The Attack on Accidental Americans / New regs for transferring money out of US? - GoFuckYourself.com

u-Bob · 09-21-2011, 08:59 AM

by Wendy McElroy:

When Julie Veilleux discovered she was American, she went to the nearest US embassy to renounce her citizenship. Having lived in Canada since she was a young child, the 48-year-old had no idea she carried the burden of dual citizenship. But the renunciation will not clear away the past ten years of penalties with the Internal Revenue Service (IRS).

Born to American parents living in Canada, Kerry Knoll's two teenaged daughters had no clue they became dual citizens at birth. (An American parent confers such status on Canadian-born children.) Now the IRS wants to grab at money they earned in Canada from summer jobs; the girls had hoped to use their RESPs (registered education savings plans) for college.

The IRS is making a worldwide push to squeeze money from Americans living abroad and from anyone who holds dual citizenship, whether they know it or not. It doesn't matter if the "duals" want US status, have never set foot on US soil, or never conducted business with an American. It doesn't matter if those targeted owe a single cent to the IRS. Unlike almost every other nation in the world, the United States requires citizens living abroad to file tax forms on the money they do not owe as well as to report foreign bank accounts or holdings such as stocks or RSSPs. The possible penalty for not reporting is $10,000 per "disclosed asset" per year.

Thus, Americans and dual citizens living in Canada (or elsewhere) who do not disclose their local checking account ? now labeled by the IRS as "an illegal offshore account" ? are liable for fines that stretch back ten years and might amount to $100,000. A family, like the Knolls, in which there are two American parents and two dual-citizen children, might be collectively liable for $400,000.

Approximately 7 million Americans live abroad. According to the IRS, they received upwards of 400,000 tax returns from expatriates last year ? a compliance rate of approximately 6 percent. Presumably the compliance of dual-citizen children is far lower. Customs and Immigration is now sharing information with the IRS and, should any of 94 percent expats or their accidentally American offspring set foot on US soil, they are vulnerable to arrest.
Why Now?

As of 8:30 a.m. EST, September 20, the US National debt was $14,744,278,404,668. That is over $47,000 per American citizen, over $131,000 per taxpayer. America is bankrupt and desperate to grab at any loose dollar within its reach. Having reaped the easy pickings within its own borders, America is extending its reach.

So far, the IRS push into foreign territory has been a rousing success by their own standards. In 2009, the IRS offered "amnesty" ? that is, lessened but still hefty penalties ? to whoever stepped forward to disclose foreign bank accounts. According to FOX Business News, the 2009 program netted

Quote:

the government $2.2 billion in tax revenues ? and $500 million in interest from the 2011 program, for a total of $2.7 billion.? Moreover, the IRS says it has yet to reap penalties from these evaders, which could rake in hundreds of millions more.

IRS Commissioner Doug Shulman stated,

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we are in the middle of an unprecedented period for our global international tax enforcement efforts. We have pierced international bank secrecy laws, and we are making a serious dent in offshore tax evasion.

Going after the college money earned by children born and raised in Canada (or elsewhere) is just one part of the international enforcement effort. The entire package is called the Foreign Account Tax Compliance Act or FATCA; it was a revenue-raising provision that was slipped into one of Obama's disastrous stimulus bills. Starting in 2013 ? or 2014 if an exemption is granted ? every bank in the world will be required to report to the IRS all accounts held by current and former US citizens. If account holders refuse to provide verification of their non-US citizenship, the banks will be required to impose a 30 percent tax of all payments or transfers to the account on behalf of the IRS. Banks that do not comply will "face withholding on U.S.-source interest and dividends, gross proceeds from the disposition of U.S. securities, and pass-through payments."[5]

Australia and Japan have already declared their refusal to comply. Canada's Finance Minister Jim Flaherty has publicly stated that the proposed American legislation "has far-reaching extraterritorial implications. It would turn Canadian banks into extensions of the IRS and would raise significant privacy concerns for Canadians."[6]

According to the Financial Post,

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Toronto-Dominion Bank is putting up a fight against a new U.S. regulation that would compel foreign banks to sort through billions of dollars of deposits to find U.S. citizens who might be hiding money.? TD has complained that the proposed IRS rule is unreasonable because it would require the bank to make US$100-million investment in new software and staff. Other lenders resisting the effort include Allianz SE of Germany, Aegon NV of the Netherlands and Commonwealth Bank of Australia.? Now the Canadian Bankers association has joined the fray. In an emailed statement the CBA called the requirement "highly complex" and "very difficult and costly for Canadian banks to comply with."

