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Old 04-28-2017, 06:03 PM   #1
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Default Rand Paul tables legislation to repeal FATCA

An agreement that has resulted in hundreds of thousands of Canadian banking records being sent to the U.S. Internal Revenue Service could violate the U.S. constitution, a congressional subcommittee heard Wednesday.

Testifying before a subcommittee of the House Committee on Oversight and Government Reform, Senator Rand Paul said the intergovernmental agreements (IGAs) negotiated by the U.S. with various countries after it adopted the Foreign Account Tax Compliance Act (FATCA) did not get the proper authorization.
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Old 04-28-2017, 06:21 PM   #2
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This is good news. The title is a bit misleading but I hope it gets legs nonetheless.
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Old 04-28-2017, 09:18 PM   #3
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I watched the recording of the hearing this morning. Wanted to punch some of them... I'll believe repeal will happen when I see it. Most talk is of modification to FATCA, and Same Country Exception.

SCE blows for someone born in the US, but has lived in more than one other country. Imagine leaving the US (age 1-100), and spending 10 working years in the Canada. Then you get a job, or transfer, or follow love, to Germany, leaving your self-saved, tax-deferred pension (RRSP) and employer-supplied pension for later use in Canada. You can't really move them to Germany. You can cash in your RRSP (at a big tax loss) and take it with you, I guess, but the employer's pension to you is either locked in to a group pension, or given to you as a transfer to an individual LIRA (locked in retirement account, accessible only at 55 or 60, IIRC).

Under SCE, if you live in Germany, and these accounts are in Canada, they would not be exempt from reporting.

As far as the US is concerned, any assets outside the US means you're a tax cheat, hiding it. If accounts are in more than one foreign country, you are a billionare, offshore tax cheat. FWIW

The only way out of this is for the US to end CBT...citizenship-based taxation. They need to join the rest of the world in RBT...residence-based taxation. In the above example, Canada wouldn't tax you in Germany just because you have Canadian citizenship, or left pension accounts behind. You'd have to have a home still here, or spouse and or dependent kids, etc. You can sever tax ties here easily, without giving up citizenship. Not so with the US.
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Last edited by rb.; 04-28-2017 at 09:25 PM.
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