No Civilized Country Would Ever Banish Eduardo Saverin

Here is an article by Peter W. Dunn “Petros” of the Isaac Brock Society which appeared in the American Thinker:

http://www.americanthinker.com/2012/05/no_civilized_country_would_ever_banish_eduardo_saverin.html

“…The  Ex-Patriot Act introduced by Senators Chuck Schumer and Bob Casey is a bill of  attainder which would result in cruel and unusual  punishment…”

“…This  Ex-Patriot Act and the Reed Amendment are thus bills of attainder, which apply  punishment and the seizure of a person’s of wealth without the benefit of a  criminal trial.  Banishment is terrible and inhumane; it is in principle a  violation of the Eighth Amendment, which permits no cruel and unusual  punishment.  Even Professor Bruce Ackermann at Yale Law, who called for banning Saverin in the LA Times,  understands this and would therefore allow an exception for those who would need  to visit a family member who is dying or in hospital…”

Here are Isaac Brock Society and Righteous Investor discussion threads on the article:

http://isaacbrocksociety.com/2012/05/21/no-civilized-country-would-ever-banish-eduardo-saverin/

http://isaacbrocksociety.com/2012/05/26/chuck-schumer-lashes-out-at-petros-on-senate-floor/

http://righteousinvestor.com/2012/05/21/no-civilized-country-would-ever-banish-eduardo-saverin/

Schumer’s Bid To Tax a Founder of Facebook Ignites Discussion of a Law Used by Nazis

Here is a recent article published in The Sun (NY) comparing the30% tax on capital gains of renunciants of US citizenship to Nazi Reichfluchtsteuer:

http://www.nysun.com/national/schumer-bid-to-tax-a-founder-of-facebook-ignites/87829/

“…The Reichsfluchsteuer, or Reich flight tax, that the Nazis imposed on Jews trying to flee in the 1930s was 25%; Mr. Schumer and his Senate colleague Bob Casey, Democrat of Pennsylvania, want 30%. Give Mr. Schumer some credit for creativity, Mr. Norquist; the New Yorker did not just plagiarize and translate, he also raised the rate…”

“…Everyone has the right to leave any country, including his own” and “No one shall be arbitrarily deprived of his property.” What meaning does a right to leave have if the government is going to help itself to 30% of the migrant’s property on the way out?…”

National Narcissism… if the US rests on its laurels and assumes it will always be right, it will be proven wrong.

The Isaac Brock Society

This is an excerpt from a long post at RenounceUScitizenship

Many “Homelanders” simply cannot:

– conceive that, U.S. citizens find  better places to live;

– conceive that the U.S. is no longer the country envisioned by the Founding Fathers;

– see that the U.S. is no longer the free country that it once was;

– believe that many Americans want to renounce, and that they are willing to pay  (in the form of Exit Taxes) to do it.

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Who is in favor of the US instituting Residence-Based Taxation?

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Should the US stop Citizenship-based-taxation, i.e.:  Should the US tax only the income and assets of its residents?  Should the US stop imposing double taxation and double reporting burdens on people abroad and tax only the US-based income and US-based assets of persons who are bone fide residents abroad?

Please fill out both polls. You may check off as many aspects of US extraterritorial taxation and reporting policy as you like.

Al Lewis did finally listen to our side of the story, covering people living abroad that are not millionares or billionaires. I hope that many other journalists will do the same.

The Isaac Brock Society

Al Lewis, whose earlier story castigated rich people who expatriate, now has done an article telling the other side of the story.

Tax man makes it hard to be an American/ Commentary: Tough IRS rules hit the little guys hard

He interviews some guy named Peter Dunn and plugs his blog, the Isaac Brock Society.

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Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

I don’t think this so-called “Ex-Patriate” bill is constitutional at all. Saverin has already renounced, so they cannot increase his tax bill by increasing capital gains for assets sold up to 10 years back or bar him entry any more than under what was already part of the Reed amendment.

 

To my mind the proposed bill is a Bill of Attainder and Ex Post Facto:

 

“Article 1 Section 9 USCONST “….No Bill of Attainder or ex post facto Law shall be passed…..”
“As James Madison wrote in, Federalist Number 44, “Bills of attainder, ex post facto laws, and laws impairing the obligations of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. … The sober people of America are weary of the fluctuating policy which has directed the public councils. They have seen with regret and indignation that sudden changes and legislative interferences, in cases affecting personal rights, become jobs in the hands of enterprising and influential speculators, and snares to the more-industrious and less-informed part of the community.”