The Financial Times reports,

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[O]ne of Asia's largest financial groups is quietly mulling a potentially explosive question: could it organise some of its subsidiaries so that they could stop handling all US Treasury bonds? Their motive has nothing to do with the outlook for the dollar.? Instead, what is worrying this particular Asian financial group is tax. In January 2013, the US will implement a new law called the Foreign Account Tax Compliance Act.? [T]he new rules leave some financial officials fuming in places such as Australia, Canada, Germany, Hong Kong and Singapore.? [I]mplementing these measures is likely to be costly; in jurisdictions such as Singapore or Hong Kong, the IRS rules appear to contravene local privacy laws.? Hence the fact that some non-US asset managers and banking groups are debating whether they could simply ignore Fatca by creating subsidiaries that never touch US assets at all. "This is complete madness for the US ? America needs global investors to buy its bonds," fumes one bank manager. "But not holding US assets might turn out to be the easiest thing for us to do."

Meanwhile, banking will become more difficult within the United States. FATCA will hold banks liable for any "improper" transfer of money to outside the United States. The Wealth Report, a financial analysis site, states,

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US banks will be desperately trying to cover their liability by checking the exact purpose of the payment, to make sure it doesn't come within the scope of the legislation. The burden of proof will naturally pass to the account holder who is trying to transfer money, to demonstrate that the transaction is not subject to the new withholding tax. If the sending bank in the USA has any doubt at all about the purpose of the transaction, they will be forced to deduct 30 percent tax. Net result? It is going to be darned difficult for anyone to transfer money out of the USA. If that isn't a form of currency control, then I don't know what is! (emphasis original)

[....]

The true hope lies in a worldwide refusal to comply. The only power strong enough to rein in the United States is the world itself. There is hope that this will happen. Reuters declared,

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A U.S. law meant to snuff out billions of dollars in offshore tax evasion has drawn the criticism of the world's banks and business people, who dismiss it as imperialist and "the neutron bomb of the global financial system." ? A senior American finance executive at the Hong Kong branch of a major investment house [declared] that FATCA was "America's most imperialist act since it invaded the Philippine Islands in 1899." The regulation ? was "engendering a profound and growing anti-American sentiment abroad."

u-Bob · 09-21-2011, 09:01 AM

http://www.winnipegfreepress.com/loc...128371098.html
http://answers.yahoo.com/question/in...6235434AA1a5Js
http://www.theglobeandmail.com/globe...rticle2067393/
http://www.foxbusiness.com/markets/2...#ixzz1YUkkAigE
http://www.forbes.com/sites/robertwo...-fatca-repeal/
http://www.financialpost.com/m/blog....&s=Opinion
http://www.edmontonjournal.com/busin...715/story.html
http://danieljmitchell.wordpress.com...nt-in-america/
http://www.theglobeandmail.com/news/...rticle2111773/
http://www.reuters.com/article/2011/...77I38220110819

TheSquealer · 09-21-2011, 09:04 AM

Hope and Change for all!

Phoenix · 09-21-2011, 09:11 AM

nice of TD to stand up to protect its citizens, because the cost is too high...fuckin wankers

BIGTYMER · 09-21-2011, 09:12 AM

Keep fighting wars we'll never win.

u-Bob · 09-21-2011, 09:17 AM

I bet some of Chris Mallick's victims are now praying he destroyed all his records...

Bladewire · 09-21-2011, 09:21 AM

Lucy - CSC · 09-21-2011, 09:37 AM

Quote:

Originally Posted by BIGTYMER

Keep fighting wars we'll never win.

