Friday, March 7, 2014

Repeal FATCA

FATCA is on the ropes!

There is a heap of resistance to FATCA in Canada.  As seen in the reference article, Canada's resistance may be enough to doom FATCA when added to domestic resistance.

Read this:

Enforce Canadian law, not FATCA - Toronto Star Mon, 03 Mar 2014 22:53:21 GMT

CalculatorEnforce Canadian law, not FATCAToronto StarA “no” from Canada could itself doom FATCA in light of growing U.S. domestic opposition. A FATCA repeal bill has been introduced by Senator Rand Paul, a leading 2016 presidential prospect. The Repu ...

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This is after the Republicans voted in committee to back the repeal.  The reason given is the number of Americans renouncing citizenship.

Who know for sure?  Have a look:

FATCA Repeal Call Backed By Republicans - Pars Herald Thu, 06 Feb 2014 06:43:56 GMT

FATCA Repeal Call Backed By RepublicansPars Heraldfatca-note-flag Foreign Account Tax Compliance Act (FATCA) watchers will have found the Republican National Committee vote to repeal the controversial tax law no surprise after all the ballyhoo leadin ...

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If you want to be able to do business in Chile, this would be a good time to let Congress know you want FATCA repealed.  Then the banks here won't be hassling US Citizens and may actually learn about client service.

Please, send an email or make the call.