Source:  about.com Article on Bill of Attainder

 

These two Senators are out of control. Their action is clearly intended as a bill of attainder against Saverin and others who have recently renounced.  This limits economic freedom.  Guess what, one may be forced to retain US citizenship, continue to pay double taxes, double report under FBAR, FATCA, not be certain to be able to travel to manage one’s business abroad or see relatives because the IRS might have found some little screwup (or screwed-up itself) and not be able to bank in a foreign country where business is being done due to FATCA scaring banks away from US customers.

 

What a double whammy:  not only are those directly affected by the bill being done over, people will be afraid to invest in the US economy even more for free of being trapped.  This will hurt the US economy.  Those trapped in US citizeship that have the economic means will increasingly flee in protest with the capital they can free up by whatever means possible.

 

As many on the Isaac Brock Society and elsewhere have mentionned, there is an Iron Curtain falling around the shores of America.  Are they going to start mining the border and shooting people that just want to leave because they are tired of this?  HAVE U.S. LAWMAKERS FORGOTTEN THE LESSON OF THE COLD WAR, WHICH ENDED ONLY SOME 20 YEARS AGO ???

The Isaac Brock Society

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

The Saverin fall-out, as expected, has begun:

Key quote:

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

What does this mean? Can we never be free from these people? Is this implying that if you renounce citizenship now even with under the 2 million in assets that you will end up paying capital gains taxes anyway? And what is this about “re-imposing taxes on expatriates”? Does that mean that renouncing citizenship doesn’t do anything and…

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Center for Freedom and Prosperity Critisizes FATCA Following Yesterday’s Treasury Department Hearing

Today’s Treasury Hearing on FATCA Conducted in Vain, Law Must Be Scrapped, Says CF&P President

http://freedomandprosperity.org/2012/press-releases/treasury-hearing-on-fatca/

2011 Leter to Geithern on FATCA Cost-Benefit Analysis:

“…As a matter of policy, FATCA fails to measure up on several levels. It is not clear what benefits, if any, will come with its heavy costs. The projected revenue gains are questionable, and may even be offset entirely by the reduced economic activity. Treasury should take the additional time before FATCA is to be implemented to illuminate this issue with a cost-benefit analysis, so that lawmakers can determine if such legislation should ever be considered again, or if FATCA itself should be outright repealed.”

http://freedomandprosperity.org/2011/letters/geithner-fatca-cost-benefit-analysis/

Great Arcticle in the Toronto Star about FATCA “Canadian bankers fight Washington”

http://www.thestar.com/business/article/1178970–canadian-bankers-fight-washington

The article speaks about Canadian bankers rejecting the intrusive nature of FATCA regulations. Unfortunately there is not yet a comments page open on this article.

Here is another article on Investor Daily

FATCA can still be repealed: US expert

            FATCA debate in US has only just started

FATCA is not set in stone just yet, a US regulatory specialist says.

http://www.investordaily.com.au/cps/rde/xchg/id/style/14218.htm?rdeCOQ=SID-0A3D9633-40981AB7&rdeCOQ=SID-0A3D9632-99714186

Lots of debate on the Miami Herald and McClatchy site, including comments from many that are intolerant of our situation. I would hope that everyone who reads this will take the time to enter this debate and make our unfair and unjust condition known objectively to all.

The Isaac Brock Society

Roger sent me an early morning email, saying that my name made into the Miami Herald, and I immediately began to comment at the McClatchy site:  IRS crackdown on foreign assets leading many to renounce U.S. citizenship.

There I’ve had a numerous interactions with commenters.  Here is what has appeared thus far:

Petros wrote

Hi! My name is Peter W. Dunn, and I am a blogger at the Isaac Brock Society.  I am the one mentioned in this article.  I don’t know why the moderator took down my original comment, perhaps because I included a link to our blog, where people can get information about why Americans abroad are renouncing their citizenship.  I am sorry that I have to go to such lengths to have free speech. But I think that it is the least you can do, since you have mentioned my name in the article, that you…

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Swiss Constitutional Initiative on Popular Ratification of Treaties

There will be a live debate tonight on Radio Télévision Suisse (formerly TSR) concerning a constitutional amendment that will be voted on by the people this coming 17 June. 