The whole idea is that they will never be won they are supposed to be continuous. That way there are never ending profits for the Military Industrial Complex.

DWB · 09-21-2011, 12:26 PM

That's a rotten deal.

porno jew · 09-21-2011, 12:34 PM

yes in canada it's a big thing as irs coming after those with US citizenships even though they lived their whole tax paying lives in canada.

less people visiting their relatives in the us now i guess.

12clicks · 09-21-2011, 01:24 PM

hopey changey

alias · 09-21-2011, 01:33 PM

Another USA success story.

Nikki_Licks · 09-21-2011, 01:33 PM

Quote:

Originally Posted by porno jew

yes in canada it's a big thing as irs coming after those with US citizenships even though they lived their whole tax paying lives in canada.

less people visiting their relatives in the us now i guess.

If I lived in Canada with dual citizenship, had not filed taxes on money the IRS thinks they deserve And the IRS could not do a thing about it, then I would totally enjoy standing across the border and giving them what they so deserve...."The Finger"

u-Bob · 09-21-2011, 01:36 PM

Quote:

Originally Posted by Nikki_Licks

If I lived in Canada with dual citizenship, had not filed taxes on money the IRS thinks they deserve And the IRS could not do a thing about it, then I would totally enjoy standing across the border and giving them what they so deserve...."The Finger"

they've thought about that:

Starting in 2013 ? or 2014 if an exemption is granted ? every bank in the world will be required to report to the IRS all accounts held by current and former US citizens. If account holders refuse to provide verification of their non-US citizenship, the banks will be required to impose a 30 percent tax of all payments or transfers to the account on behalf of the IRS. Banks that do not comply will "face withholding on U.S.-source interest and dividends, gross proceeds from the disposition of U.S. securities, and pass-through payments."

porno jew · 09-21-2011, 01:36 PM

another funny thing is you can't give up your US citizenship until all back taxes and penalties are cleared up as well.

Caligari · 09-21-2011, 01:54 PM

Yep, they're getting desperate. Exactly what taxes are these people liable for?
They don't use U.S. services like roads, public schools etc so what the hell are they paying for?
For the right to say they are an american citizen?

Same for people living abroad for years. They don't burden the U.S. system (that i am aware of) so what legal right does the govt have to say "You need to pay us for shit you never used."

Nikki_Licks · 09-21-2011, 03:15 PM

Quote:

Originally Posted by u-Bob

they've thought about that:

Starting in 2013 ? or 2014 if an exemption is granted ? every bank in the world will be required to report to the IRS all accounts held by current and former US citizens. If account holders refuse to provide verification of their non-US citizenship, the banks will be required to impose a 30 percent tax of all payments or transfers to the account on behalf of the IRS. Banks that do not comply will "face withholding on U.S.-source interest and dividends, gross proceeds from the disposition of U.S. securities, and pass-through payments."

Unbelievable! The IRS is nothing short of criminal. And now this government wants to run the entire world and they can?t even run our country?what a joke!

Hopefully, someday they will be handed their asses

Brujah · 09-21-2011, 03:39 PM

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.

Under FATCA, U.S. taxpayers holding financial assets outside the United States will report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

raymor · 09-21-2011, 07:47 PM

With the backlash this creates, will it make it MORE difficult to collect from the legitimate targets, US citizens using foreign banks to hide money while they live in the US? It seems that if the foreign banks give the US the finger, it may actually make tax fraud easier.

Aside from actually backfiring, will it make backs around the world less interested in handling and holding US dollars, long consisted the worldwide standard? It seems that could certainly do more damage to our already fragile economy.

I'm starting to lean toward "Anybody else 2012". Perhaps Hillary will realize she'll be too old to run in 2016 and will challenge Obama in 2012?

keysync · 09-21-2011, 08:13 PM

Fuck Obama

sperbonzo · 09-21-2011, 09:24 PM

What none of the pro Obama / left wingers on this board will ever realize is that this is the most important and dangerous political thread / issue posted in years

Tempest · 09-21-2011, 10:56 PM

I wonder if this is going to have any implications for people getting paid via Paxum, Payoneer etc.. i.e. this part..

