Tuesday, July 21, 2015

The 14th was a big day

  • The 14th of July was the French National Day.
  • The 14th I had my gall bladder out.
  • The 14th I learned I DIDN'T have cancer of the gall bladder
  • The 14th I became one of the 8 plaintiffs to sue the US government over FATCA

For those that don't know the US has bullied banks all over the world into reporting all American accounts under threat of huge penalties and being shut out of international markets.

The banks found it easier to shut the Americans out of all financial services. The number of closed accounts is growing every day all over the world for expats.

Imagine not being able to bank because of where you born.

I never thought I'd be involved in a law suit. Not my thing, but the punishment of innocents was too great.

Immediately the criticisms started. All American expats are wealthy scum avoiding their responsibilities.

A study conducted by the Democrats Abroad and cited by Republican Overseas said those most affected were middle class, noting that 68% of checking accounts and 40.4% of savings accounts closed due to FATCA had balances of less than $10,000. Hmmm doesn't seem that wealthy to me. Hard to buy an airplane with only ten thousand.

Many have been forced into giving up their American nationality to have ordinary lives.

Some homelanders say, "When you are in trouble, the US won't come and save you." Well, they don't anyway. US citizens in Yemen and Somalia have been saved by other countries and weren't charged as they would have been had the US tried to get them out.

The image is the expats live tax free. Often our local taxes are higher than the US ones.

We are under constant threat of penalties if we don't do this or that. We report our money to a crime agency implying that by living overseas we are criminals.

Now Chuck Schumer (D-NY) Rob Portman (R-OH) have proposed a bipartisan tax reform plan that will reduce taxation of overseas profits on corporations? US corporations are people. If they are not required to pay taxes on overseas income why should two-legged, walking-talking people be required to do so?

Yup, the 14th was a big day for me.


Anonymous said...

Actually the U.S. hasn't just bullied banks, but most foreign governments - this is called an Intergovernmental Agreement and this will make sure that a lot of personal data from U.S. Persons will be transmitted to the IRS and used to enforce citizenship based taxation and will lead to denial of even these U.S. Persons from local (foreign) banking services e.g. normal mutual funds for pension savings.

Anthony Parent said...

Thank you for your willingness to put your name on the line.

The irony is the universal tax jurisdiction was a tool to fight the deprivation of due process; in particular slavery. Now universal tax jurisdiction is the main reason due process is denied for US citizens around the world.

During the Civil War, the first tax on income was imposed in the Revenue Act of 1862. Many northerners who thought...hmm. I'll just leave rather than fight, did so. The response was to impose universal tax jurisdiction so they draft-dodgers could not at least profit from dodging the draft. Kind of makes sense.

Even the Revenue Act of 1862 was allowed to sunset and there was no income tax for decades.

However, this custom of universal tax jurisdiction was carried over into the Revenue Act of 1913, not by express language, but by judicial fiat. In fact, there is nothing in the 16th amendment that authorizes a tax on worldwide income.

Which is rather predictable as you can not expect the federal government to limit the power of the federal government. Especially when it comes to other people's money, which is enviously coveted and legally confiscated as a matter of course.

Universal tax jurisdiction might make sense if the US was at war, and if there was some reasonable connection between taxation and the funding of the military. But as it is now, only 20% of the US budget is spent on the US military.

I did post an article on why the FBAR does violate the 5th Amendment regardless of what the 3rd Cir of appeal says. It fairly obvious once understands the historical context of 5th amendment. https://www.irsmedic.com/2015/07/21/fbars-and-the-fifth-amendment/

Again good luck! I appreciate your bravery!