The amendment would require a majority of the people and the cantons to approve any international treaty that:

1. Results in a multilateral unification of laws in important domains.

2. Obliges Switzerland to accept future legal rules in important domains.

3. Delegates legal jurisdiction to foreign or international institutions in important domains.

4. Results in costs of more than 1 billion francs or recurring costs of more than 100 million [I suppose they mean per year].

 

http://www.infrarouge.ch/ir/1915-speciale-votation-accords-avec-rsquo-etranger-parole-peuple

Once again, you should be able to view the program tomorrow via the Infrarouge site. 

IRS vs expats

FREEDOM OF INFORMATION ACT

The Taxpayer Advocate Service which, in vain, tried to help me in my recent and still ongoing interaction with the IRS, has issued their 2011 Annual Report to Congress entitled, “Introduction to International Issues: Compliance Challenges Increase International Taxpayers’ Need for IRS Services and May Undermine the Effectiveness of IRS Enforcement Initiatives in the International Arena.” It is available online on the IRS web site as a 144 page pdf file and, as most bureaucratic reports, is lengthy, convoluted, and confusing. Nonetheless, it highlights the problems that the IRS is causing for Expats and is highly critical of them. If you can’t find it, click on the link above and then click on “International” and you’ll download the file.

It starts with the statement, “In recent years, globalization has pushed an increasing number of taxpayers (including small- and medium-sized businesses and individuals) to seek economic opportunities…

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FATCA’s “Vulnerabilities Evident,” Washington Expert Claims, Calls for Repeal

The Isaac Brock Society

Wondering posted this on the How to Join thread where it doesn’t seem to be getting the attention it deserves:

James George Jatras is a Principal of Squire Sanders Public Advocacy, a Washington-based government relations firm. He previously served as a policy analyst at U.S. Senate and as an American diplomat. He can be reached at james.jatras@squiresanders.com.” His article: FATCA’s “Vulnerabilities Evident,” Washington Expert Claims, Calls for Repeal WASHINGTON,

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The Isaac Brock Society

Here is a Washington Post article that just broke that seems to contain a lot of text that we have already seen at sources like Bloomberg and WSJ.  Nothing really that new.

Foreign banks freezing out U.S. millionaires

The comments page is interesting: there is one remark mentioning the fact that FATCA-level reporting is not required of American banks.  Perhaps IBS members could put some comments there.

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The Isaac Brock Society

I came across the following remark from Don at hodgen.com :

Don says:   May 9, 2012 at 8:32 pm

… Other interesting news, Michelle Backmann has become a Swiss Citizen, strange but true.

I wonder what her stance on FATCA is?

Oddly enough, Wikipedia has been updated to show that she is “American-Swiss” (born April 6, 1956) “is an AmericanSwissRepublican member of the United States House of Representatives … “
Very interesting.

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The Isaac Brock Society

Tax Rule Provokes Foreign Banks’ Ire

Takeways:

Whatever lobbying Democrats Abroad and ACA is basically completely ineffective and disregarded if you believe what is said in this article. I might send an email to Joe Green himself to get his reaction. An unnamed Treasury Department official appears to view the Democrats Abroad FBAR/FATCA survey as a “joke” because its anonymous. It appears Treasury has very much made up its mind on this issue prior to next weeks hearing.

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This was one of the most scathing articles I have seen in the the American press about USPs abroad. (http://www.marketwatch.com/story/tax-dodgers-are-proudly-un-american-2012-05-04?link=MW_latest_news)

With people in the press writing articles like this, it is no wonder homelanders have the wrong opinion about us.

The Isaac Brock Society

Editors Note:  Al Lewis has now written an excellent article telling the our side of the story.  Thanks, Al (and welcome to the Isaac Brock Hall of Fame!).

Al Lewis tries to shame former Americans in this hit piece at marketwatch.com a subsidiary of the Wall Street Journal.  Perhaps you should have spoke with at least one person who ever renounced his or her citizenship.  Shame on YOU, Mr. Lewis and shame on your editor for allowing you to publish.  That just makes you a bigot with a platform.  It is to the shame of the brain-dead media that such pieces of journalistic refuse can even see the light of day.  Please, next time you want to write a screed that punishes a class of people for their actions, do your homework, like the young, promising Reuter’s journalist, Atossa Abrahamian, who actually spoke with numerous people who had renounced…

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