Quote:

US banks will be desperately trying to cover their liability by checking the exact purpose of the payment, to make sure it doesn't come within the scope of the legislation. The burden of proof will naturally pass to the account holder who is trying to transfer money, to demonstrate that the transaction is not subject to the new withholding tax. If the sending bank in the USA has any doubt at all about the purpose of the transaction, they will be forced to deduct 30 percent tax. Net result? It is going to be darned difficult for anyone to transfer money out of the USA.

tiger · 09-22-2011, 12:33 AM

You want to read some funny shit, go read the law they tried to pass that was an "exit tax" for any American that tried to give up their citizenship to live abroad.

shade001 · 09-22-2011, 12:42 AM

Just don't keep all your money in banks. I keep enough to pay bills in there and that's it. The rest I keep in a safe at home.

Petra · 09-22-2011, 12:47 AM

Quote:

Originally Posted by tiger

You want to read some funny shit, go read the law they tried to pass that was an "exit tax" for any American that tried to give up their citizenship to live abroad.

I believe there's still a $450 fee to give up your citizenship AND you're not only responsible for the taxes and penalties owed at the time you give it up, but you could be liable for having to file and pay taxes for the next 10 or 15 years.

plsureking · 09-22-2011, 01:37 AM

Quote:

Originally Posted by u-Bob

they've thought about that:

Starting in 2013 ? or 2014 if an exemption is granted ? every bank in the world will be required to report to the IRS all accounts held by current and former US citizens. If account holders refuse to provide verification of their non-US citizenship, the banks will be required to impose a 30 percent tax of all payments or transfers to the account on behalf of the IRS. Banks that do not comply will "face withholding on U.S.-source interest and dividends, gross proceeds from the disposition of U.S. securities, and pass-through payments."

as mentioned, there's no way the US can enforce banking laws on other countries. they tried with the 'know your customer' law and it was a joke outside the US.

"every bank in the world will be required to report to the IRS" -- are they serious? who the fuck are they? the US owes trillions to Russia and China. now they are making demands? i am an American but all i can ever think is "stupid fucking Americans!"

i never planned to return to the US and now they've given me another reason to stay away. fuck the fat pigs of DC.

DWB · 09-22-2011, 01:53 AM

Quote:

Originally Posted by Caligari

Yep, they're getting desperate. Exactly what taxes are these people liable for?
They don't use U.S. services like roads, public schools etc so what the hell are they paying for?
For the right to say they are an american citizen?

Same for people living abroad for years. They don't burden the U.S. system (that i am aware of) so what legal right does the govt have to say "You need to pay us for shit you never used."

Now that the US embassy charges $85 dollars just to add more pages to your passport, we are now no burden at all on the system.

Quote:

Originally Posted by raymor

I'm starting to lean toward "Anybody else 2012". Perhaps Hillary will realize she'll be too old to run in 2016 and will challenge Obama in 2012?

Quote:

Originally Posted by plsureking

as mentioned, there's no way the US can enforce banking laws on other countries. they tried with the 'know your customer' law and it was a joke outside the US.

"every bank in the world will be required to report to the IRS" -- are they serious? who the fuck are they? the US owes trillions to Russia and China. now they are making demands? i am an American but all i can ever think is "stupid fucking Americans!"

The US already makes the majority of banks comply with their rules. If any bank wants to invest in ANYTHING in the USA, they have to give the US gov their list of all US account holders in that bank. This has been going on for a while now.

The walls are closing in. While some may say "no big deal" today, imagine 10 - 20 more years down the road.

And to think... "they" hate us for our freedoms.

Talia_Payoneer · 09-22-2011, 02:20 AM

Quote:

Originally Posted by Tempest

I wonder if this is going to have any implications for people getting paid via Paxum, Payoneer etc.. i.e. this part..

