Peter W. Dunn speaks out against FATCA at a FATCA Fact Finding Forum

Last weekend I was one of the speakers at the FATCA Fact Finding Forum held in Toronto. The event was sponsored by the Progressive Canadian Party.  The proceedings of the forum are now available on Youtube.  The Canadian government has said that it is close to signing a IGA (intergovernmental agreement) on FATCA with the United States. FATCA will result in the ratting out so-called “US persons” with Canadian bank accounts.  This has been devastating for thousands of the approximately one million affected people in Canada.  If Canada signs an IGA it will destroy the lives of hundreds of thousands of Americans in Canada.  Canada must say “JUST SAY NO to FATCA”.

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12 thoughts on “Peter W. Dunn speaks out against FATCA at a FATCA Fact Finding Forum

    • Well, interesting. For some reason, the first one didn’t show up after it took me to a Word Press sign in page, so I thought it must have been lost, and posted again. Double the pleasure, double the fun, I guess. You better put me on the moderation list. :)

      I see that Pete the Planner favored the tweet, so assume he will be watching your video!

  1. Apparently, FATCA and USextraterritorial double taxation is only good and necessary for all of us ordinary individual citizens, with our legal, post-tax, transparent, CRA-registered accounts local to where we live and/or were born – outside the US – and faithfully paying taxes in full to our actual country of residence and non-US citizenship.

    We are all expected to bow down to US extraterritorial citizenship-based double taxation and the BSA FBAR – or be obliterated by penalties – bankrupting our non-US families.

    But, in contrast, the big US corporations deliberately holding their assets ‘offshore’ to avoid US taxes – they get the extra-special red carpet treatment – they have Geithner and Obama’s ear, and have Geithner privately agreeing to move to a territorial system. This in 2011 – at the exact same time as he was slandering all of us ordinary folk living and earning, and many born OUTSIDE the US, as criminals and tax evaders ‘not paying our fair share’ of the irresponsible Made-in-the-USA domestic debt.

    http://www.reuters.com/article/2013/01/31/us-usa-tax-territorial-idUSBRE90U15J20130131

    ‘The chief of a group of more than 200 CEOs said on Thursday that President Barack Obama had told the business community last month he might back a territorial tax system, a regime that would exempt offshore corporate profits from U.S. taxation.’

    …”In 2011, then Treasury Secretary Timothy Geithner privately agreed to move to such a regime in failed talks with Republicans to secure a major budget deal, according to aides present.”….

    • Petros…
      What’s up with Isaac Brock? Unable to access.

      Now getting this response…

      Internal Server Error

      The server encountered an internal error or misconfiguration and was unable to complete your request.
      Please contact the server administrator to inform of the time the error occurred and of anything you might have done that may have caused the error.

      More information about this error may be available in the server error log.

    • US corporations deliberately hold their earnings abroad rather than repatriating them, again because of a crazy US tax law that subjects their world wide earnings to US taxation of they repatriate them. If they repatriate them and then want to invest them overseas or anywhere else, they have been reduced in value by the amount of this US tax. So that creates a competitive disadvantage for US corporatoins that foreign corporations do not have to bear.

      Most other countries do not tax the foreign earnings of theit corporations at all so they are free to repatriate them, and invest them at home or anywhere else in the world, or decalere tham as dividends to the shareholders, without this double taxation that the US is so famous for.

      The US policy of double taxation of corporate foreign earnings has a similar destrictive effect in the ability of US corporations to compete in the world market, just like citizenship based taxation does to keep US citizens home rather than their going abroad to sell American exports.

      The Simpson-Bowles Report recommendation to the President was that the US adopt the same territorial taxaton for US corporations that is used by other countries, but that report fell on deaf ears. Obama and his left-wing cronies on Capitol Hill wolud rather kill the geese that lay the golden eggs than to adopt the tax policy of other nations, both for corporations and individuals. And there are far too many on the other side of the aisle that agree with him to expect that they will ever open their eyes.

  2. @roger What really upsets me is that corporations get to hold their profits abroad and repatriate the money when they want (subject to tax) but I as an individual who has not had a residence in the US for décades get double-taxed from the get-go. I would just as soon keep my profits (salary) abroad and not “repatriate” them. I already paid Swiss tax on these!!!

  3. Jerrerson,
    No question: It is bad for corporations but infinitely worse for individual US citizens living and working abroad.

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