Category Archives: Renunciation

The American in Canada – Investor education from @TfRitchie interviewed by @rcarrick

In 2012 I did a post about Terry Ritchie’s book “The American in Canada“. It is referenced in the following tweet.

Mr. Ritchie is has done a series of interviews with the Globe and Mail’s Rob Carrick as follows:


A 2012 presentation by Mr. Ritchie:

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Statement from @AARO (unlike @DEMSabroad) supports Bopp #FATCA lawsuit

https://www.facebook.com/groups/AmericanExpatriates/permalink/492020850963992/

Official statement from AARO on the FATCA Lawsuit filed last Tuesday.

The filing of the lawsuit challenging the constitutionality of FATCA is one more development in the history of a law that AARO has always felt was crafted hastily without thinking of its repercussions on the estimated 8.7 million Americans living and working around the globe, the vast majority of whom are law-abiding citizens who strive, even when it is difficult overseas, to comply with their country’s tax laws.

As a non-partisan organization representing the interests of all overseas Americans, AARO supports all efforts to eliminate or alleviate the damaging effects of FATCA, including this constitutional challenge that would have the law repealed. Likewise, since the very early days of FATCA, we have supported the “safe harbor” concept that would eliminate from FATCA reporting the accounts held by overseas taxpayers in the country where they are fiscally domiciled. In that connection, we are grateful for the efforts of the Co-chairs of the Congressional Americans Abroad Caucus to convince Treasury Secretary Lew and IRS Chairman Koskinen of its merits.

Both approaches appear to us to pose problems – in the case of the constitutional challenge, probable litigation that could take months if not years to resolve, and in the case of the “same country exception”, probable difficulties in satisfying banks and the IRS of a taxpayer’s legitimate status abroad. However, we support any effort to alleviate the negative effects of FATCA on Americans abroad. AARO’s sole concern is the financial, professional, domestic and personal well-being of people abroad who are being treated like “tax cheats” because of financial accounts they must maintain in their countries of residence.

Note that the statement from Democrats Abroad condemning the Bopp/Republicans Overseas FATCA lawsuit is here.

Cook v. Tait 27: The US Government uses the fact of “U.S. citizenship” to control #offshore banks

The above tweet references a post at the “Citizenship taxation Facebook Group“.

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:

Mr. Townsend reports that:

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And Homelanders wonder why #Americansabroad are renouncing US citizenship

 

The above tweet references a comment at the MapleSandbox.ca blog that is worth turning into a post. And they wonder why people renounce U.S. citizenship!

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Cook v. Tait 18: #Americansabroad by their very nature benefit the US government wherever they may be found

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:

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More on phantom capital gains and the injustice of U.S. taxation of #Americansabroad

I was alerted to the above comment that appeared on Facebook. Here we have one more casualty of the “Code of Conduct” that governs Americans abroad. You have heard the saying:

“When in Rome, do as the Romans”.

When it comes to Americans abroad, the Code says:

“When an American goes abroad, do as an American in the Homeland.”

The above tweet references an article on how dangerous Foreign Exchange rates can be to the financial health of an American abroad. It’s fascinating how fluctuating exchange rates impact the lives of Americans abroad in so many ways.

By the way, the Canadian dollar is feeling. This means that:

2015 is a very good year to renounce U.S. citizenship. To understand why, read this post.

 

 

 

 

 

John Gibson in New York interviews Keith Redmond in Paris and the train wreck known as ‪#‎FATCA‬ ruining American lives