time - IT'S ABOUT POWER AND CONTROL - nothing more. They don't give a hang about the money, if they did they'd stop giving billions to illegals for child credits that are obviously bogus, they'd collect the $3B in back taxes owed by Fed employees, many in the IRS. No folks, it's power and control, nothing more.

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Per Senor Google: Although it is true that Pres. Obama signed the FATCA, it was introduced by congress and passed both the House and Senate, so lets put the credit (or blame) where it's due. Terrible legislation, as far as us peasant foreigners is concerned. At the time, they probably thought they were going to collect a jillion bucks hidden in foreign accounts, but the net is far too wide and along with the big tunas, they're harassing a bunch of little fish who are now really pizzed off.

Let's hope we can effect change about that, but talking about "billions to illegals" is just cranking some folks' personal political agendas and doesn't belong on this forum since those of us who are not of that persuasion would be getting our tushies kicked out by arguing.

The original post is the point. How about sticking to it? :angry:

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True. And who held the Congress at that time?

I find it interesting that you are complaining about politics, Gringal, when your post is the first mention of any specific politicians.

My post directs your attention and investigation as to who was controlling both the Congress and White House at the time this law was passed. You can do your own homework on that and draw your own conclusions.

Ask a Canadian friend if they are being subjected to this kind of law. In fact, do a little reading on the topic and see if any other nation is trying to force foreign banks and investment houses to report to it the incomes of expats.

American Corporations are holding trillions of dollars off shore to avoid U.S. taxation. It is being proposed by the same folks who enacted FATCA to give these corporations a huge tax break to get them to bring some of it back.

However, if you're an expat with a few small foreign investments, you're being threatened by draconian prosecutions and confiscations and your bank is being threatened with sanctions that would destroy its ability to transact any business cross border.

I'm sure glad we have a compassionate and friendly government that believes in justice for all and looks out for the little guy, aren't you?

Observing that Americans are being tossed by banks all over the globe as a result of this law is nothing more than just noting what is going on. Here's something to add to that, according to Monex, after July 31 AMERICANS ONLY will no longer be able to cash checks here. So some will need to prepare for that as well. Expats from other countries will not be affected unless they are foolish enough to use American banks.

Along with Giltner, I find it more than a little ironic that the U.S. government has basically declared open borders and is spending huge sums on the result while at the same time it is harassing U.S. citizens around the globe and proposing tax breaks for the really big fish and their trillions of dollars of foreign cash.

But perhaps some of you don't see any problem there. Of course you could keep your money in the U.S. and earn 0.2 percent interest on it, taxable as well, thanks to the policies of the U.S. government and Federal Reserve. Now they're actually talking about charging you to save money in their banks and paying you no interest. At least you won't have to pay taxes on minus nothing.

However, you can take consolation in knowing that since 2008, the rich up there have gotten richer faster than at any other time in history. At the same time, the middle class has seen their incomes go down significantly and, oh yes over 70 percent of those jobs "created" up there are part time with few or no benefits.

In my seventy years, I simply can't recall any period where the government was so good for us regular folks.

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Mainecoons: "This abusive legislation was passed and signed in 2010. Knowing this, it is pretty easy to figure out who is responsible for it. "

I mentioned the history of the FATCA law in passing and am well aware of how it came about. Anyone else interested can look up the same information.

I am against it, since it's a royal PITA affecting many people here. Doesn't really matter who cooked it up; it's a bad thing and should be massively revised or better yet, repealed.

Your last post is pure politics, and I'm surprised you're doing this. You know better than to expound your political opinions here. There are forums where you can post your feelings to your hearts' content, but this isn't one of them. This one is supposed to be Switzerland: neutral.

I think we should be focusing on doing what we can (very little, in reality) to change the FATCA situation. I don't think it's a Republican, Democrat, or Tea Party issue since it affects all expats.

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Mainecoons: "This abusive legislation was passed and signed in 2010. Knowing this, it is pretty easy to figure out who is responsible for it. "

I mentioned the history of the FATCA law in passing and am well aware of how it came about. Anyone else interested can look up the same information.

I am against it, since it's a royal PITA affecting many people here. Doesn't really matter who cooked it up; it's a bad thing and should be massively revised or better yet, repealed.

Your last post is pure politics, and I'm surprised you're doing this. You know better than to expound your political opinions here. There are forums where you can post your feelings to your hearts' content, but this isn't one of them. This one is supposed to be Switzerland: neutral.

I think we should be focusing on doing what we can (very little, in reality) to change the FATCA situation. I don't think it's a Republican, Democrat, or Tea Party issue since it affects all expats.

No, it is not. Everything I cited is factual. Let me know if you want the links, I'll PM you. The data regarding the rich getting richer is real as is the data regarding the loss of income and quality full time jobs for the middle class as is the information about interest rates paid by U.S. banks these days.