From what I understood, there are 2 parts to this:

1) Reporting your income (submitting the regular tax forms in the US, even living outside the US). If you reside outside the US and make under something like $80,000 a year, then you won't be taxed anyway. But you have to submit tax returns every year (I only found out about this a couple months ago)
2) Reporting any bank account that has your name on it. This means that if you get your money through Payoneer, Paxum, or any other company but it does not land in your bank account (e.g. you use your card to make payments and withdraw money, and don't deposit it in your account), you shouldn't be affected by this. But if you DO deposit it in your bank, then the US government has deals with international banks that they are forced to give info about any US citizens living abroad that have bank accounts with them. But whatever isn't in your account, isn't affected. I don't THINK eWallets are part of this, at least not yet, but it may be in a few years down the road...

u-Bob · 09-22-2011, 02:21 AM

Quote:

Originally Posted by FreeOnes Petra

I believe there's still a $450 fee to give up your citizenship AND you're not only responsible for the taxes and penalties owed at the time you give it up, but you could be liable for having to file and pay taxes for the next 10 or 15 years.

http://www.theglobeandmail.com/news/...rticle2111773/ :

Quote:

Renouncing your U.S. citizenship starts with a hefty fee ? $450 (U.S.), just for the chance to appear in front of a consular official. Need it done in a hurry? Forget about it. It can take about two years to get an appointment.

plsureking · 09-22-2011, 02:24 AM

Quote:

Originally Posted by DWB

Now that the US embassy charges $85 dollars just to add more pages to your passport, we are now no burden at all on the system.

lol ya i have 2 more empty pages to go until i have to contribute to the US deficit..

Quote:

Originally Posted by DWB

The US already makes the majority of banks comply with their rules. If any bank wants to invest in ANYTHING in the USA, they have to give the US gov their list of all US account holders in that bank. This has been going on for a while now. The walls are closing in. While some may say "no big deal" today, imagine 10 - 20 more years down the road.

Siam Commercial = yes. Bangkok Bank = no.

i am pretty much off the grid, and being farang in Thailand, i dont own anything. i guess TH did us a favor with those bullshit property laws lol

i am kinda wondering whether the US will collapse before this becomes a problems for the millions of expats over here. some people think there is less than 20 years of oil left on Earth. when that runs out, you better have a stockpile of rice

Petra · 09-22-2011, 04:02 AM

Quote:

Originally Posted by u-Bob

http://www.theglobeandmail.com/news/...rticle2111773/ :

Somehow I'm not at all shocked or surprised.

CamTraffic · 09-22-2011, 04:36 AM

Quote:

Giving up your U.S. citizenship means giving up all of your rights and privileges

There are NONE.

Quote:

Originally Posted by u-Bob

http://www.theglobeandmail.com/news/...rticle2111773/ :

I don't understand why US citizens living abroad have to pay extra taxes to the IRS when they are already paying Income taxes in the country they live

Petra · 09-22-2011, 04:49 AM

Quote:

Originally Posted by CamTraffic

There are NONE.

I don't understand why US citizens living abroad have to pay extra taxes to the IRS when they are already paying Income taxes in the country they live

For the privilage of being an American citizen.

It gets even more fun when you get married to a foreign citizen. I had to file as married but seperate this year and include a letter on exactly why my husband doesn't have a SS# or is signing the document.

On top of that, you can't e-file.

Makes me wonder exactly how much it costs to process the tax forms of citizens abroad who fall under the income exclusion costs...we don't have to pay taxes, but some accountant at the IRS still has to process the form.

plsureking · 09-22-2011, 05:14 AM

Quote:

Originally Posted by u-Bob

http://www.theglobeandmail.com/news/...rticle2111773/ :

i like this part:
In fact, you may end up owing him

Before renouncing your citizenship, you have to pay all back taxes and an exit tax. 45 per cent on the market value of all your worldly property, including pension plans, goes to the government. The first $636,000 in capital gains is exempt.

Uncle Sam always gets his piece. What's that 45% tax for? the privilege of being a former American? i wonder how many expats successfully get off the grid?

sperbonzo · 09-22-2011, 06:32 AM

You think the patriot act was bad. The implications of this are at least as bad, if not worse. Control money and you control everything.

.

