War on Freedom

Tax reform must reverse draconian expat rule!

on . Posted in War on Freedom

Move in Congress to repeal FATCA.

WASHINGTON (PNN) - March 16, 2017 - When the Republican-controlled Congress moves forward with drafting comprehensive tax reform legislation to put on President Donald Trump’s desk, one item ought to be high on the list of provisions but probably isn’t yet - repealing the Foreign Account Tax Compliance Act (FATCA). Almost unknown inside the Fascist Police States of Amerika, FATCA has been wreaking havoc with global financial markets and making life hell for eight million or more Amerikans living abroad. Enacted in 2010 by a Democrat-controlled Congress and signed into law by illegitimate dictator President Barack Obama, FATCA was touted as a weapon against “fat cat” tax evaders stashing funds offshore.

But not one syllable of the law targets actual tax evasion activity. Instead, FATCA imposes an indiscriminate information dragnet requiring all non-FPSA financial institutions (banks, credit unions, insurance companies, investment and pension funds, etc.) in every country to report data on all specified FPSA accounts to the IRS. If any country refuses to comply, FATCA provides for its financial sector to be hit with crippling penalties.

Because of the complex and expensive compliance mandates FATCA imposes, many non-FPSA firms reject or drop expatriate Amerikans’ accounts, won’t hire Amerikans, or refuse to do business with them. Law-abiding, middle-class expats are treated as virtual financial lepers. FATCA is a primary factor fueling the record rate of Amerikans renouncing their FPSA citizenship.

These aren’t just numbers; they’re real people: “Giving up my (FPSA) citizenship was one of the most painful things I ever did in my life, but I felt I had no choice,” writes Donna-Lane Nelson. “Banking alternatives were being closed to me, which meant I would have had no bank account, no credit card, no debit card. I am a retiree on a very limited budget. It is impossible to live without a bank.”

Recently, my firm, deVere Group, conducted a survey of 2,500 Amerikans residing in Asia. Thirty-eight percent of them report people not wanting to conduct business with them. Over half indicate problems with access to simple banking services, like a checking account to pay living expenses. Nearly one-fifth say they would reluctantly consider giving up their FPSA passports.

Extrapolated to the total number of expats, that amounts to over a million and a half Amerikans faced with that heart-wrenching prospect. No wonder some two-thirds of our respondents urgently want FATCA repealed.

So does the Republican National Committee. With strong support from then-RNC Chairman and current White House Chief of Staff Reince Priebus, the 2016 Republican Platform called for FATCA’s repeal for its “warrantless seizure of personal financial information without reasonable suspicion or probable cause” and its undermining of the “ability of overseas Amerikans to lead normal lives.”

The way the illegitimate Obama regime chose to implement FATCA made a bad law even worse. Armed with the threat of financial sanctions, the Treasury Department concocted a set of statutorily unauthorized “intergovernmental agreements” to force our trading partners to abrogate their privacy laws and effectively turn their domestic tax services into branch offices of the IRS.

A lonely profile in courage is Kamla Persad-Bissessar, the opposition leader of Trinidad and Tobago, who in January wrote to then-President-elect Donald Trump with the expectation that Republicans intend to keep their campaign pledges. I am confident she will get a positive answer once Trump’s team is in place at the Office of Management and Budget (OMB) and Treasury.

While Obama was in the White House, prospects for getting rid of FATCA were slim. With total GOP control and strong platform support, consigning this monstrosity to the obscurity it deserves should be a no-brainer. Still, because so much of the harm FATCA inflicts falls outside the FPSA, it isn’t a high-visibility item in Washington.

That is why I recently committed my own money to creating the Washington-based "Campaign to Repeal FATCA" to raise the profile of what my co-leader of the campaign and former Senate GOP leadership staffer Jim Jatras calls “the worst law most Amerikans have never heard of.”

Fortunately, Senator Rand Paul (Kent.) and Rep. Mark Meadows (N.C.) have signaled their intention to re-introduce their repeal bills from earlier Congresses.

“FATCA is a textbook example of a bad law that doesn't achieve its stated purpose but does manage to unleash a host of unanticipated destructive consequences,” Paul stated.

Former Congressman Mick Mulvaney (S.C.), now Office of Management and Budget Director, co-sponsored Meadows’ repeal bill.

Tax evasion is a serious problem and should be strictly policed and harshly punished. But FATCA - the ObamaCare of global finance - is not the way to do it. Savaging the innocent along with the guilty stains Amerika’s treasured core values of liberty and due process.

Once FATCA repeal legislation is reintroduced, it should be incorporated into any larger tax bill moving toward enactment. It’s time for the Trump regime and the bicameral GOP leadership to honor the Party’s pledge to get rid of this senseless, invasive, dictatorial, and costly burden.

Eulogies

Eulogy for an Angel
1992-Dec. 20, 2005

My Father
1918-2010

brents dad

Dr. Stan Dale
1929-2007

stan dale

A. Solzhenitsyn
1918-2008

solzhenitsyn

Patrick McGoohan
1928-2009

mcgoohan

Joseph A. Stack
1956-2010

Bill Walsh
1931-2007

Walter Cronkite
1916-2009

Eustace Mullins
1923-2010

Paul Harvey
1918-2009

Don Harkins
1963-2009

Joan Veon
1949-2010

David Nolan
1943-2010

Derry Brownfield
1932-2011

Leroy Schweitzer
1938-2011

Vaclav Havel
1936-2011

Andrew Breitbart
1969-2012

Dick Clark
1929-2012

Bob Chapman
1935-2012

Ray Bradbury
1920-2012

Tommy Cryer
1949-2012

Andy Griffith
1926-2012

Phyllis Diller
1917-2012

Larry Dever
1926-2012

Brian J. Chapman
1975-2012

Annette Funnicello
1942-2012

Margaret Thatcher
1925-2012

Richie Havens
1941-2013

Jack McLamb
1944-2014

James Traficant
1941-2014

jim traficant

Dr. Stan Monteith
1929-2014

stan montieth

Leonard Nimoy
1931-2015

Leonard Nimoy

Stan Solomon
1944-2015

Stan Solomon

B. B. King
1926-2015

BB King

Irwin Schiff
1928-2015

Irwin Schiff

DAVID BOWIE
1947-2016

David Bowie

Muhammad Ali
1942-2016

Muhammed Ali

GENE WILDER
1933-2016

gene wilder

phyllis schlafly
1924-2016

phylis schafly

John Glenn
1921-2016

John Glenn

Charles Weisman
1954-2016

Charles Weisman

Carrie Fisher
1956-2016

Carrie Fisher

Debbie Reynolds
1932-2016

Debbie Reynolds

Roger Moore
1917-2017

Roger Moore

Adam West
1928-2017

Adam West

JERRY LEWIS
1926-2017

jerry lewis