The Federal Reserve sets interest rates and they do it in concert with the Executive Branch. That is also factual information.

FATCA is an issue caused by the people who enacted it and the people who elected them. That information is readily available and it clearly identifies who is responsible for this legislation and who is not. Unlike you, I've named no names and mentioned no politicians or political groups. I've left it to the reader to look up the details of when this legislation was enacted in 2010 and who is responsible for it.

Once again, you are the only one mentioning political names and parties. Please stop politicizing this thread by doing so, thanks.

I've said my piece on this. Do your own homework and reach your own conclusions about any or all of the facts I have cited. It is all public knowledge, much of it from the government itself.

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This is just amazing. I have no argument with the facts you are referring in this situation, but your postings are about U.S. politics and economics, which do not belong on this forum. You are about as subtle as a wrecking ball when you slip in references, and I don't think anyone is missing your point.

I think it's time for return to the subject rather than trying to stir up sentiment about who is to blame for what. Why does the sorry state of the states matter, and why are we even hearing about it on here? We are all literate enough to read the news and check our facts with Senor Google.

My posts are about FATCA itself, not about the economic disparity in the United States of America or which political party created FATCA, so its state of the economy and who was in the majority at the time this poor piece of legislation affecting us expats does not relate to this forum, which is about being an expat in Mexico.

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My posts are about economics and the origins of FATCA. It is all related. It seems the most feared agency of the Federal Government, the IRS, is hell bent on roasting a bunch of little people and disrupting banking for America while the originators of FATCA are falling all over themselves trying to give the big boys an out.

Stop trying to suppress speech and post your own views. And stop naming politicians and parties, you are politicizing the thread. Also, if you want to moderate this board, volunteer for the job.

Some expats in Mexico helped create this situation including I'll wager you and most likely the folks of the OP. I'd be embarrassed about that too. As ye sow, so shall ye reap. Sorry that it is upsetting for some of you to be reminded of this.

I've said my piece. Stop whining and follow your own advice about staying on topic. Thanks.

:D

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This abusive legislation was passed and signed in 2010. Knowing this, it is pretty easy to figure out who is responsible for it.

Once again, you are the only one mentioning political names and parties. Please stop politicizing this thread by doing so, thanks.

Are you saying that the first quote above wasn't political?

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Are you saying that the first quote above wasn't political?

Maybe the "abusive" part but otherwise I am simply reminding some of you when this happened and inviting all of you to find out for yourselves who is responsible.

I sense I'm not the only one who finds this legislation abusive here.

Gringal, I'm sorry you fear views that don't agree with your own so much. I notice you have no problems with the obviously political nature and origins of the OP. However, I'll bet that if it were from "Republicans Abroad" that your response might be quite different. :)

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I did notice a rather thinly veiled "get out the vote" section to the supposed vital information from the OP. So, let's see how this flies shall we?

http://www.step.org/republican-party-calls-repeal-fatca

But, there are many folks fighting this and frankly I tried to wade through who voted for/against it and it's so convoluted I got a brain cramp, the fact it that it's just one more strike against DC and is hurting all of us.

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I did notice a rather thinly veiled "get out the vote" section to the supposed vital information from the OP. So, let's see how this flies shall we?

http://www.step.org/republican-party-calls-repeal-fatca

But, there are many folks fighting this and frankly I tried to wade through who voted for/against it and it's so convoluted I got a brain cramp, the fact it that it's just one more strike against DC and is hurting all of us.

Good reference. Frankly, I don't care who gets it revised or repealed. Good on them, whichever party does it.

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Man, we would do that in a heart beat if we could. Good luck with it.

According to Spencer, it takes 5 years on a combination of Fm's. Then, after starting the process, it takes three to six months to complete and involves a trip to Mexico City somewhere near the end to get a police report. After that, you get your voter card; you're done and probably have fewer problems with many things bureaucrat, including banks. It's not cheap, but at least that isn't a yearly thing adding up.

This does not result in renouncing U.S. citizenship. If a person wants to do that, they need to go through a separate process in the U.S.

Personally, I prefer being a dual citizen. Like various kinds of insurance.....you never know. :unsure:

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The best thing to do is to have dual citizenship. Do your banking and investing with your Mexican citizenship and there is no reporting.

The US has been know to deny a visa for reentry to the US for people that turn in their US passports.

Of course, just watching the news this week, entering the US illegally looks pretty easy.

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Mainecoons, again wrong on a few points, the rich have been getting richer

since Ronald Reagans,'TRICKLE DOWN THEORY'

the people responsible for this big tax attack are the offshore multinational american

companies, who have been for years lobbying for a tax holiday, to bring back their

big profits, and then there are the super rich, who are hiding their wealth offshore,

so everyone is getting caught up in the net, would you like a 2 tier system now.

and Canada is implementing something similar, By the way, I thought we couldn't

involve politics in this forum, or is that just for us Plebs, not Moderators

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