TheSquealer · 09-22-2011, 07:15 AM

sperbonzo · 09-22-2011, 07:59 AM

Come on you Messiah Heads! Lets hear your spin on this.....

.

sperbonzo · 09-22-2011, 09:44 AM

Chirp chirp chirp......

.

DWB · 09-22-2011, 10:18 AM

Quote:

Originally Posted by plsureking

Siam Commercial = yes. Bangkok Bank = no.

i am pretty much off the grid, and being farang in Thailand, i dont own anything. i guess TH did us a favor with those bullshit property laws

Hit me in ICQ or email. I have an OMG falang story to tell you.

Nathan · 09-22-2011, 11:18 AM

Who attached AFTCA to HIRE? Was it a republican or a democrat?

AFTCA is a horrible law though, but for those wondering what taxes would have to be paid.. The point of this law is not to make you pay taxes, you owe none most likely. The point is to make you pay penalties.

Also, many many banks are because of this law no longer allowing US citizens to even have bank accounts with them. Since then the US can not ask for data or penalize them.

sperbonzo · 09-22-2011, 12:25 PM

This thread is too important to die.... Everybody needs to read this.

.

DWB · 09-22-2011, 12:46 PM

Quote:

Originally Posted by Nathan

Also, many many banks are because of this law no longer allowing US citizens to even have bank accounts with them. Since then the US can not ask for data or penalize them.

sperbonzo · 09-22-2011, 01:04 PM

It is mind-boggling to me the combination of ignorance and arrogance displayed by the writers of policies like this. Or for that matter people that voted for it, or allowed it to stay part of a larger bill.

.

sperbonzo · 09-23-2011, 07:49 AM

I can't understand how people don't see how important this is, and the implications for everyone in the world....

.

porno jew · 09-23-2011, 11:21 AM

Quote:

Originally Posted by sperbonzo

I can't understand how people don't see how important this is, and the implications for everyone in the world....

.

well spit it out? what are the implications?

BlackCrayon · 09-23-2011, 11:22 AM

my dads friend moved from michigan to ontario when he was 16, never got his canadian citizenship. he's pretty worried about this.

MiaLelani_SocalCamCash · 09-23-2011, 11:40 AM

My friend was telling me a little about how we'd still have to pay US taxes when we plan on moving out of the country in 5 years. It's good to know if I ever plan to have children. I feel bad for the children who are being held responsible to the IRS :/

Caligari · 09-23-2011, 11:47 AM

Quote:

Originally Posted by BlackCrayon

my dads friend moved from michigan to ontario when he was 16, never got his canadian citizenship. he's pretty worried about this.

that would suck, is he there legally on visa or something?
seems like a good lawyer could challenge this whole deal with the idea that if you don't live in the country, you aren't using it's resources and thus not liable to pay taxes.

potential huge supreme court case.

BlackCrayon · 09-23-2011, 02:19 PM

Quote:

Originally Posted by Caligari

that would suck, is he there legally on visa or something?
seems like a good lawyer could challenge this whole deal with the idea that if you don't live in the country, you aren't using it's resources and thus not liable to pay taxes.

potential huge supreme court case.

not really sure, he has applied for citizenship a while ago. had a good job here as an engineer for 30 some years. been here legally, paying taxes here, etc, he just always kept his US citizenship i guess.

plsureking · 09-24-2011, 06:59 AM

Quote:

Originally Posted by MiaLelani_SocalCamCash

My friend was telling me a little about how we'd still have to pay US taxes when we plan on moving out of the country in 5 years. It's good to know if I ever plan to have children. I feel bad for the children who are being held responsible to the IRS :/

we just had a kid in Thailand. these and similar imperialist laws are why we opted not to get him a US passport. the IRS would make him pay takes his whole life even if he never visits.

09-21-2011, 09:04 AM	#3
TheSquealer BANNED Industry Role: Join Date: Oct 2004 Location: In Your Head Posts: 23,028	Hope and Change for all! __________________ If you don't like that Elon Musk bought twitter,... just build your own and stop crying about it.

