The post raises questions that include the following:
Can a Swiss bank be sanctioned because it fails to discriminate against U.S. citizens? Can the United States ensure that its citizens be subjected to discrimination because they are U.S. citizens? This is what is happening with FATCA and the the FATCA IGAs.
Should U.S. citizens be required to live in a world where, if they are outside the United States, they are permitted only the freedoms that the U.S. Government allows?
Interesting questions indeed.
The post about the “Non-prosecution agreement” entered into between the U.S. Department of Justice and thw Swiss Bank EKS. This was discussed on Jack Townsend’s blog as follows:
The above tweet references a fascinating discussion about the best Thomas Jefferson quotes. Homelander lawyers often justify U.S. citizenship-based taxation by citing the 1924 U.S. Supreme Court decision in Cook v. Tait. The world in 1924 is very different from the world today. What is meant by “taxation” in 1924 is very different from what “taxation is today”. Neither the factual context nor the reasoning in Cook v. Tait bears any relation to the world today. The quote referenced in the above tweet is:
Yes, it’s finally begun. We have our first reported case (if true) of a child suing the parent for contaminating him with U.S. citizenship.
Here’s the story …
“Hey, I didn’t choose where I was born. It just kind of happened.”
The problem of unwanted U.S. citizenship is becoming bigger and bigger. The world of Americans abroad includes membership in the worlds most exclusive and most punitive “Tax, Form and Penalty Club” (well if you are obeying the “Membership Rules” and if you can understand the “Membership Rules” to begin with).
Those who don’t want to be members of “Club Penalty” are simply running and hiding. But, in a FATCA world, those with a U.S. birthplace are learning that they:
“Can run, but they can’t hide” – Eventually they will be FATCAed out.
The word is out:
It’s pretty much impossible to abide by the rules of this exclusive club and have any kind of a life. People are relinquishing U.S. citizenship in droves. The Obama administration has responded by raising the renunciation fee to $2350. The fee increase in likely to create more panic increasing the number of renunciations.
The above tweet references an op-ed that appeared in the December 7, New York Times. The “Op-Ed” was interesting, well written and didn’t add any new insights or information. I then researched who this person is. He is a highly accomplished author, fund manager in London. In fact I intend to read at least one of his books.
Q. Does the U.S. really want to lose citizens of this calibre?
A. They don’t care and they don’t care that they don’t care.
I think the real question is what makes you an American. If you don’t live here and feel no responsibility for supporting the country, why would anyone care if you decide to renounce your citizenship? There are plenty of people in the world who WANT to be Americans. Many of them come here, contribute to the country and want to become citizens. Those are the real Americans, not the folks who inherited the moniker but seem to think they have no responsibility for the contributing anything to the country.