You think you want a #GreenCard, and then U.S. Citizenship? Watch this before u do. Be fully informed so no buyers reget youtube.com/watch?v=Mi9hjI…
— Marvin Van Horn (@FATCA_Fallout) November 29, 2012
You will find this shocking statement at the 12:00 minute mark of the video. She also suggests a market for dating agencies that avoid U.S. citizens.
Well, at least according to former IRS lawyer and Florida based lawyer Richard Lehman. This video is worth the hour it will take to watch. Those considering a FATCA IGA with the U.S. should watch it as well.
It explains how:
If Canada enters into a FATCA IGA, it will help the U.S. “trap” almost one million Canadian citizens. Once “trapped”, Canada will turn its own citizens over to the IRS for processing.
This is definitely one of the better presentations I have seen on the OVDP program, on form 8938, and the obligations of non-US banks under FATCA. He also does a good job outlining the incredible range of penalties that US citizens abroad may be subjected to. Mr. Lehman skillfully presents the threat of FATCA and introduces OVDP as the only way to save yourself. Although the video was made in October of 2012, it includes no reference to the “streamlined procedures” and no reference to the December 2011 FS. This makes it a very skillful ad for OVDP. Continue reading
By attempting to impose FATCA on the world, the US is attempting to place the world, not in its hands but in its Iron Fist.
The US is leading the world into a frightening Orwellian future. Those of you who have read Orwell’s 1984 will recall the importance of language. Language is used to shape our attitudes. Language is used as a means to enhance and contract our understanding of issues. Hence, the importance of “Newspeak”.
Today I had an interesting thought (a rare event). I realized that all of the discussion of US tax laws uses the language of “citizenship-based taxation”. This is misleading language. US tax laws apply to far more than US citizens. The Internal Revenue Code speaks of “US persons”. Continue reading
Introduction – Introducing FATCA – “I’d like to build the world a home, And furnish it with love”
FATCA and Citizenship Based Taxation
“I’d like to teach the world to sing” was a sing created by Coke (a large US company) to implement the Globalization of Coke for the benefit of the U.S.
FATCA is legislation created by Congress (the legislative body of the US) to implement Global tax compliance for the benefit of the U.S.
Both FATCA and Coke depend on the U.S. spreading ideas and compliance to the rest of the world. The U.S. is attempting to market FATCA to the rest of the world. Perhaps it could take a page from the successful marketing campaign of Coke.
Of particular significance is the following excerpt:
Trouble in ‘the True North Strong and Free’
One of the priority countries identified by Treasury as a must-have signatory on an IGA is Canada. It would be a sharp setback for FATCA if Canada were to refuse to agree to an IGA or to allow extraterritorial enforcement of FATCA against Canadian institutions. At the same time, given the high degree of overlap between the U.S. and Canadian economies (including the financial systems of the two countries) and the large number of U.S. citizens resident in Canada (many of them dual nationals), FATCA’s enforcement against Canada – whether with an IGA or without one – promises to be particularly expensive and invasive.
While Canadian Finance Minister Jim Flaherty has been blunt in expressing his negative opinion of FATCA, his Department of Finance recently asked for public comments on a possible IGA amid reports from both Ottawa and Washington that a deal would be finalized soon. This news prompted circulation of an Appeal against FATCA and a U.S.-Canada IGA by The Isaac Brock Society (IBS), in cooperation with Repeal FATCA. (The full text of the IBS Appeal follows this commentary, below).
As is clear from the comments on one site posting the IBS appeal, Canadians who support FATCA or an IGA are few and far between. When the silence about FATCA is broken, and people can assess what is being imposed on them, FATCA comes up short.
The question is, will enough Canadian patriots get the facts before it’s too late – and will the Canadian media stop ignoring this assault on their country’s sovereignty and prosperity? Continue reading
Roger Conklin is an incredibly articulate proponent of abolishing citizenship-based taxation. Time after time he has demonstrated the linkage between the US trade deficit and its tax policies (including citizenship-based taxation).
Here are two of his best comments from the Isaac Brock Society:
http://isaacbrocksociety.ca/2012/11/20/coerced-foreign-tax-compliance-is-killing-american-jobs/comment-page-1/#comment-95229 Continue reading
U.S. Persons Abroad - Members of a Unique Tax, Form and Penalty Club 