09-21-2011, 09:11 AM	#4
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,457	nice of TD to stand up to protect its citizens, because the cost is too high...fuckin wankers __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

09-21-2011, 09:21 AM	#7
Bladewire StraightBro Industry Role: Join Date: Aug 2003 Location: Monarch Beach, CA USA Posts: 56,232	__________________ Skype: CallTomNow

09-21-2011, 12:26 PM	#9
DWB Giggity Industry Role: Join Date: Jul 2003 Location: S.E. Asia Posts: 31,779	That's a rotten deal. Last edited by DWB; 09-21-2011 at 12:28 PM..

09-21-2011, 01:24 PM	#11
12clicks Too lazy to set a custom title Industry Role: Join Date: Jan 2001 Location: God's right hand Posts: 19,739	hopey changey __________________ I'm not a dinosaur, I'm a crocodile. I've seen dinosaurs come and go and I'm left unimpressed.

09-21-2011, 09:01 AM	#2
u-Bob there's no $$$ in porn Industry Role: Join Date: Jul 2005 Location: icq: 195./568.-230 (btw: not getting offline msgs) Posts: 33,063	http://www.winnipegfreepress.com/loc...128371098.html http://answers.yahoo.com/question/in...6235434AA1a5Js http://www.theglobeandmail.com/globe...rticle2067393/ http://www.foxbusiness.com/markets/2...#ixzz1YUkkAigE http://www.forbes.com/sites/robertwo...-fatca-repeal/ http://www.financialpost.com/m/blog....&s=Opinion http://www.edmontonjournal.com/busin...715/story.html http://danieljmitchell.wordpress.com...nt-in-america/ http://www.theglobeandmail.com/news/...rticle2111773/ http://www.reuters.com/article/2011/...77I38220110819

09-21-2011, 09:12 AM	#5
BIGTYMER Junior Achiever Industry Role: Join Date: Nov 2004 Location: Walled Garden Posts: 17,066	Keep fighting wars we'll never win.

09-21-2011, 09:17 AM	#6
u-Bob there's no $$$ in porn Industry Role: Join Date: Jul 2005 Location: icq: 195./568.-230 (btw: not getting offline msgs) Posts: 33,063	I bet some of Chris Mallick's victims are now praying he destroyed all his records...

09-21-2011, 12:34 PM	#10
porno jew Too lazy to set a custom title Industry Role: Join Date: Nov 2006 Posts: 10,166	yes in canada it's a big thing as irs coming after those with US citizenships even though they lived their whole tax paying lives in canada. less people visiting their relatives in the us now i guess.

09-21-2011, 01:33 PM	#12
alias aliasx Join Date: Apr 2001 Posts: 19,010	Another USA success story. __________________ https://porncorporation.com

09-21-2011, 01:36 PM	#15
porno jew Too lazy to set a custom title Industry Role: Join Date: Nov 2006 Posts: 10,166	another funny thing is you can't give up your US citizenship until all back taxes and penalties are cleared up as well.

09-21-2011, 01:54 PM	#16
Caligari Confirmed User Industry Role: Join Date: Oct 2009 Location: At The Mountains Of Madness Posts: 5,414	Yep, they're getting desperate. Exactly what taxes are these people liable for? They don't use U.S. services like roads, public schools etc so what the hell are they paying for? For the right to say they are an american citizen? Same for people living abroad for years. They don't burden the U.S. system (that i am aware of) so what legal right does the govt have to say "You need to pay us for shit you never used." __________________ ATTN Webmasters Cruel Bucks - LIVE Gonzo Does Not Pay ------------------------------------------------ Animal Rescue Click Here to Feed An Animal for Free

09-21-2011, 03:39 PM	#18
Brujah Beer Money Baron Industry Role: Join Date: Jan 2001 Location: brujah / gmail Posts: 22,157	The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts. Under FATCA, U.S. taxpayers holding financial assets outside the United States will report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. __________________ Free Premium Domain Lists and Tools at Clickmojo.com For Sale: Obscenity.com

09-21-2011, 07:47 PM	#19
raymor Confirmed User Join Date: Oct 2002 Posts: 3,745	With the backlash this creates, will it make it MORE difficult to collect from the legitimate targets, US citizens using foreign banks to hide money while they live in the US? It seems that if the foreign banks give the US the finger, it may actually make tax fraud easier. Aside from actually backfiring, will it make backs around the world less interested in handling and holding US dollars, long consisted the worldwide standard? It seems that could certainly do more damage to our already fragile economy. I'm starting to lean toward "Anybody else 2012". Perhaps Hillary will realize she'll be too old to run in 2016 and will challenge Obama in 2012? __________________ For historical display only. This information is not current: support@bettercgi.com ICQ 7208627 Strongbox - The next generation in site security Throttlebox - The next generation in bandwidth control Clonebox - Backup and disaster recovery on steroids

09-21-2011, 08:13 PM	#20
keysync Living the Dream Industry Role: Join Date: Sep 2011 Location: Murica Posts: 2,376	Fuck Obama

09-21-2011, 09:24 PM	#21
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,739	What none of the pro Obama / left wingers on this board will ever realize is that this is the most important and dangerous political thread / issue posted in years __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

09-22-2011, 12:33 AM	#23
tiger Confirmed User Industry Role: Join Date: Apr 2002 Location: Los Angeles Posts: 6,986	You want to read some funny shit, go read the law they tried to pass that was an "exit tax" for any American that tried to give up their citizenship to live abroad. __________________

09-22-2011, 12:42 AM	#24
shade001 Confirmed User Join Date: May 2006 Posts: 396	Just don't keep all your money in banks. I keep enough to pay bills in there and that's it. The rest I keep in a safe at home.

09-22-2011, 06:32 AM	#35
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,739	You think the patriot act was bad. The implications of this are at least as bad, if not worse. Control money and you control everything. . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

09-22-2011, 07:15 AM	#36
TheSquealer BANNED Industry Role: Join Date: Oct 2004 Location: In Your Head Posts: 23,028	__________________ If you don't like that Elon Musk bought twitter,... just build your own and stop crying about it.

09-22-2011, 07:59 AM	#37
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,739	Come on you Messiah Heads! Lets hear your spin on this..... . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

09-22-2011, 09:44 AM	#38
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,739	Chirp chirp chirp...... . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

09-22-2011, 11:18 AM	#40
Nathan Confirmed User Industry Role: Join Date: Jul 2003 Posts: 3,108	Who attached AFTCA to HIRE? Was it a republican or a democrat? AFTCA is a horrible law though, but for those wondering what taxes would have to be paid.. The point of this law is not to make you pay taxes, you owe none most likely. The point is to make you pay penalties. Also, many many banks are because of this law no longer allowing US citizens to even have bank accounts with them. Since then the US can not ask for data or penalize them. __________________ "Think about it a little more and you'll agree with me, because you're smart and I'm right." - Charlie Munger

09-22-2011, 12:25 PM	#41
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,739	This thread is too important to die.... Everybody needs to read this. . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

09-22-2011, 01:04 PM	#43
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,739	It is mind-boggling to me the combination of ignorance and arrogance displayed by the writers of policies like this. Or for that matter people that voted for it, or allowed it to stay part of a larger bill. . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

09-23-2011, 07:49 AM	#44
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,739	I can't understand how people don't see how important this is, and the implications for everyone in the world.... . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

09-23-2011, 11:22 AM	#46
BlackCrayon Too lazy to set a custom title Join Date: Jun 2003 Location: Ottawa Posts: 19,624	my dads friend moved from michigan to ontario when he was 16, never got his canadian citizenship. he's pretty worried about this. __________________ you don't know you're wearing a leash if you sit by the peg all day..

09-23-2011, 11:40 AM	#47
MiaLelani_SocalCamCash Registered User Industry Role: Join Date: Nov 2010 Location: SoCal Posts: 62	My friend was telling me a little about how we'd still have to pay US taxes when we plan on moving out of the country in 5 years. It's good to know if I ever plan to have children. I feel bad for the children who are being held responsible to the IRS :/ __________________ MiaLelani_SocalCamCash ICQ: 616135964 [email protected]