To be clear: A video is worth a thousand words! More videos are worth more than a thousand words.
I have taken a “comment exchange” between an Obama supporter and @Just Me and turned it into a post. Just Me lays out the chronology of Obama, the Democrats and FATCA.
Comment from Obama supporter:
I think its a bit unfair to label this Obama? Strikes me as more Congress, ie anyway and whatever way to tax in order to keep the game going. So if we can tax “non-americans, ie ppl who dont vote” all the better.
Quite surprised on the self-employed thing…wow is all I can say….once the hooks are in, ouch. Oh and Obamacare looks to be a big win…for the Democrats…
Reply from Just Me:
I know that is NOT a happy message to hear, and consider, especially for those of us that voted for him for the 1st go around, but yes, FATCA is his initiative. He is responsible and it is NOT unfair.
It was hard for me to accept for a while.
The most charitable thing I can say, is maybe he envisioned something simpler, but the Ideologues that surround him, (The FATCAnatics) ran away with it and turned it into a Monster, that he has NO intention of stopping.
Here is the report that those close to the Administration, say NO more FATCA Delay.
So, he has to take the blame.
Back up a bit and view a well documented history …
This is Obama early in the Administration talking about what he wanted to do …
This is where the FATCA ball started rolling in 2009.
From 1099s to 544 pages of FATCA regulations and multi versions of IGA agreements….
And notice what he says about “What if financial institutions won’t cooperate?” They will assume they are tax havens and act according. This was translated to mean in legislation that he signed, to be a 30% withholding on the world’s financial institutions if they fail to comply!
The best you can say is, FATCA is a simple premise gone terribly wrong.
A good intention run amuck!
But notice he made no reference to exceptions for Americans resident abroad or having dual citizenship and neither has Congress even though the problems of bank account closures have been pointed out to Geithner in hearings…
He passed the blame onto Congress, but he was the one that launched the initiative, (see below) so a bit disingenuous. He offered no exemptions nor have they even consider “same country accounts” exemption that could stop some of the collateral damage. So tell me again how unfair to say that Obama is responsible?
Also, NEVER forget, if you back up to the beginning of that video and listen to the whole 10 minutes, you will see that it is the Secretary of Treasury Geithner standing next to Obama announcing the whole range of tax avoidance/evasion counter initiatives. He was running the show and reports to Obama!
Also if you will listen a little farther he, you will hear him praising the architects of FATCA, the same one that attached it as a last minute rider on the 2010 Hire Act. Baucas, Rangel, Doggett and Levin, are four names that should ring a bell with you, if you have been following this as long as I have. Here is their press release a few months after Obama announced his new plans.
If that video and this press release doesn’t represent Obama’s vision and mission and show him as responsible, then what does?
Very Fair to place the blame squarely on Obama, and frankly he probably would take pride in the claim.Thus, his will be his legacy, every American that is renouncing their Citizenship because of FATCA.
We have to be realist and face the facts, uncomfortable as they may be.
I rest my case. 🙂
As for ObamaCare, I would disagree, and so would a LOT of the Left side of the spectrum who saw it as a sell out to the insurance companies, and are terribly embarrassed by the Cockup rollout.
They are continuing to have problems with the site, especially security of data, and the young are NOT signing up. Mostly those getting insurance appear to be those that got kicked out of the insurance plans in spite of his assurances that if they like their plan, they could keep their plan.
When you have the leadership of the major Unions writing Obama public letters complaining about their members being cut back to part time to avoid insurance costs, and placing the blame straight on ObamaCare regulations this hardly appears to be a BIG WIN!
I know partisans will argue it either way come election time, depending on your favorite side, but even recent reports by the CBO that ObamaCare is going to lead to significant job losses is really hurting him politically.
As to who is right if it is good or bad, I guess the mid terms will tell us something about what the homelanders think.
But, at the end of the day:
Obama is as Obama does! What “Obama does” is puts an end to U.S. citizens residing abroad.
By the way, speaking of Geithner, Rangel and other architects of FATCA see: