FATCA repeal introduced to the house of reps

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FATCA repeal introduced to the house of reps

Postby admin » Mon Nov 28, 2016 3:37 pm

So, there is a bill that has been introduced to repeal FATCA.

https://www.congress.gov/bill/114th-con ... /5935/text

status:
https://projects.propublica.org/represe ... 114/hr5935

Among other things it repeals chapter 4 of the IRS code, or a.k.a FATCA

It also puts a cap on the penalties. No more 300% penalties for simply not reporting something.
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Re: FATCA repeal introduced to the house of reps

Postby eeuunikkeiexpat » Mon Nov 28, 2016 3:43 pm

Friggin hard to believe, are we living in a different timeline or something? Guess I'll wait to see if it really passes.
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Re: FATCA repeal introduced to the house of reps

Postby admin » Mon Nov 28, 2016 4:37 pm

Now if we just get them to repeal congress, we would be all set.

There was some vague talk, can not recall where I seen it, some time ago about also introducing a bill reinstate citizenship for those forced to renounce or relinquish due to FATCA.

For the moment, let's start with the stupid law that caused the mess.
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Re: FATCA repeal introduced to the house of reps

Postby admin » Mon Nov 28, 2016 4:44 pm

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Re: FATCA repeal introduced to the house of reps

Postby admin » Mon Nov 28, 2016 4:49 pm

but, the Obama administration is rushing to try and cement it in to being so it can not be repealed.
http://mnetax.com/us-threatens-stop-tre ... 2017-16372

They are going to start reviewing countries on January 1st to black list, including Chile, if they don't provide a plan to actually implement FATCA by December 31, 2016.

No rush. Just got some things to do before leaving office, and obviously screwing Americans overseas is top priority.
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Re: FATCA repeal introduced to the house of reps

Postby admin » Mon Nov 28, 2016 5:09 pm

If someone in the Trump administration really wanted to grow a pair, they could cancel all these IGA agreements by executive order on the first (o.k., I will settle for second day) in office. It is not even legally clear they have executive authority to enter them, let alone force of a treaty.
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Re: FATCA repeal introduced to the house of reps

Postby Andres » Mon Nov 28, 2016 5:18 pm

admin wrote:Now if we just get them to repeal congress, we would be all set.

You would also have to "repeal" a significant percentage of the "executive" bureaucracy also.
There was some vague talk, can not recall where I seen it, some time ago about also introducing a bill reinstate citizenship for those forced to renounce or relinquish due to FATCA.

They are naive if they think that is the principal or only reason someone renounces their US citizenship.
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Re: FATCA repeal introduced to the house of reps

Postby seawolf180 » Mon Nov 28, 2016 6:12 pm

Obama's pen wasn't indullible.
And his phone wasn't a smart phone.
He's always been obsessed with his legacy.
Oh, he'll have one...
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Re: FATCA repeal introduced to the house of reps

Postby SCL_Palace » Tue Nov 29, 2016 12:17 am

Can anyone tell me how this applies to US Green card holders living overseas? Do the FACTA rules apply to them too?

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Re: FATCA repeal introduced to the house of reps

Postby Zenth » Tue Nov 29, 2016 12:29 am

Yes, Green Card holders are treated as US citizens.

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Re: FATCA repeal introduced to the house of reps

Postby eeuunikkeiexpat » Tue Nov 29, 2016 1:10 am

FATCA reporting applies even if a US person is not living abroad. Just that the reporting dollar thresholds are at higher levels than if tax resident in the US.
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Re: FATCA repeal introduced to the house of reps

Postby admin » Tue Nov 29, 2016 10:19 am

wooooooo 8_0

So, there has been this big todo in the local media about attempts by the UDI to introduce new immigration law, in to the center right Chile Vamos platform. Lot's of discussion on the radio, TV, whatever. They are blaming it on the Trump influence.

So, I am reading through what they are proposing, and it is really strange. What is the point? Why are they doing this and why are they doing this now? There is nothing there, that is not already in the law. Nothing. Until, this jumped out at me:

Se propone también rechazar el ingreso de quienes "hayan sido expulsados o deportados de otro país", "realicen declaraciones o presenten documentación falsa o
adulterada", "hayan sido sancionados reiteradamente por no haber dado cumplimiento a sus obligaciones tributarias o previsionales" e "ingresen o salgan del territorio nacional clandestinamente o por pasos no habilitados".


I added the bold text.

You see it?

I seen it in another article, more complete, where they were listing things in the same sentence like human trafficking, drugs, money laundering, and terrorism (all things that are currently covered in the law as reasons to block a person from immigrating), but the addition of tax crimes and sanctions in other countries is strait out of the Obama administration play book of canceling U.S. passports for tax debts, and other fun squeaze americans overseas. Including, linking tax disputes to terrorism.

It is not currently in the immigration law in Chile. In fact, I believe it violates the Chilean constitution (need to check on that), as it is a civil claim and / or minor infraction of a law that does not involve something considered a serious crime in Chile.

Then the next question, why now? There has been a center right proposed immigration reform law sitting in congress since Pinera. We met with the government over it. If it ever goes to committee we are listed to testify about it. So, why would the right, out of the blue, propose a bunch of totally redundant changes that already exist in the law.

Only conclusion I can come to is this is just part of the U.S. state department and the U.S. treasury departments push to codify in to law as many ways as possible, in other countries, before they get booted from office in January and the republicans undo their tax witch hunt they started. They know they can not stop it in the United States from being repealed, but they can sure try and get it codified in to other countries' laws where the U.S congress can not touch it once it is in.

The shear effort and emphasis that is being placed on all this by the Obama administration and the Democrats in the 11th hour is beyond strange, just to squeeze a little bit more tax money from a few more Americans.
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